compared with 104 million in the first nine months of 2004. In the third quarter of 2005, net income was 26 million euro against 35 million in the third quarter of 2004.
Total net Group investments in the first nine months of 2005 were 79 million euro compared with 29 million euro in the first nine months of 2004, mostly dedicated to the sales network and development of new markets.
Free cash flow from normal operations in the first nine months was positive by 56 million euro (negative 62 million excluding the cession of 118 million euro of short term financial assets), compared with a positive amount of 24 million euro in the same period of 2004.
The net financial position was 565 million euro, compared with 592 million as of September 30, 2004 and 441 million euro as of December 31, 2004. The change compared with year-end was due, apart from normal cyclical movements of working capital, to investments made and dividends distributed.
Regarding the 2005 year-end forecast, the management has up-dated its year-end previsions, following the market's good reception of products in the new collections, with revenues forecast around 1,720 million euro, EBIT around 10 percent and net income around 6 percent.
Italian fashion company Benetton Group is a manufacturer of casual womenswear, menswear, childrenswear and underwear collections. Currently, is present in 120 countries around the world.
Its core business is clothing: a group with a strong Italian character whose style, quality and passion are clearly seen in its brands: the casual United Colors of Benetton, fashion oriented Sisley, Playlife leisurewear and Killer Loop streetwear.
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