Home / Knowledge / News / Fashion / Benetton reports Q1 2005 results: To invest over 200mn EUR for new opening & restyling

Benetton reports Q1 2005 results: To invest over 200mn EUR for new opening & restyling

May '05
Benetton is a manufacturer of clothing featuring line of casual womenswear, menswear, childrenswear and underwear collections. Benetton announced its report for first quarter 2005.

Board appoints Alessandro Benetton as Deputy Chairman of the company.

IAS/IFRS accounting principles adopted as from consolidated half-year report to June 30, 2005.

Consolidated Revenues 378 Million Euro, Net Income 23 Million Euro

Today's Benetton Group shareholders' meeting, chaired by Luciano Benetton, approved the 2004 financial statements, which closed with consolidated revenues of 1,686 million euro (1,859 million in 2003), increased net income of 123 million euro (108 million in 2003) and an improved net financial position of 431 million euro (468 million in 2003). Distribution of a 0.34 euro per share dividend was approved (0.38 euro in the previous year), payable as from May 26, confirming a pay out ratio of 50 per cent relative to consolidated net income.

The Group is adopting IAS/IFRS accounting principles as from the consolidated half-year report to June 30, 2005. The independent auditors will be given the task of performing a full audit of the balances in the 2004 reconciliation, as required by IFRS 1, and a limited audit of the financial results for the current half-year and the comparative period of 2004, as well as of IAS/IFRS balance sheet values as of June 30, 2005.

The shareholders' meeting also reappointed the Board directors, the mandate of all of whom was expiring, including Giorgio Brunetti, appointed by co-option last March, and it approved the composition of the Board of Statutory Auditors, including Antonio Cortellazzo, who came in to replace Dino Sesani.

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