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The Board of Directors of Safilo Group S.p.A. approves the financial results for 2012

Padua, March 6, 2013 – The Board of Directors of Safilo Group S.p.A. today approved the consolidated financial statements for 20121. The Board of Directors also reviewed the financial statements as of December 31, 20121, which will be submitted for approval to the Shareholders’ Meeting called for April 22, 2013 in a single call.

Safilo ended 2012 with top-line growth, broadly in line profitability and further reduction of the net debt.

During the last three months of the year, net sales increased by 16.6% (+13.8% at constant exchange rates), benefiting in particular from Polaroid’s sales and the continuous progression of the organic business.
In the full year, net revenues reached Euro 1,175.3 million, growing by 6.7% (+2.2% at constant exchange rates).

Group earnings proved their resilience also in the fourth quarter of the year and allowed to end 2012 with an EBITDA margin close to 10%, contributing to the reduction of the net debt, from Euro 238.3 to 215.3 million, with a leverage ratio below 2x.

Roberto Vedovotto, CEO of Safilo Group, commented:

“We are satisfied with the results achieved in a challenging 2012, characterized by the slowdown of the global economy and by the ongoing consumer spending reduction in Europe.

In this scenario, our strategic priority was to focus on the top-line growth of our portfolio and on profitability, as well as, to maintain a solid capital structure, despite the expected Armani phase-out negative effect.

In 2012, we adapted our industrial footprint, timely redefining the organization and costs of the Group’s production capacity in Italy with a strong focus at appropriately managing the social framework.

The performance of organic sales through go-forward brands, which consistently grew around 6% throughout the year, confirmed the competitive edge and diversification of our licensed brands, supporting the portfolio enhancement also via the anticipated renewal of the Hugo Boss Group and Max Mara licenses.

In 2012, we focused on the importance of the Safilo Brands for our future growth also through the acquisition of Polaroid, which became part of our portfolio last April. During these first nine months of direct management, we have reorganized the brand’s distribution in the already presided European markets and set the foundations for its international development starting from Polaroid’s first market 75 years ago: the United States.”

For the press release, please see the pdf attached.

Last update: 06/03/2013, 18:38

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