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The Board of Directors of Safilo Group S.p.A. approves the Financial Statements for 2008 and the Group's industrial reorganisation plan

16/03/09

The Board of Directors of Safilo Group S.p.A. approves the Financial Statements for 2008 and the Group's industrial reorganisation plan

 

The results for the financial year 2008 are confirmed:

  • Net sales at 1,147.8 million Euro (1,190.4 million Euro in 2007)
  • EBITDA at 126.3 million Euro, with a margin on sales of 11.0% (175.3 million Euro in 2007)
  • Net profit at 14.6 million Euro, before an extraordinary provision for deferred taxes of 37.9 million Euro
  • Net financial position at 570 million Euro (514.6 million Euro at the end of 2007)

Padova, 16th March 2009, h. 6.15pm – The Board of Directors of Safilo Group S.p.A. today reviewed and approved the consolidated financial statements for 2008¹ which confirm the preliminary data examined and published on 12th February 2009. The Board furthermore approved the financial statements at 31st December 2008 ¹, which will be submitted for approval by the Shareholders’ Meeting called for 24th April and 27th April in the first and second call respectively.

In consideration of the results achieved during the financial year 2008 and the difficult market situation foreseen for the current year, the Board of Directors deemed it appropriate not to propose to the Shareholders’ Meeting the distribution of a dividend.

The Board of Directors furthermore granted to the Chief Executive Officer, Roberto Vedovotto, the powers to seek the widest strategic options aimed at strengthening the company’s capital structure.
In this regard the Board of Directors has asked to the Chief Executive Officer, Roberto Vedovotto, to finalise the agreements under discussion in order to grant the appropriate advisory mandates.

The Board of Directors approved, furthermore, an industrial reorganisation plan which foresees a rationalisation of production facilities and aims at creating a manufacturing organisation capable of guaranteeing greater efficiency and effectiveness of manufacturing processes, improving the Group’s industrial profitability in the mid to long term, and adapting to the current economic downturn.
In this perspective, the Group foresees the downsizing of production activities at the sites of Precenicco (UD), Martignacco (UD) and Ormoz (Slovenia). The company will enter into negotiations with the trade union delegations with the aim of providing a prompt and collaborative response to the employment issue which will arise from the industrial reorganisation described above, also through the utilization of the available social security cushions.

Following on from the fourth quarter of 2008 which saw the progressive decline of market conditions, in particular in the high end sunglass market, the first months of 2009 have also been characterised by a difficult performance in all of the Group’s main markets.
On the contrary, the house brand Carrera has continued to register significant growth rates, benefiting from its appealing product offering as well as from its price positioning, an increasingly important factor for consumers oriented more and more towards products with accessible prices.

The decline and the volatility of the current market demand make it increasingly difficult to make annual forecasts, and it is for this reason that the management will provide quarterly updates and indications on the performance of the year in course.

Statement by the manager responsible for the preparation of the company’s financial documents

The manager responsible for the preparation of the company’s financial documents, Mr Francesco Tagliapietra, hereby declares, in accordance with paragraph 2 article 154 bis of the “Testo Unico della Finanza”, that the accounting information contained in this press release corresponds to the accounting results, registers and records.

Disclaimer

This document contains forward-looking statements, relating to future events and operating, economic and financial results for Safilo Group. Such forecasts, due to their nature, imply a component of risk and uncertainty due to the fact that they depend on the occurrence of certain future events and developments. The actual results may therefore vary even significantly to those announced in relation to a multitude of factors

Alternative Performance Indicators

The definitions of the “Alternative Performance Indicators”, not foreseen by the IFRS-EU accounting principles and used in this press release to allow for an improved evaluation of the trend of economic-financial management of the Group, are provided below:

  • Ebitda (gross operating profit) is calculated by Safilo by adding to the Operating profit, depreciation and amortization;
  • The net financial position is for Safilo the sum of bank borrowings and short, medium and long-term loans, net of cash in hand and at bank;
  • The net capital employed for Safilo is the sum of current assets and non-current assets net of current liabilities and non current liabilities, with the exception of the items previously considered in the Net Financial Position;
  • The Free Cash Flow for Safilo is the sum of the cash flow from/(for) operating activities and the cash flow from /(for) investing activities.

Conference Call

At 6.30pm CET, 1.30pm EST today a conference call will be held with the financial community.
It is possible to connect to the call by dialling the following number: +39 02 802 09 11 (for journalists: +39 02 802 09 27) and to listen to the playback by dialling the number +39 02 72495 (access code: 776#).
The presentation is available and may be downloaded from the site www.safilo.com/ir, in the Presentations section.

Notice of the call of the Ordinary Shareholders’ Meeting

The notice of the call of the Ordinary Shareholders’ Meeting will be available on the home page of the website www.safilo.com/ir, where, at least 15 days before the date fixed for the first call, the Report from the Directors to the Shareholders’ Meeting on the proposals regarding the matters given in the order of the day, will also be available.

¹ The consolidated Financial Statements and financial statements are currently subject to audit activities as yet not concluded.


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