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Financial Highlights

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Financial Highlights

The following tables show figures from the consolidated financial statements. You can select your preferred periods from the drop-down menu. All data can be downloaded in Excel format.
The Safilo Group fiscal year ends in December.

Select Period:
Income Statement
(Millions of euros)
2018
2017°
2016
2015
2014
Net sales 962.9 1,035.4 1,252.9 1,279.0 1,178.7
Gross profit 481.5 519.6 715.6 757.0 718.6
EBITDA 41.7 25.9 80.9 82.4 110.7
Operating profit/(loss) (5.9) (208.2) (116.3) 0.8 75.3
Net profit/(loss) attrib. to the Group (32.4) (251.6) (142.1) (52.7) 39.1
Key data per share
Shares outstanding 250,510,509 62,659,965 62,659,965 62,629,965 62,534,965
Basic EPS (0.300) (4.015) (2.269) (0.843) 0.625

° The new accounting standard IFRS 15 regarding “Revenue from contracts with customers” entered into effect starting from 1 January 2018. Following the fully retrospective approach chosen by the Group, the application of the principle to FY 2017 total net sales had an adjustment effect on the sales and cost of goods sold equal to Euro 11.6 million with a neutral effect on the gross profit.

Balance Sheet
(Millions of euros)
2018
2017
2016
2015
2014
Net working capital 251.3 231.6 261.7 277.7 303.1
Tangible & intangible fixed assets 461.6 473.3 710.0 843.7 841.2
Financial fixed assets - - - - 7.6
Non-current assets held for sale - 1.3 1.5 9.9 -
Other assets/(liabilities) (33.7) (41.3) (52.1) (42.8) (14.4)
Net capital employed 679.2 664.9 921.2 1,088.5 1,137.5
Net financial position 32.9 131.6 48.4 89.9 163.3
Minority interest - - - 1.1 2.7
Shareholders' equity 646.3 533.2 872.8 997.5 971.5
Cash Flow
(Millions of euros)
2018
2017
2016
2015
2014
Cash from operating activities prior to changes in working capital 27.8 4.9 47.0 61.1 68.2
Changes in working capital (25.1) (36.0) 42.0 53.7 (41.3)
Cash from operating activities 2.7 (31.1) 89.1 114.8 26.9
Cash from financing activities (28.3) (39.0) (44.3) (40.0) (39.3)
Free cash flow (25.6) (70.1) 44.7 74.8 (12.4)
Number of Employees
2018
2017
2016
2015
2014
Headquarters 1,054 1,131 1,065 1,040 1,021
Production 3,706 3,910 4,117 4,141 4,158
Commercial 1,239 1,335 1,141 1,319 1,423
Retail 595 733 805 825 912
Total 6,594 7,109 7,128 7,325 7,514
Adjusted economic KPI*
2018
2017
2016
2015
2014
Adjusted EBITDA 47.5 41.1 88.8 102.4 118.4
Adjusted Operating profit/(loss) 0.0 (0.8) 43.5 61.4 83.0
Adjusted Net profit/(loss) attrib. to the Group (26.7) (47.1) 15.4 6.9 44.5

*In 2018, the adjusted economic results exclude non-recurring costs for Euro 5.8 million, mainly related to the CEO succession plan and reorganization costs in North America and Europe, and include an income of Euro 39.0 million, annual portion of the total Euro 90 million accounting compensation for the early termination of the Gucci license.

In 2017, the adjusted economic results exclude: (i) an impairment charge on the goodwill allocated to the Group’s cash generating units for Euro 192.0 million and (ii) non-recurring costs for a total of Euro 15.3 million (Euro 15.2 and 12.5 million, respectively on EBITDA and Net result) related to the reorganization of the Ormoz plant in Slovenia, cost saving and restructuring initiatives, and to some legal litigations; include: (i) an income of Euro43 million, annual portion of the total Euro 90 million accounting compensation for the early termination of the Gucci license.

In 2016, the adjusted economic results exclude: (i) an impairment loss on the goodwill allocated to the Far East cash generating unit for Euro 150.0 million and (ii) non-recurring restructuring costs for a total of Euro 9.8 million (Euro 7.9 and 7.5 million, respectively on EBITDA and Net result) due for Euro 8.6 million to overhead cost saving initiatives, such as the integration of Vale of Leven (Scotland) Polaroid lens production into Safilo’s China based corporate supply network and for Euro 1.2 million to commercial restructuring costs in the EMEA region; include: (i) an income of Euro 8 million related to part of the total Euro 90 million accounting compensation for the early termination of the Gucci license, and (ii) an expense of Euro 4 million related to the final acceleration to P&L of Gucci prepaid royalties.

In 2015, the adjusted economic results exclude: (i) an impairment loss on the goodwill allocated to the Far East cash generating unit for Euro 40.5 million, (ii) commercial restructuring costs in the EMEA region for Euro 1.2 million, other non-recurring costs for Euro 1.8 million mainly related to the consolidation of the Group’s North American distribution network into its Denver facility and Euro 17.0 million for a provision for other risks and charges in relation to the investigation of the French Competition Authority.

In 2014, the adjusted economic results exclude non-recurring costs related to Executive Officers succession plans for 3.3 million Euro, to Smith Sport Optics restructuring for 2.5 million Euro, and to other restructuring costs for 1.9 million Euro.


Last updated: December 10, 2019

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