Marcolin Group, Billings and Net Income Up During the First 9 Months of 2002
The Board of Directors of the Marcolin Group , one of the main players in the eyewear sector and listed on the telematics circuit of the Italian Stock Exchange, has approved the quarterly report on the first 9 months of 2002.
Compared to the sales figures at 09/30/2001, performance has also been excellent on the British (+33%), Spanish (+15%) and domestic (+12%) markets.
Despite the difficult economic situation in the United States, volatile financial markets and the euro-dollar exchange trend, Marcolin USA has also increased incomings by 6%.
The driving force behind sales has been the Dolce&Gabbana Eyewear, D&G Dolce&Gabbana Eyewear and Roberto Cavalli Eyewear lines, whereas the United States also confirmed good results for the Cover Girl Eyewear and Mossimo Vision lines.
An analysis of the financial data points to considerable improvement in the principal financial statement indicators, with Ebitda going from 9,687 million euros to 13,388 million euros, Ebit increasing from 3,833 million euros to 7,026 million euros and a net pre-tax income of 3,309 million euros compared to 1,426 million euros at September 30, 2001.
The result was also thanks to the growth in sales of more marginal lines.
A negative net financial position of 39,814 million euros was also due to lead company investments in renewing industrial plant and equipment and the updating of IT systems at Marcolin USA, although the debt/equity ratio of 0.59 remained stable.
At today's meeting, the Board of Directors evaluated the independence levels of non-executive directors and appointed directors Prof. Maurizio Dallocchio and Emanuele Alemagna, Attorney-at-Law, as independent directors. A committee for internal control was also set up and is composed of Prof. Maurizio Dallocchio, Emanuele Alemagna, Attorney-at-Law, and non-executive director Giorgio Drago.
'I am pleased with the work that has been done during the first nine months of 2002', declared CEO, Cirillo Marcolin. 'Despite a very difficult international economic scenario, the increase in sales volume indicates that the design of our products is excellent, that people like our lines and that the distribution system is competitive. I am confident in the next financial year, during which we will be launching three new lines: Montblanc Eyewear, Costume National Eyewear and The North Face, and we except them to give important results.'
Before the Board Meeting, the Meeting of the Shareholders of Marcolin S.p.A., convened today, deliberated on increasing the members of the Board of Directors from seven to nine. As a consequence, two new directors were nominated, Antonio Bortuzzo and Giorgio Drago.
The Board of Directors also delegated duties of an operational nature to Antonio Bortuzzo, previously Managing Director of Marcolin S.p.A., and nominated him managing director in addition to the current managing directors.
