Marcolin: Q1 2010 results approved
The Board of Directors of Marcolin S.p.A., which met yesterday under the chairmanship of Giovanni Marcolin Coffen, examined and approved the results of the Marcolin Group for Q1 2010.
Compared to the first quarter of the previous year, revenues from sales increased by 10%, EBITDA by 37.5%, net income by 44.3% and the net financial position recorded a considerable improvement, equal to 12.6 million euro.
The overall results achieved by the Group are mainly the consequence of the internal reorganisation activity undertaken in 2009. This activity was implemented through greater attention to internal productivity and quality, as well through significant investments in production that are still underway and that will lead to further positive returns in terms of efficiency.
TURNOVER
Turnover during Q1 2010 was equal to 57.5 million euro (52.3 million euro in Q1 2009) posting an increase of 10%. At like-for-like exchange rates growth was equal to 11%.
The positive performance was also achieved thanks to the contribution from sales of the lines that have been recently introduced to the market, such as Tod’s, Hogan and John Galliano, licences in which the company places great faith.
OPERATING MARGIN
The Gross Operating Profit was equal to 61.5% of turnover (57,5% in Q1 2009), recording a considerable improvement equal to four percentage points, compared to the same period of the previous year.
EBIT was equal to 7.7 million euro (5.5 million euro in Q1 2009) and represented 13.4% of turnover (10.5% in Q1 2009), posting a percentage increase of 39.6%.
EBITDA was equal to 9.5 million euro compared to the figure of 6.9 million euro achieved during the first three months of 2009 and represented 16.5% of turnover (13.1% in Q1 2009) posting a percentage increase of 37.5%.
NET INCOME
The net income was positive by 6.0 million euro compared to a positive value of 4.2 million euro achieved in Q1 2009 and was equal to 10.5% of turnover (8.0% of turnover in Q1 2009) posting a percentage increase of 44.3%.
It must be noted that the seasonal cycles characterising the sector mean that there is a greater concentration of profitability in the first half of the year and it is therefore not reasonable to proportionally project the positive results achieved in the first quarter onto subsequent quarters.
NET FINANCIAL POSITION
As at 31 March 2010 the net financial position recorded a sharp improvement, equal to 12.6 million euro compared to the figure posted in Q1 2009. This change is even more marked that the one reported as at 31 December 2009, compared to the previous year (+8.9 million euro).
Compared to 31 December 2009, the net financial position recorded a normal reduction, equal to 2.5 million euro, due to phenomena of a seasonal nature that occur in the first part of the year. This reduction is mainly attributable to an increase in the working capital and to investment activity, as specified in greater detail in the financial report, to which reference is made for further information.
Massimo Saracchi, Chief Executive Officer and General Manager of Marcolin S.p.A., commented: “The Marcolin Group has made a very good start to the year. Orders have been recording a significant rise, our new lines are being welcomed on the international markets and our Company’s effectiveness and efficiency have improved considerably. I am confident that in 2010 the Marcolin Group shall be able to achieve excellent results that will post an improvement on last year.”
