News Flash

Marzotto's apparel business' sales rise 11% for Q1, 2005

23 May '05

4 min read

In this context and summarising the forecasts made for each business:

-The Apparel Business should confirm the double digit growth in sales (on a currency adjusted basis) and an improvement in the operating margin; - The Textile Business should report, in the second half of the year, a recovery of volumes and, compared to last year, an improvement in the operating profit also as a result of ongoing efficiency-recovery programs.

International Accounting Principles
The Parent Company is about to complete its transition to the international accounting principles (IFRS).

In this context, pursuant to CONSOB resolution no. 14990 of April 15th, 2005, art. 82–second, the first quarter report was drawn up according to the accounting principles of the previous fiscal year and next interim report, which will also be drawn up according to the said accounting principles, will include the reconciliation provided for by the first paragraph, point b of the mentioned resolution, which will be examined by the Company's auditors KPMG S.p.A.

The gradual transition to the IFRS, in accordance with the Committee of European Securities Regulators (CESR) and Consob suggestions, will require the following steps to be followed sequentially:

- The reconstruction of the Group's Net Equity as at December 31st, 2003, according to the IFRS;
- The reconstruction of the impacts on 2004 profit and loss account arising from the IFRS adoption;
- the impacts on 2004 profit and loss account arising from the IFRS adoption;

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