The Board of Directors of Marcolin S.p.A approves the results of the first half of 2007
The Board of Directors of Marcolin S.p.A, that met yesterday under the chairmanship of Giovanni Marcolin Coffen, examined and approved the Marcolin Group's Report relating to the first half of 2007.
The Group's sales revenues amount to 104 million Euros with an increase of 21.3 million Euros (+25.7% compared to the same period of the previous year), obtained as a result of the positive trend in all the lines in the portfolio and in particular for the brands Tom Ford Eyewear, Montblanc Eyewear and Roberto Cavalli Eyewear.
At constant exchange rates there was a 28% increase in turnover.
The increase in turnover has involved all the markets that the Group is present in. With reference to the 'sport' sector which the controlled company Cébé operates in, a 10.2 % reduction in sales has been recorded, due to the combined effect caused by the continuing market difficulties encountered, by reduced sales volumes for the spring period and by high costs for the reorganization activity.
The sales according to geographical areas are divided as follows:
The EBITDA is 9.8 million Euros (9.4% of the turnover), compared to the 3.8 million Euros (4.7% of the turnover) obtained in the first half of 2006, with an increase of almost 160%.
The Ebit represents 2.9% of the turnover (0.2% at 30 June 2006) and corresponds to 3 million Euros (0.1 million Euros at 30 June 2006.
The improvement in profitability is mainly ascribable to the increase in turnover, that has permitted a greater absorption of fixed and structural costs, as well as the improved efficiency achieved by all the companies in the Group, with the aforementioned exception of Cébé.
The analysis of the Marcolin Group's economic trend at 30 June 2007, excluding the activities regarding Cébé, highlights an Ebitda of 13.5 million Euros, compared to the 6.2 million Euros at 30 June 2006 (+117.7%), and a positive net result of 5.1 million Euros against the loss of 0.7 million Euros at 30 June 2006, with an evident sharp improvement.
Instead Cébé has recorded a negative Ebitda at 3.7 million Euros (negative at 2.4 million Euros at 30 June 2006) and a negative net result of 4.2 million Euros (negative at 2.9 million Euros at 30 June 2006) to which are added 2.8 million Euros for reduction of value resulting from the valuation at fair value of the subsidiary, net of the additional charges at sale
In the first half of 2007, the consolidated result after tax is negative at 2 million Euros (it was negative at 3.7 million Euros at 30 June 2006), influenced by the overall effect of the controlled company Cébé, equivalent to 7 million Euros.
The result of the Marcolin Group, excluding this effect, would therefore have been positive at 5.1 million Euros, compared to a loss of 0.7 million Euros at 30 June 2006.
With reference to the economic data regarding the second quarter of 2007, the following is highlighted:
- the sales revenues were 50.3 million Euros, compared to 41.9 million Euros in the second quarter of 2006, with a 20.2% increase;
- The Ebitda is 2.6 million Euros (2.5 million Euros in the second quarter of 2006), representing 5.1% of the turnover (5.9% in the second quarter of 2006);
- The Ebit is negative at 2.9 million Euros (0.9 million Euros in the second quarter of 2006), with a percentage of 5.8% of turnover (2.2% in the second quarter of 2006);
- the net result is negative at 4.3 million Euros (negative at 1.8 million Euros in the second quarter of 2006).
Clearly the results of the second quarter of 2007 have also been influenced by the trend of the controlled company Cébé and by the aforementioned additional costs. Analysing the economic performance indicators of the Marcolin Group, excluding Cébé, the following values are highlighted:
- the Ebitda is 8.5 million Euros (5 million Euros in the second quarter of 2006);
- the Ebit is 3 million Euros (3.6 million Euros regarding the same period of 2006);
- the net result for this period is positive at 1.8 million Euros (1 million Euros in the second quarter of 2006).
The net financial position records an improvement, that amounts to 2.7 million Euros, compared to 31 December 2006 due to the cash flow generated by the operating activities.
With the sole exception of the 'sport' sector (Cébé), where the difficulties encountered in the 2006 financial year and the first semester will continue, the 2007 financial year will be characterised by an increase in turnover and profitability compared to the previous one, even taking into consideration the effect of the seasonal use that foresees a greater concentration in sales and margins in the first six months of the year.
The CEO Antonio Bortuzzo commented:
'The excellent sales figures confirm the Group's ability to consolidate its presence on the market; progress in the luxury segment is significant, bearing witness to the stylistic and qualitative contents of Marcolin products. The management is determined to resolve the problem represented by the controlled company Cébé, which in the last two years has penalized the otherwise completely positive results'.
Also on this day, the Board of Directors, following the approval of the half year report, has appointed Mr. Sandro Bartoletti, Administration and Financial Director of Marcolin, as the Manager in charge of drafting the company's accounting records.
The Group's sales revenues amount to 104 million Euros with an increase of 21.3 million Euros (+25.7% compared to the same period of the previous year), obtained as a result of the positive trend in all the lines in the portfolio and in particular for the brands Tom Ford Eyewear, Montblanc Eyewear and Roberto Cavalli Eyewear.
At constant exchange rates there was a 28% increase in turnover.
The increase in turnover has involved all the markets that the Group is present in. With reference to the 'sport' sector which the controlled company Cébé operates in, a 10.2 % reduction in sales has been recorded, due to the combined effect caused by the continuing market difficulties encountered, by reduced sales volumes for the spring period and by high costs for the reorganization activity.
The sales according to geographical areas are divided as follows:
The EBITDA is 9.8 million Euros (9.4% of the turnover), compared to the 3.8 million Euros (4.7% of the turnover) obtained in the first half of 2006, with an increase of almost 160%.
The Ebit represents 2.9% of the turnover (0.2% at 30 June 2006) and corresponds to 3 million Euros (0.1 million Euros at 30 June 2006.
The improvement in profitability is mainly ascribable to the increase in turnover, that has permitted a greater absorption of fixed and structural costs, as well as the improved efficiency achieved by all the companies in the Group, with the aforementioned exception of Cébé.
The analysis of the Marcolin Group's economic trend at 30 June 2007, excluding the activities regarding Cébé, highlights an Ebitda of 13.5 million Euros, compared to the 6.2 million Euros at 30 June 2006 (+117.7%), and a positive net result of 5.1 million Euros against the loss of 0.7 million Euros at 30 June 2006, with an evident sharp improvement.
Instead Cébé has recorded a negative Ebitda at 3.7 million Euros (negative at 2.4 million Euros at 30 June 2006) and a negative net result of 4.2 million Euros (negative at 2.9 million Euros at 30 June 2006) to which are added 2.8 million Euros for reduction of value resulting from the valuation at fair value of the subsidiary, net of the additional charges at sale
In the first half of 2007, the consolidated result after tax is negative at 2 million Euros (it was negative at 3.7 million Euros at 30 June 2006), influenced by the overall effect of the controlled company Cébé, equivalent to 7 million Euros.
The result of the Marcolin Group, excluding this effect, would therefore have been positive at 5.1 million Euros, compared to a loss of 0.7 million Euros at 30 June 2006.
With reference to the economic data regarding the second quarter of 2007, the following is highlighted:
- the sales revenues were 50.3 million Euros, compared to 41.9 million Euros in the second quarter of 2006, with a 20.2% increase;
- The Ebitda is 2.6 million Euros (2.5 million Euros in the second quarter of 2006), representing 5.1% of the turnover (5.9% in the second quarter of 2006);
- The Ebit is negative at 2.9 million Euros (0.9 million Euros in the second quarter of 2006), with a percentage of 5.8% of turnover (2.2% in the second quarter of 2006);
- the net result is negative at 4.3 million Euros (negative at 1.8 million Euros in the second quarter of 2006).
Clearly the results of the second quarter of 2007 have also been influenced by the trend of the controlled company Cébé and by the aforementioned additional costs. Analysing the economic performance indicators of the Marcolin Group, excluding Cébé, the following values are highlighted:
- the Ebitda is 8.5 million Euros (5 million Euros in the second quarter of 2006);
- the Ebit is 3 million Euros (3.6 million Euros regarding the same period of 2006);
- the net result for this period is positive at 1.8 million Euros (1 million Euros in the second quarter of 2006).
The net financial position records an improvement, that amounts to 2.7 million Euros, compared to 31 December 2006 due to the cash flow generated by the operating activities.
With the sole exception of the 'sport' sector (Cébé), where the difficulties encountered in the 2006 financial year and the first semester will continue, the 2007 financial year will be characterised by an increase in turnover and profitability compared to the previous one, even taking into consideration the effect of the seasonal use that foresees a greater concentration in sales and margins in the first six months of the year.
The CEO Antonio Bortuzzo commented:
'The excellent sales figures confirm the Group's ability to consolidate its presence on the market; progress in the luxury segment is significant, bearing witness to the stylistic and qualitative contents of Marcolin products. The management is determined to resolve the problem represented by the controlled company Cébé, which in the last two years has penalized the otherwise completely positive results'.
Also on this day, the Board of Directors, following the approval of the half year report, has appointed Mr. Sandro Bartoletti, Administration and Financial Director of Marcolin, as the Manager in charge of drafting the company's accounting records.
