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The Board of Directors of Safilo Group S.p.A. approves the results at 30th September 2010

Key highlights:

• Net Sales at Euro 237.9 million in Q3 2010, up 11.9% compared to Q3 2009

• Net Sales at Euro 818.2 million in the first nine months of 2010, up 5.6% compared to the same period of 2009

• EBITDA at Euro 17.7 million in Q3 2010 (7.5% margin), compared to Euro 3.5 million in Q3 2009 (1.6% margin)

• EBITDA at Euro 82.5 million in the first nine months of 2010 (10.1% margin), up 73.5% compared to the same period of 2009

• Net financial position at Euro 262.7 million, down from Euro 588 million at the end of 2009, with Net debt/EBITDA down to 2.8x

Padua, November 5, 2010 – 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 2010.

Safilo posted significantly better results in the third quarter and first nine months of 2010 compared to the corresponding periods of 2009.

In the third quarter of 2010, the Group’s revenues increased by 11.9% at current exchange rates, excluding the already sold optical retail chains in Australia and Spain, which, in the third quarter of 2009, had recorded sales of Euro 9.4 million. At constant perimeter and exchange rates, the growth would have been of 7.6%.

Trading in the third quarter was supported by the good progression of volumes, particularly in the sun collections, and the improvement of the price/mix effect.

Sales growth was driven by the resilient performance of the Asian markets, with China representing the key growth engine, and good results in the Americas, which registered solid performance both in the sunglass as well as prescription frames businesses. The Group also posted, for the first time this year, sales growth in Europe, with Spain and France showing healthy trends.

As a result of the positive trend in the third quarter, in the first nine months of 2010 the Group registered revenue growth of 5.6% compared to the same period of 2009, 5.4% at constant perimeter and exchange rates.

During the periods in consideration, Safilo’s profitability increased, as a result of manufacturing efficiencies and a lower incidence of SG&A expenses.

Roberto Vedovotto, Chief Executive Officer of the Safilo Group, commented:
“The Third quarter provided another encouraging set of results for Safilo and was marked by some important achievements.

We continue to see improving business trends, and our performance has been driven by better results in selected European markets, resilient performance in the United States, and solid growth in emerging markets.

At the end of September, we announced the renewal of the partnership with Christian Dior, one of the highest-ranked luxury industry leaders. This strategic agreement represents a key milestone for Safilo Group in its new journey.

In addition, we continue to closely monitor our financial position, with financial leverage below 3x EBITDA for the first time in almost three years.”

For the press release please see the pdf file.

Last update: 05/11/2010, 17:50

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