EBITDA comes in at 2.8 million with an improvement of 0.8 million Euro (2004H1: 2.0 mn). This result reflects the positive balance resulting from the various measures to improve the mix and to contain and rationalize other operating costs, which have more than compensated the increase in concession costs due to the increase in the number of passengers, but which has not been matched by a proportional increase in sales due to lower average expenditure.
The Board of Directors has confirmed that the directors Enrico Cervellera, , Guglielmo Garlato and PierFrancesco Saviotti still have the requisites to be considered independent directors.
The reconciliation of balance sheet items at January 1 and December 31, 2004 according to IFRS, as well as those reported in the 2004 income statement, accompanied by the related explanatory notes, have been subject to a full audit. The auditors, Deloitte & Touche, have completed their audit work and their report is available together with these half-yearly financial statements.
Italian fashion company The Stefanel Group is engage in to the fashion business. It offers brand products related to the fashion.
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