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Preliminary results for the financial year 2007


Preliminary Results(*) for the financial year 2007:
. • 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 (531.8 million at the end of 2006)
. • Positive Free Cash Flow of 10 million Euro (-31 million in 2006)
. • Expected dividend to grow significantly

Padova, 22nd February 2008– The Board of Directors of Safilo Group S.p.A. today examined the preliminary results for the financial year 2007 which will be approved during the next Board Meeting scheduled for 28th March 2008. The outlook for the financial year 2008 and some of the principal medium-term targets were also reviewed.
Vittorio Tabacchi, Chairman of Safilo Group, stated: “2007 closed with the improvement in all the main financial indicators and a positive result for all our strategic brands including the new and important licences launched during the course of the year. On the whole 2007 has been a year of growth, especially if we exclude the negative impact deriving from the devaluation of the US dollar which penalised sales by around 4% and the EBITDA by 5%. Net profit improved by more than 35% guaranteeing us the possibility to propose, during the next Shareholders’ Meeting, a considerable increase of the dividend, with the intention of continuing with this policy also in the future. In 2007 the company began to generate positive free cash flows, with improvements expected in 2008, despite further investments made in support of future growth. On the basis of the results achieved, we continue to focus on the best use of the company assets which must allow us to achieve the objectives of the upcoming years.” Regarding the outlook for 2008 and the medium-term, Vittorio Tabacchi added: “We operate in a very competitive sector and in a complex economic environment, but we believe that this context can represent an opportunity. Our strength derives from the luxury and high-end brands present in our portfolio and with which we firmly intend to remain partner. Furthermore, our house brands can provide us with significant development opportunities as confirmed by the encouraging results achieved last year.
We will continue to focus considerable attention on our wholesale business which remains key, and for which important development projects have and will be undertaken in order to develop in a more decisive way new markets.
But the Safilo of the future will not be just this. I am referring to our growing commitment to the creation of a direct distribution presence, following on from the development of the Solstice (USA) and Loop Vision (Spain) chains, which will reinforce and strengthen the quality and the image of our products. The recent acquisitions of Sunglass Island (Mexico) and Just Spectacles (Australia), countries situated in geographical areas of significant development for our business, confirm this commitment. In 2008 Safilo expects to complete a new production facility in China, where profitable and successful business relations have already existed for several years. I am therefore confident that Safilo Group, over the last two years, has laid the foundations necessary to face with new strength future challenges.”

Last update: 08/09/2009, 12:38

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