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Gruppo Coin reduces FY05 net loss despite sales drop
14 Apr '06
2 min read
Department store group Gruppo Coin SpA's Board of Directors approved the 2005 full-year results and the project for the merger of Gruppo Coin Spa into Bellini Investimenti Spa.
The consolidated net sales were €1,058 million down by 1.4 percent versus last year. The decrease was due mainly to operations which were discontinued in 2004 (Swiss franchising, childrenswear unit). During the second half of 2005 consolidated sales were stable compared to the same period of last year (+0.3 percent).
The restructuring at Oviesse boosted the discount chain increase sales by 4.3 percent to €718.6 million, while sales at the middle-market Coin chain dropped 7.8 percent.
The net loss was €14.7 million, reduced compared to the loss of €18.6 million recorded in 2004. This result is affected by extraordinary non-recurring charges of €29.9 million, mainly relating to the write-down of previous season's inventories, this implemented to reflect the reduced product appeal arising from the need to sell older stock with greater rapidity.
According to the merger project as approved by Board of Directors of both companies, Bellini Investimenti SpA will incorporate Gruppo Coin Spa and will adopt its name, registered office and corporate purpose.
The company resulting from the merger will be listed on the Milan Stock Exchange without interruption in the current listing of the ordinary shares of Gruppo Coin. The share exchange ratio will be 1:1, thereforewith no dilution of minority shareholders. The company resulting from the merger will have a significantly increased net worth.
Gruppo Coin SpA - The Group's principal activity is retail of clothing and accessories for men, women, children and household goods. Coin stores are to be found throughout Italy.
The Group also owns clothing chain stores in Italy such as Oviesse, Act, Bimbus and Kid's Planet and abroad Oviesse in Switzerland, Kaufhalle in Germany and manufacture clothing through the subsidiaries Manifatture di Fara SpA and Sirema Srl.
The consolidated net sales were €1,058 million down by 1.4 percent versus last year. The decrease was due mainly to operations which were discontinued in 2004 (Swiss franchising, childrenswear unit). During the second half of 2005 consolidated sales were stable compared to the same period of last year (+0.3 percent).
The restructuring at Oviesse boosted the discount chain increase sales by 4.3 percent to €718.6 million, while sales at the middle-market Coin chain dropped 7.8 percent.
The net loss was €14.7 million, reduced compared to the loss of €18.6 million recorded in 2004. This result is affected by extraordinary non-recurring charges of €29.9 million, mainly relating to the write-down of previous season's inventories, this implemented to reflect the reduced product appeal arising from the need to sell older stock with greater rapidity.
According to the merger project as approved by Board of Directors of both companies, Bellini Investimenti SpA will incorporate Gruppo Coin Spa and will adopt its name, registered office and corporate purpose.
The company resulting from the merger will be listed on the Milan Stock Exchange without interruption in the current listing of the ordinary shares of Gruppo Coin. The share exchange ratio will be 1:1, thereforewith no dilution of minority shareholders. The company resulting from the merger will have a significantly increased net worth.
Gruppo Coin SpA - The Group's principal activity is retail of clothing and accessories for men, women, children and household goods. Coin stores are to be found throughout Italy.
The Group also owns clothing chain stores in Italy such as Oviesse, Act, Bimbus and Kid's Planet and abroad Oviesse in Switzerland, Kaufhalle in Germany and manufacture clothing through the subsidiaries Manifatture di Fara SpA and Sirema Srl.
Gruppo Coin SpA
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