Benetton approves draft group 2007

20 Mar '08

2 min read

The Benetton Group S.p.A. Board of Directors, meeting and chaired by Luciano Benetton, approved the draft Group 2007 Financial Statements(1) presented by the CEO Gerolamo Caccia Dominioni, which confirm consolidated revenues of 2,085 million euro (+9.1%) and net income of 145 million (+16.3%).

Worthy of note, in 2007 financial margins increased both in absolute terms and as a percentage of revenues. The recent market trend confirms the 2008 expectations released last February.

The Board then approved the draft financial statements of the Parent Company(1), with net income of 80 million euro, and a proposal to the next Shareholders' Meeting for payment of a dividend totalling 73 million euro, equivalent to 0.40 euro per share (0.37 euro per share in 2006), confirming a pay-out ratio equivalent to 50% of consolidated net income.

The dividend is expected to be payable from 8 May 2008, with coupon detachment date 5 May 2008. The Board approved a report for submission to the Shareholders' Meeting relating to authorization for the purchase and sale of Company shares with the terms and conditions illustrated below.

Authorization is requested for the purchase of a maximum of 18,000,000 ordinary shares for a period of 18 months. The minimum purchase price is envisaged as not less than 30% under, and the maximum price not more than 20% over, the reference price recorded by the share in the stock exchange session preceding each individual transaction; the selling price is envisaged as not less than 90% of the reference price recorded by the share in the stock exchange session prior to each individual transaction.

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