Marcolin: draft financial statements 2004 approved
The Marcolin SpA Board of Directors approved the parent company's draft financial statements and the consolidated financial statements as at December 31, 2004.
Main consolidated data are as follows:
- Billings equal to 173.2 million euros (157.3 in 2003; +10%); +12% at constant exchange rates;
- Ebitda equal to 17.2 million euros (10 million in 2003; +71%);
- Ebit equal to 9.2 million euros (1 million in 2003);
- Net profit equal to 1.2 million euros (loss of 4.2 million euros in 2003);
- Net financial position equal to -44.5 million euros (-43.9 million euros at the end of 2003).
The sales analysis by geographical area shows a substantial increase on the domestic market (+23%), an overall upturn on the American market (+2%, approx. +12% at constant exchange rates), a continuous increase on European markets, with a recorded increase of approximately 7%, and satisfactory performance in the rest of the world (+14%).
Thanks also to the new collections, the good trend in 2004 billings was due to the excellent growth in the 'Roberto Cavalli Eyewear' line (+74%) and good results with the 'Dolce & Gabbana Eyewear' (+24%) and 'D&G Dolce & Gabbana Eyewear' (+11%) lines, in addition to the Kenneth Cole American line and the launch of Timberland, whose sales began in May 2004.
However, a downturn was recorded in sales in the sports sector, the production and sale of ski goggles, glasses and sports accessories by group company Cébé SA, which recorded a 4% falloff compared to the previous financial year from 24.3 million euros to 23.3 million euros.
Ebitda stands at 17.193 thousand euros (9.9% of billings), an increase of 7.147 thousand euros (+71%) compared to the previous financial year. Ebit showed significant improvement, from the 1.046 thousand euros recorded at December 31, 2003 to approximately 9.227 thousand euros at the end of 2004.
A large part of this net improvement is due to the American subsidiary, which recorded an Ebitda value more or less balanced out at the end of 2004 compared to the negative figure of approximately 6.110 thousand euros at December 31, 2003.
Net profits at the end of the financial year were approximately equal to 1.2 thousand euros against a loss of 4.2 million euros at the end of 2003.
The net financial position at year end was approximately -44.5 million euros, with a debt/equity ratio equal to 0.83, substantially in line with 2003 despite the increase in the amount of business and in investments made during the year. It shall be pointed out however that the net financial position at the end of the previous year benefited from a without-recourse commercial credit transfer operation from third parties of approximately 7.7 thousand euros and, therefore, under the same conditions, the improvement in 2004 would have been approximately 7.1 thousand euros.
With reference to the parent company, Marcolin SpA, billings in financial year 2004 stood at almost 98.4 million euros, compared to almost 85.8 million euros at December 31, 2003, a 15% increase; this was also due to increased sales on the markets in Italy (+23%), Greece (+11%) and Australia (+45%). Ebitda grew by 24.6% compared to the previous year, from 12 million euros of 2003 to 14.9 million in 2004; the effect on income improved by one percentage point and stood at 15%. Ebit improved by 45%, from 7.6 million euros in 2003 to 11 million in 2004. Net profits at year end 2004 amounted to 1.7 million euros compared to a loss of around 6.1 million recorded at the end of the previous financial year. However, this result was influenced by the value adjustment of some shares in subsidiaries for a total amount of 5.4 million euros. The Board of Directors will not propose an allocation of dividends.
