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Growth in consolidated revenues - Benetton
13 May '10
4 min read
The expected increase in the effective tax rate is attributable to the lower benefits arising from the 2003 corporate reorganization, in addition to temporary phenomena in the quarter.
As a result, net income was €20 million (€18 million in the first quarter of 2009).
Balance sheet and financial position
Compared with March 31, 2009, working capital was reduced by €61 million: in fact, the significant decrease in inventories amounted to €55 million and resulted from reorganization plan actions, in particular in the area of production planning.
In the first quarter, the Group made net investments of €25 million, compared with €50 million in the corresponding period of 2009. It is forecast, however, that investments in commercial locations of strategic interest will show a significant acceleration during the year.
Net financial indebtedness was €589 million compared with €763 million at the end of March 2009, with an increase of €33 million compared with December 31, 2009, due to the cyclical nature of the business; this variation was significantly lower than in the first quarter of the two preceding comparative periods.
As a result, net income was €20 million (€18 million in the first quarter of 2009).
Balance sheet and financial position
Compared with March 31, 2009, working capital was reduced by €61 million: in fact, the significant decrease in inventories amounted to €55 million and resulted from reorganization plan actions, in particular in the area of production planning.
In the first quarter, the Group made net investments of €25 million, compared with €50 million in the corresponding period of 2009. It is forecast, however, that investments in commercial locations of strategic interest will show a significant acceleration during the year.
Net financial indebtedness was €589 million compared with €763 million at the end of March 2009, with an increase of €33 million compared with December 31, 2009, due to the cyclical nature of the business; this variation was significantly lower than in the first quarter of the two preceding comparative periods.
Benetton Group
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