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The Board of Directors of Safilo Group s.p.a. approves the results of the first half 2009


Main results for the first half 2009:

• Net sales at 562.1 million Euro
• EBITDA from ordinary activities at 51.5 million Euro, 9.2% margin on sales
• Net Financial Position at 592.1 million Euro

Padova, 4th August 2009 - The Board of Directors of Safilo Group S.p.A. today approved the results for the first half 2009 and mandated the Chief Executive Officer, Roberto Vedovotto, to continue to implement all the initiatives to strengthen the Group’s capital structure, in line with the Group’s industrial strategy and with the support of all the stakeholders of the Group.

As discussions with financial investors have been terminated, the Group will continue to focus on its core business, carrying out all the necessary actions to further improve its operating performance, fully supported by its lending banks.

General market conditions remain challenging, and the contraction of sales in the high-end sunglasses segment persisted in the second quarter of 2009. Sales of prescription frames, despite registering a contraction, have however shown to be less sensitive to the continuation of the global economic crisis.

The collections of the house brand Carrera have performed beyond even the best expectations, and during the quarter have further accelerated their growth and gained additional market shares.

The American market, given its greater exposure to prescription products and to a product mix capable of reaching a wider consumer base, remained stable, while the performance registered in the semester in the European and Asian markets was weak. The retail channel registered a slight improvement, while the wholesale business experienced a contraction in line with the first quarter.

The results of the second quarter and the first half of 2009 have been impacted by non recurring items for a total of 128.1 million Euro, relating to the Group’s industrial reorganisation and to the write-down of goodwill related to single Cash Generating Units.

“In line with our expectations, the second quarter of 2009 confirmed the end consumer’s move towards more “accessible” products”, stated Roberto Vedovotto, Chief Executive Officer of Safilo.
“In this contest, the slight improvement in the operating performance and the limited decline in sales compared to the first half of 2008, must represent a stimulus to reach the goals that we have set ourselves,also through the ongoing implementation of all the projects related to the production processes, commercial organisation, relationship with our clients and competitive positioning of our products.” concluded Roberto Vedovotto.

Last update: 07/09/2009, 14:58

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