The Board of Directors of Safilo Group S.p.A. approves the results as at September 30, 2011

07/11/2011
Key economic and financial highlights (in millions of euro):

Net Sales • 230.2 in Q3 2011: +4.1% at constant perimeter1 and exchange rates
• 833.5 in 9M 2011: +6.7% at constant perimeter1 and exchange rates

EBITDA • 17.4 in Q3 2011 (7.6% margin): in line with Q3 2010
• 97.6 in 9M 2011 (11.7% margin): +18.4%

EBIT • 8.2 in Q3 2011 (3.5% margin): +5.8%
• 70.0 in 9M 2011 (8.4% margin): +33.7%

Net Result • 4.7 net loss in Q3 2011 compared to 0.4 in Q3 2010
• 26.6 net profit in 9M 2011 (3.2% margin) compared to the net loss
of 3.6 in 9M 2010

Net Debt • 239.4 at the end of September 2011 from 240.3 at the end of June 2011
and 262.7 at the end of September 2010
• Net debt / EBITDA stable at 1.95x

Padua, November 7, 2011 – The Board of Directors of SAFILO GROUP S.P.A. today reviewed and approved the results of the third quarter and first nine months of 2011.

In the third quarter of 2011, Safilo registered a positive top line growth on the back of the significant progress of the fast-growing markets in all the Group’s main product categories as well as the good performance of the American market. The operating result (EBIT) of the quarter improved compared to the same period in 2010.

Following the quarterly results, in the first nine months of 2011 Safilo confirmed a solid performance both at the economic and financial level. Sales grew by 6.7% at constant perimeter1 and exchange rates, EBITDA and EBIT increased double-digit and the Group’s net result was positive at Euro 26.6 million.
At the end of September, the net debt remained in line with the level reached in the first half of the year, at Euro 239.4 million, confirming the financial leverage of net debt to EBITDA at 1.95x.

Roberto Vedovotto, Chief Executive Officer of the Safilo Group, commented:

“During the third quarter of the year the developing and emerging countries continued to perform well, confirming the strength of Safilo's commercial proposition.

We were also reassured by the reaction of the US market in spite of the uncertain economic environment, while the performance in Europe was affected by a slowdown in the marketplace.

In a quarter that has been historically characterized by the seasonality of our predominant wholesale business, what has been achieved in terms of operating result and financial leverage clearly testifies the effectiveness of the different actions in place on the main Group activities.

We have also finally completed the top management team with the recent appointment of the Global Head of Safilo’s Brands Division, our key business area in which we are investing significant resources.

We are now ready to face the new challenges and the new business opportunities ahead of us”.

Last update: 07/11/2011, 18:15