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Safilo Group falls into the red

The Italian luxury eyewear manufacturer group Safilo recorded a revenue of €1.27 billion in 2015, an +8.5% increase compared to 2014.

However, profitability results were negative. In 2015 Safilo fell into the red, suffering a loss of €52.7 million, compared to a net income of €39 million in 2014.

The loss is explained by a series of exceptional factors adding up to €60.5 million. They included the devaluation linked to the launch of the group’s operations in Asia, and the estimate for a sanction connected with a dispute with the French anti-trust authority, the group has stated.

Given this context, Safilo has published adjusted results which exclude these exceptional factors: its adjusted net income was €6.9 million, compared to €44.5 million in 2014 (-84.4%), and adjusted EBITDA was €102.4 million, compared to €118.4 million one year earlier (-13.5%).

It is worth noting that in 2015 the eyewear manufacturer has halved its liabilities, down from €163.3 million in 2014 to €89.9 last year. “2016 will be another key transition year for the group, as it will include the final period of the Gucci licence,” underlined CEO Luisa Delgado.

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