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The Board of Directors of Safilo Group S.p.A. approves the Financial Statements for 2007


The results for the financial year 2007 are confirmed:
• Net sales at 1,190 million Euro, +6.1% (+10.2% at constant exchange rates)
• EBITDA at 175 million Euro, +7.9% (equal to 14.7% of sales)
• Operating profit at 137 million Euro, +9.3% (equal to 11.5% of sales)
• Net profit at 51 million Euro, +36.2% (equal to 4.3% of sales)
• Net financial position at 515 million Euro (532 million Euro at the end of 2006)
• Positive Free Cash Flow of 10 million Euro (-31 million Euro in 2006)
• Proposed dividend of 0.085 Euro per share (0.02 Euro per share in 2006)

Padova, 28th March 2008 – The Board of Directors of Safilo Group S.p.A. today examined and approved the consolidated financial statements for 2007¹ which confirm the preliminary data examined and published on 22nd February 2008. The Board furthermore approved the financial statements at 31st December 2007, which will be submitted for approval by the Shareholders’ Meeting called for April 28th and April 30th in first and second call respectively.

On the basis of the results achieved, the Board of Directors has resolved to propose to the Shareholders’ Meeting the distribution of a dividend equal to 0.085 Euro per share, with detachment of coupons on May 12th 2008 and payment on May 15th 2008.
The proposed dividend highlights a significant increase of the pay-out ratio at 48%.
The Board also approved the Corporate Governance Report relating to the financial year 2007.
The financial statements and the consolidated financial statements at 31st December 2007 are available from today on the website, in the Financial Documents section.

Shareholders’ Meeting
The Shareholders’ meeting will be called to deliberate the approval of the financial statements at 31st December 2007, the distribution of profits and the appointment of the Board of Directors and the Board of Statutory Auditors.

The notice of call of the ordinary Shareholders’ Meeting is available on the home page of the website 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 on the same site, at least 15 days prior to the date fixed for the first call.

2008 Outlook
As communicated in February, for the current year Safilo estimates an increase in turnover between 4% and 5% (average annual €/USD exchange rate of 1.47). At constant exchange rates, expected growth would settle at 7% - 8%.
Ebitda should remain at around 15%, while net profit is estimated to be around 4,5%-5% of sales. The net financial position is expected to remain essentially in line with that of 2007, despite the greater investments and dividends forecast for the year.

¹ The consolidated Financial Statements and financial statements are currently subject to audit activities, as yet not concluded.
Last update: 08/09/2009, 12:31

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