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Safilo Group announces 2005 results

Safilo Group announces 2005 results: turnover and operating profit continue to grow accompanied by significant debt reduction

Main economic figures for 2005

 Group consolidated turnover: € 1,025.3 million (+8.5% compared to 2004)
 EBITDA before non-recurring expenses: € 163.0 million (+11% compared to 2004)
 Net profit before non-recurring expenses: € 22.9 million (+21.1% compared to 2004)
 Net debt: € 479.0 million (- 40.7% compared to € 807.2 million at the end of 2004)

Padua, 28 March 2006 – The Board of Directors of Safilo Group today reviewed and approved the draft financial statements for the year 2005 that will be presented to the Shareholders Meeting on 27th April.

Main consolidated results

Consolidated turnover exceeded for the first time one billion Euro, reaching 1,025.3 million Euro (+8.5% compared to 2004), thanks to the growth recorded in all major markets in which the Group operates, and particularly in Asia (+20%).

Running costs, both operational and financial, were significantly impacted by non-recurring expenses related to the IPO process which was concluded with success in December 2005. Therefore, in order to highlight these costs and to improve the comparison of the figures with last year, the principal economic indicators are shown gross and net of costs related to the IPO.

EBITDA before non-recurring expenses reached 163.0 million Euro, an improvement (+11%) compared to the previous year. The percentage on turnover has therefore increased from 15.5% in 2004 to 15.9% in 2005. This improvement is a consequence both of the market’s clear appreciation of the Group’s most recent collections and cost cutting policies which, for some time now, are moving towards a clear improvement of economic performance.

EBITDA after non-recurring expenses reached 153.0 million Euro, an increase of 4.3% compared to 2004. The operating result before non-recurring expenses reached 127.9 million Euro (after non-recurring expenses 117.9 million Euro), an improvement of 14.9% compared to 2004.

Financial costs were heavily penalised by exchange rate differences (15.0 million Euro) and by exceptional costs linked to the IPO which led to increased costs and, following repayment of existing loans, acceleration of amortisation costs linked to debt restructuring (for a total of 19.5 million Euro). Net profit before non-recurring expenses is equal to 22.9 million Euro (an improvement of 21.1% compared to the 18.9 million Euro registered in 2004). Net profit after non-recurring expenses is equal to 3.1 million Euro.

Net debt was reduced significantly (-40.7% from 807,2 million Euro to 479,0 million Euro) and this will finally allow the Group to operate in the next few years with a balanced capital structure.

Vittorio Tabacchi, Chairman of Safilo Group, commenting on the results achieved, declared: “2005 was a historic year for our Group. The results achieved and the listing on the Stock Exchange have led to the accomplishment of an organic growth project begun 4 years ago and aimed at strengthening Safilo’s shareholding and financial structure. The achievement of these targets allows us to face future challenges with the commitment and the strength that derive from our competitive advantages: product development, selective distribution and customer care”.

Safilo Group is leader in premium eyewear and in a leadership position in the sector of prescription, sunglasses, fashion and sports eyewear.
Present on the international market through exclusive distributors and 28 subsidiaries in the principal countries (in USA , Europe and Far East), Safilo distributes its own brand collections Safilo, Carrera, Smith, Oxydo, Blue Bay, as well as licensed branded collections, Alexander McQueen, Bottega Veneta, Boucheron, Christian Dior, Diesel, 55DSL, Emporio Armani, Giorgio Armani, Gucci, Imatra, Marc Jacobs, Max Mara, Oliver, Pierre Cardin, Polo Ralph Lauren, Stella McCartney, Valentino, Yves Saint Laurent. In addition, the following are exclusively for the American market: Fossil, Juicy Couture, Nine West, Kate Spade, Saks Fifth Avenue, Liz Claiborne and J.Lo by Jennifer Lopez.

Press office
Safilo Group
tel. 0039 049 6985459

This press release is also available on the website

Last update: 20/07/2010, 10:06

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