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The Board of Directors of Safilo Group S.p.A. approves the results of the first half of 2014

 Top line accelerates in Q2
driven by quality of product, sales & distribution

Padua, July 31 2014 – The Board of Directors of Safilo Group S.p.A. – the fully integrated Italian eyewear creator and worldwide distributor, listed on the Milan Stock Exchange – has approved today the results of the second quarter and first half of 2014.

In the second quarter, Safilo registered an increase in sales at constant exchange rates of 7.4%, taking the first six months to 4.7%.
In terms of economic results, the first half saw an improvement in the gross profit margin, which exceeded 63% for the period, whilst the gross profit margin for the quarter was confirmed at the highest levels achieved by the Group.
A slight reduction in the adjusted1 EBITDA was accompanied by an improvement in the adjusted1 Group net profit, which was up approximately 23% both in the second quarter and the first half.

At the end of June, the adjusted1 financial leverage was 1.4 times, with the Group net debt totalling Euro 166.1 million at the end of the period.

Economic and financial highlights

The first half of 2014 has seen the implementation of a number of actions, derived from the company strategy centered on product: profit-mix enhancement, operations efficiency, lean organization, valorisation of the Italian craftsmanship tradition. In particular, during this period, Safilo created a globally integrated Commercial Operation organized by worldwide key markets, channels and accounts, and re-focused business units in Latin America and China. The new proprietary brands organization was created, registering important results especially for Polaroid. The corporate transformation projects are also progressing, with particular reference to human resources development and utilization of Information Technology.

Luisa Delgado, CEO of Safilo Group, commented:

“This first semester of 2014 offers important early confirmation that we are on the right track towards mid-term sustainable profitable growth, centered on quality of product, sales & distribution, and operations.

Following our decision to single-mindedly focus on quality distribution, and enter into new channels with differentiated offerings, we are pleased to report both acceleration of the sales growth in Q2 and continued improved mix for the semester. Brand driven differentiation of distribution enables us to offer the highest selectivity for our highest-end fashion luxury brands, while at the same time promote broader points of sale for contemporary luxury brands, and successfully develop new channels for the “mass cool” segment, where e.g. Polaroid plays.

Increasing operational quality combined with quality of sales have enabled us to achieve a gross profit close to Euro 200 million and a gross margin exceeding 63%, showing that we are going in the right direction, working for higher efficiency in our planning, product development and supply processes.

The highest quality craftsmanship of Safilo, our hallmark and competitive advantage, was proven once more by the success met by our January and April collections, showcasing artistically and technically demanding and innovative product. Skillful, high-value added quality eyewear manufactured in our Italian craftsmanship tradition, represents therefore a cornerstone of our company’s product centered strategy. We are committed to combining it with innovation, operational re-invention, and efficiency increases.”

Last update: 31/07/2014, 17:59

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