Marcolin: increase in billings for first six months

The Board of Directors of Marcolin SpA, which met on Septmber 8 at the company headquarters in Longarone, chaired by Giovanni Marcolin Coffen, has approved the six-monthly Group report at 30 June 2004.

In the first six months of the year the Marcolin Group's consolidated turnover amounted to approximately 97.6 million euro, compared to approximately 84.5 million euro in the first six months of the previous financial year, representing an increase of 15.5%. At the same exchange rates recorded in the first six months of 2003 Group sales would show an increase of approximately 18%.

An analysis of turnover by geographic area shows a significant increase in sales on the domestic market (approximately +22.5%) and on the European market (+15.8%) and excellent results for the French (+42%), Spanish (+20%) and German (+17%) branches.

There has also been a recovery of turnover on the American market with an increase in sales of approximately 7.4% (approximately +19% at the same exchange rate), also due to the positive effects of the restructuring plan launched during the previous financial year, the key elements of which have been substantially completed.

The following lines predominantly contributed to overall growth in turnover: Dolce & Gabbana Eyewear (approximately +33%), D&G Dolce & Gabbana Eyewear (approximately +15%), Roberto Cavalli Eyewear (approximately +64%) and, with reference to the American branch, the Kenneth Cole line, which went on sale within department store outlets at the end of the previous year.

Ebitda represents approximately 13% of turnover (approximately 9% at 30 June 2003) and corresponds to 12.9 million euro (7.7 million euro at 30 June 2003). Ebit represents approximately 9% of turnover (approximately 4% at 30 June 2003) and corresponds to approximately 8.4 million euro (approximately 3.1 million euro in the first six months of 2003).

Group profits before tax in the first six months of 2004 total approximately 6.2 million euro, as compared to the substantial break-even recorded at 30 June 2003.

The excellent economic results achieved by the Marcolin Group over the six-month period highlight consistent recovery in margins, also due to the positive effects of the restructuring plan launched by Marcolin in the USA in the previous financial year.

The Group's net financial position, equal to approximately 34.2 million euro, shows a significant improvement of approximately 9.7 million euro, as compared to the previous financial year; the debt/equity ratio has also improved, at 30 June 2004 it is equal to 0.56 as compared to a value of 0.82 at 31 December 2003.

With reference to Parent Company Marcolin SpA's six-monthly data, there has been significant progress in terms of turnover, equal to approximately 55.5 million euro (46.4 at 30 June 2003), Ebit , equal to 8.1 million euro (5.9 million euro at 30 June 2003) and Ebitda, which totals approximately 10.5 million euro (8 million euro at 30 June 2003).

'We are extremely satisfied with our results over the first six months of the year, both in terms of sales and profitability. The success of our collections - despite the weak economic situation - shows that the company is capable of maximising its product/brand combination on the basis of its skills, satisfying market demand and anticipating new trends. In view of these results we have every confidence that we can maintain this performance at year end', commented Antonio Bortuzzo CEO and Managing Director of the Group.