Fedon Group: approval of financial statements 2005
The Shareholders' Meeting of Giorgio Fedon & Figli SpA was held at Vallesella (Belluno) June 29, 2006. Chaired by Callisto Fedon, it approved the financial statements 2005, which closed with billings of 56.097 million euros and a net result of 189 thousand euros against the negative result of 1.259 thousand euros in 2004. The distribution of a 0.27-euro dividend per share from July 4, 2006, was also approved.
Prepared in accordance with IAS/IFRS regulations, the results for financial year 2005 included the start-up costs for the facilities in China and Romania, the restructuring of the office in Slovenia and the reorganization of facilities in Italy.
In his report, Callisto Fedon underscored the company's overall positive trend and the positive effects of the significant investments in organization, information technology and production that were made during the year and will be completed in 2006, which have led to an improvement in production capacity and levels of service.
He also pointed out that there was a considerable increase in volumes thanks to effective commercial actions that were put in place to face a market phase marked by a general trend to lower sales prices.
The success of the 'Giorgio Fedon 1919' label continues to grow (+71% compared to 2004); this second 'heart' of the company has acquired significant space in the upper segment of the sector.
The line includes a wide range of men's and women's bags and accessories in a modern and minimalist style for travel and leisure. They are internationally distributed to leading stores and directly-managed monobrand stores. Modern and refined, their design is based on the corporate concept of collections in line with and enhance various topics: travel, dynamism and elegance.
After Milan and Vallesella di Cadore, new stores are soon to be opened on Avenue de l'Opera in the heart of Paris (July 2006) and at the Rockefeller Center in New York City (fall 2006).
The first quarter of 2006 was also positive (+ 9.8%) with sales totaling 15.025 million and an order portfolio once again at maximum levels of 18 million.
