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Marcolin approves first nine month results 2008

December 11 2008

Chaired by Giovanni Marcolin Coffen, the Marcolin S.p.A. Board of Directors met today to examine and approve the intermediate operating statement for the Marcolin Group at September 30, 2008. The complete version will be available on the company's website (www.marcolin.com) from the date of filing.

The Group's billings stand at 141.5 million euros, an increase of 8.8 million euros compared to the same period last year. Percentage-wise, the increase is 6.6% (+10.6% at constant exchange rates) and is due to the good performance of all the lines in its portfolio.

The Group has consolidated its presence on the market, especially in the luxury segment, a demonstration of the company's ability to develop products with considerable style and quality.

EBITDA is 14.9 million euros (10.5% of billings) against 10.1 million euros (7.6% of billings) at September 30, 2007;
EBIT is 9.8 million euros (1.7 million euros at September 30, 2007) and represents 6.9% of billings (1.3% at September 30, 2007);

The substantial improvement in margins is due to the positive effect of the actions taken by management in relation to the subsidiary Cébé, which underwent considerable reorganization following the decision to stop the production and sale of winter products (ski goggles and helmets).

The Group recorded a positive net result of 4.8 million euros (3.4% of billings) compared to the negative figure of 3.0 million euros (-2.3% of billings) during the first nine months of 2007.

The figures for the third quarter 2008 show:
• revenues from sales of 33.8 million euros compared to 28.7 million euros for the third quarter 2007, an increase of 17.5% (+21.4% at constant exchange rates);
• a negative EBITDA of 1.3 million euros (+0.3 million euros for the third quarter 2007) equal to -4% of billings (1.1% for the third quarter 2007);
• a negative EBIT of 2.5 million euros (-1.3 million euros in the third quarter 2007) equal to -7.4% of billings (-4.4% in the third quarter 2007).

The quarter's results were negatively influenced by the higher devaluation value of obsolete goods compared to September 30, 2007; the impact was partly diminished by lower fixed costs compared to the same period last year.

At 7.2 million euros, net income improved compared to December 31, 2007, due to cash flows from operational activities. By year-end net income is expected to be substantially in line with the December 31, 2007 result.

On September 8, 2008, the Tod's Group and the Marcolin Group signed a license agreement for the design, production and global distribution of vision frames and sunglasses with the Tod's and Hogan labels.
Both brands will be making their debut in eyewear and the launch of the first collections is scheduled for spring/summer 2010.
The license contracts are for five years and the terms are basically in line with those of the Marcolin Group's portfolio.

Despite the uncertainty of international markets, the operating forecast for the rest of the year confirms a substantial increase in the Group's margins compared to the previous financial year and, as a consequence, a return to profit.

Massimo Saracchi, Chief Executive and Managing Director of Marcolin S.p.A., commented: '2008 has been confirmed as an excellent year for Marcolin, despite the recessionary state of the markets. In addition to the progress made to date, we believe that the last quarter will be good and that we will improve on the net income of the first nine months. We are very pleased also about the addition of the Tod's and Hogan brands to our portfolio'.

Sandro Bartoletti, the director who prepared the accounting and corporate documents, declared that, in accordance with paragraph 2 of article 154 bis of the Financial Consolidation Act, the accounting information in this communication corresponds to the documented results, the account books and entries.

Art. 36 of the Market Regulation: conditions for the stock exchange listing of companies with subsidiaries established and governed in accordance with the laws of countries that are not part of the European Union. With regard to the regulations concerning the conditions for the stock exchange listing of companies with subsidiaries established or governed in accordance with the laws of countries that are not part of the European Union and are of significant importance in the consolidated financial statement, the three companies in the Group conform to the regulations and they have already adopted the appropriate procedures to ensure complete compliance with the aforementioned regulation.

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