Marcolin Board of Directors approves first six month results
The Marcolin S.p.A. Board of Directors chaired by Giovanni Marcolin Coffen met today to examine and approve Marcolin Group results for the first six months of 2009.
BILLINGS
Billings stood at 100 million euros (107.7 million euros at June 30, 2008), a downturn of 7.2% or 9.5% at constant exchange rates.
Despite the falloff compared to the same period last year, the trend is considered positive given the difficult economic situation overall and the fact that the Group has still to benefit from billings from the sale of products in the new Tod’s and Hogan lines, which will not be delivered until the fourth quarter of the financial year.
Sales by geographical area are as follows:
OPERATING RESULT
Ebitda was 11 million euros (11% of billings) against 16.2 million euros (15% of billings) for the first six months of 2008.
Ebit was 8.4 million euros (8.4% of billings) against 12.3 million euros (11.4% of billings) at June 30, 2008.
Obviously, the downturn in margins, which was already evident in the first quarter of 2009, is due to lower billings. The loss of operating leverage is added to the higher incidence of guaranteed minimums in license contracts and the cost of investments in the structure and in commercial actions aimed at taking full advantage of the upcoming launch of the recently-acquired new brands.
NET RESULT
The positive net result was 7.1 million euros (7.1% of billings) compared to 7.5 million euros (6.9% of billings) at June 30, 2008.
Contributing to this result was the improvement in financial management compared to the first six months of 2008, by reducing passive interest on financing, and the registration of taxes paid in advance due to losses by Marcolin USA during previous financial years, which are potentially recoverable because of the latter’s current profitability.
NET FINANCIAL POSITION
The negative net financial position was 29.3 million euros, an improvement of 3.4 million euros compared to December 31, 2008, and is mainly attributable to cash flow from operations; the period-end figure is in line with that for the first six months of 2008.
Massimo Saracchi, Chief Executive and Managing Director of Marcolin S.p.A., commented: “Despite the difficult economic situation, the Marcolin Group’s results are positive and have confirmed the expectations expressed in 2008. Considering the continued uncertainty on international markets, which makes short-term forecasting difficult, we envisage a particularly demanding third quarter with recovery in the fourth quarter, bearing in mind that the recently presented sun collections were very well received and that distribution of the new Tod’s and Hogan lines will not begin until the fourth quarter ”.
In accordance with paragraph 2 of Article 154 bis of the Finance Consolidation Act, Sandro Bartoletti, the director responsible for preparing the accounting and corporate documents, declared that the accounting information in this communication corresponds to documented results and to book-keeping entries.
