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The board of directors of Safilo Group s.p.a. approves the results of the first half 2008

 Results of the first half 2008:
• Net sales at 637.0 million Euro (667.8 in the first half 2007)
• EBITDA at 85.2 million Euro (100.5 in the first half 2007)
• Operating Profit at 65.1 million Euro (81.2 in the first half 2007)
• Net Profit at 21.1 million Euro (33.3 in the first half 2007)
• Net Financial Position at 541.2 million Euro (514.6 at the end of 2007 and 520.7 in the first half 2007)

Padova, 30th July 2008, h. 5.30pm – The Board of Directors of SAFILO GROUP S.p.A. today reviewed and approved the results for the first half 2008.

The performance of the first six months of the year has suffered from the ever more marked weakness of the US dollar which, compared to the first half 2007, lost around 15% of its value to the single European currency.
The Group, that registers around 40% of its business in dollars, has seen its sales penalised as a result of the negative impact of exchange rates. At constant currencies, net sales in the first half in fact registered a growth of 1.3% compared to the same period of the previous year, while in the second quarter the improvement reached 1.8%.
The American market, at constant exchange rates, achieved double digit growth, thanks both to the consolidation of the new retail stores and the Sunglass Island chain in Mexico, and the good increase in volumes of prescription frames and sunglass sales in the wholesale business.
Asia also achieved double digit growth in the period at constant exchange rates, with particularly brilliant results in the Chinese and Korean markets.
During the second quarter the Group also began implementation of its retail strategy in Asia.
In the same period, the European market has instead experienced a further slowdown, and seen a reduction in the re-assortments of the main prescription frame and sunglass collections in the most important countries of the area.

“The first half of the year was characterised by strong volatility in consumer patterns, above all in Europe, our reference market.” stated Massimiliano Tabacchi, Vice Chairman and Chief Executive Officer of Safilo.
“In the American market, we continue instead to achieve significant results as well as we maintain good growth rates in the Far East, where we have also opened the first two directly operated stores.
We are continuing with the development of our retail business, and are paying greater attention to those markets today more reactive.
We believe that the European market will continue to remain weak even in the upcoming months and we are therefore looking to the second part of the year with greater caution.”

Last update: 08/09/2009, 12:01

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