Six months of strong growth for the Safilo Group
Safilo's Board of Directors has approved the numbers which closed for the first six months of 2005 with an 8.9% increase in turnover (10,9% at constant exchange rates) at 562 million Euros.
Sales for the quarter were considerably higher in the largest countries of the world where Safilo is present with a particularly high level of performance in Europe (+9.7%), in Italy, the Group's main European market (+20.6%) and in Asia (+21.8%).
Excellent sales results and cost reduction strategies have contributed to a substantial increase in operating profit, which has reached 80.2 million Euros in the six month period, with a jump of more than 34% compared to the same period of last year despite the persistent weakness of the American currency.
Due to the good operational management results, the net profit for the period is six times that of 30th June 2004, reaching 24 million Euros.
In order to make the communication of results more transparent and to be in line with the best international standards, from 2005 the Group has introduced the Ifrs accounting standards for its consolidated balance sheet. The results of the first six months of 2005 and comparisons with the previous year are therefore expressed according to these accounting principles.
The recent agreement with Dior to extend the production and distribution License Agreement of Dior and Dior Homme until 2010, is a further confirmation of the absolute leadership of the Safilo Group in the luxury eyewear sector.
'The second quarter has been particularly positive both in terms of turnover and marginality for Safilo. In both cases record levels have been reached for the period with a turnover of 281 million Euros and Ebitda of 49.1 million Euros in three months. Such results are a demonstration of the fact that the Group has sustainable growth objectives and is continuing along the road to renewed performance that we expect will be confirmed and improved on during the second half of the year', commented Roberto Vedovotto, Chief Executive Officer of Safilo Group.
