News Flash

Stefanel Q1 sales grows 13%

12 May '06

4 min read

The net result pertaining to the Group, after taxes of €1.6 million and minority interests of 0.1 million, is a loss of €1.7 million, although this is an improvement of 0.1 million compared with March 2005 (loss of €1.8 million). Consolidated net borrowings come to €110.7 million, an increase of 2.1 million compared with the figure in 2005, and shareholders' equity has risen by 3.7 million to €102.1 million. The debt/equity ratio has fallen to 1.08 from 1.10.

The Nuance business unit has turned in results in line with expectations. Net sales by the Nuance Group during the first three months pertaining to the Stefanel Group come to €123.1 million, which is 3.7 percent higher than in the same period of 2005 (€118.7 million), despite the fact that last year benefited from the revenues generated by the Easter holidays.

Margins are lower than in first quarter 2005 because of the combined effect of better performances by the affiliates operating in Switzerland, Hong Kong, Singapore and the United States, offset by a further deterioration in Denmark and Australia. As regards these last two countries, it is worth remembering that the concessions at Sydney and Copenhagen airports both expire in the coming months.

In line with its strategy to improve and develop its concession portfolio, the Nuance Group, has signed an important agreement with the Brisbane Airport Corporation Pty Ltd (BAC), under which the expiry date of Nuance's current concession - due in 2007- has been extended to 2014. It is estimated that this contract, which also envisages a greater amount of space to be managed under the concession, will allow Nuance to achieve total revenues in the period 2007-2014 of around €500 million.

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