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The Board of Directors of Safilo Group S.p.A. approves the results as at September 30 2012


06/11/2012
Padua, November 6, 2012 – TheBoard of Directors of Safilo Group S.p.A. today reviewed and approved the results of the third quarter and first nine months of 2012.

The results achieved by Safilo in the third quarter are consistent with the key trends and business dynamics that had characterized the second quarter. Safilo closed the first nine months of the year with top-line organic growth, holding on to profitability and keeping asolid financial profile.

Net sales in the third quarter of 2012 grew by 8.2%, benefittingfrom the progression of the organic revenues, the consolidation ofPolaroid Eyewear and the appreciation of the US dollar.

In line with company expectations, sales and operating margins were affected by the contraction of the brands being phased-out, which however did not preventSafilo from registering a significant improvement of the net result.

At the end of September, the Group net debt was further reduced compared to the end of June,standing atEuro 223.8 million and confirming a financial leverage of 2.0x.

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

“Throughout the third quarter we continued to work with determination along our operating and strategic guidelinesthat are translating into an organic growth of our core business.Our main focus has been on the sales growth of the go-forward brands, on the further international expansion of Safilo’s brands, on the Polaroid integration and on minimizing the negative impact of the Armani loss.

In addition, Safilocontinued to register a positive operating performance despite the phasing-out of the Armani licenses and a solid financial profile also in light of cash flow generation.

During the last quarter, we continued to strengthen and to foster the visibility of Safilo brands.In this context we signed an agreement with one of the most important creative agencies in the world, Wieden+Kennedy, for the development and production of Carrera’s next global communication campaign, focused on positioning the brand as a distinct point of reference in the global eyewear industry.At the same time we have also signed an agreement with KKLD, one the most innovative agencies in the world, to realize the new campaign for Polaroid which will encompass both the rational and the emotional elements of such an iconic brand into the eyewear industry.

Despite the current challenging market conditions, we remain focusedon theimplementation of our strategy and believe that today’s challenges represent the best opportunities of the future!”


For the press release, please see the pdf attached.


Last update: 06/11/2012, 18:54


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