The Board of Directors of eyewear company Safilo Group has reviewed and approved the draft financial statements for the year 2005 that will be presented to the shareholders meeting on 27th April.
The main consolidated results consolidated turnover exceeded for the first time one billion Euro, reaching €1,025.3 million up 8.5 percent compared to 2004, thanks to the growth recorded in all major markets in which the Group operates, and particularly in Asia (+20 percent).
EBITDA before non-recurring expenses reached €163.0 million, an improvement of 11 percent compared to the previous year. The percentage on turnover has therefore increased from 15.5 percent in 2004 to 15.9 percent 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, an increase of 4.3 percent compared to 2004. The operating result before non-recurring expenses reached €127.9 million (after non-recurring expenses €17.9 million), an improvement of 14.9 percent compared to 2004.
Financial costs were heavily penalized by exchange rate differences (€15.0 million) and by exceptional costs linked to the IPO which led to increased costs and, following repayment of existing loans, acceleration of amortization costs linked to debt restructuring(for a total of €19.5 million).
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
