Safilo: very positive results for 2006 first quarter
The Board of Directors of Safilo Group has reviewed and approved the consolidated results relating to the first quarter of 2006 which highlight an increase in turnover and extremely strong growth of net profitability.
Net sales reached 302.1 million Euro (+7.5% at current exchange rates, +3.3% at constant exchange rates compared to the first quarter of 2005) thanks to particularly impressive performance in America (+19.4%) and Asia (+17%).
Operating income has also increased, with an Ebitda of 52.9 million Euro, a clear improvement (+9.1%) compared to the same period of the previous year and with a percentage on turnover of 17.5%.
These positive results have been achieved thanks to the ever increasing success obtained by the Group's collections internationally, to its strong commercial presence in over 130 countries and to the Group's cost containment policies at an industrial level.
The extremely positive net income achieved in the quarter (17.0 million Euro with an increase of more than 160% compared to the same period in 2005) is thanks also to the lesser impact of financial costs which are no longer encumbered by exceptional circumstances which penalised previous quarters.
The Group's financial position, slightly increased compared to the end of 2005 due to the normal seasonality of the working capital, however highlights a greatly improved cash flow managementcompared to the first quarter of the previous year.
Roberto Vedovotto, Chief Executive Officer of Safilo Group, while commenting on the results achieved stated: 'The positive economic and financial results approved by the Board of Directors are the direct result of the important and recently concluded listing process that significantly reduced debt. With the new capital structure and the imminent conclusion of the refinancing operation for the Senior Loan, which is currently being defined, Safilo Group is ready to begin once again the route to increased growth which has always characterised its history'.
