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Safilo approves 2013 first quarter financial results

Safilo approves 2013 first quarter financial results

Roberto Vedovotto said: "We started 2013 with positive results, closing the first quarter with a significant increase in our organic business" The Board of Directors of Safilo Group S.p.A. reviewed and approved the results of the first quarter of 2013. Safilo enjoyed a good start to 2013: all key performance indicators grew reflecting an increase of consolidated net sales of 2.9% (+3.7% at constant currency) to Euro 297.0 million. Growth was led by the contribution of both organic business performance and Polaroid's sales which more than offset the termination of the brands phased out in 2012, allowing Safilo to improve its industrial and economic profile.   During the quarter, EBITDA was equal to 11.7% of sales, reaching Euro 34.7 million, while the Group net profit was up 12.1% to Euro 13.4 million. At the end of March, the net debt totaled Euro 220.4 million, confirming financial leverage at 1.9.   Commenting on the results, Roberto Vedovotto, CEO of Safilo Group said, "We started 2013 with positive results, closing the first quarter with a significant increase in our organic business. This was driven by the double-digit sales growth of the go-forward brands coupled with the strengthening of the overall performance in our key markets. On top of this, we were able to manage effectively the final exit of the Armani licenses improving Safilo's economic and capital structure and increasing turnover. In a still volatile market, we are glad with the results we are achieving, which testify the strength of our long term strategy."
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