Stefanel's Interfashion unit sales up 11.2% in H1

23 Aug '05

7 min read

- Net income of the Group, having provided for current taxes of Euro 2.7 million, released deferred tax assets of 3.1 million and allocated minority interests of 0.1 million, amounts to 1.8 million, an improvement of 10.8 million.

The figures for 1st half 2005 show consolidated net borrowings that have fallen to Euro 103.8 million, a decrease of 15.6 million compared with the figure at June 2004 and an improvement of Euro 13.3 in stockholders' equity, which rises to Euro 102.1 million. The debt/equity ratio has fallen from 1.35 to 1.01.

This improvement in indebtedness was achieved thanks to the positive trends in net working capital, which at June 30, 2005 amounted to Euro 51.6 million, down by Euro 10.9 million compared with the figure for the same period last year (2004H1: 62.5 mn). This positive trend has made it possible to accelerate the investment plan to support the Group's expansion, especially abroad; investments in the first half of 2005 amounted to Euro 10.9 million. Euro 7.5 million has been allocated to developing and modernizing the Stefanel brand sales network, while Euro 3.0 million has been earmarked to upgrade the knitwear production structure.

Information On The Airport Retail Sector
In order to ensure an adequate level of disclosure regarding the performance of this other important business unit and to integrate the information provided by the pro-forma consolidated figures, the following are key figures for Noel-Nuance in which the company has a 50% interest.

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