- Company Profile
- Corporate Governance
- Financial Highlights
- Financial Documents
- Share Coverage
Safilo has been making eyewear products for 80 years, designing manufacturing and distributing high-quality prescription frames, sunglasses and sports eyewear under licensing agreements for leading luxury and premium brands as well as under its own brands.
Safilo directly controls the entire business cycle and it is strongly oriented towards product development and design. through its team of designers, who ensure the continual stylistic and technical innovation that has always been a distinguishing feature of the Group.
Based in Padua, Italy, Safilo is the second-largest manufacturer of eyewear products worldwide in terms of turnover and the world leader in the luxury eyewear segment. It is also one of the top three sports eyewear manufacturers and distributors.
On 19th October 2009 the Board of Directors approved a recapitalization plan for the Company which was executed in connection with an investment agreement underwritten by HAL Holding N.V., Only 3T S.p.A and Safilo. In March 2010, with the positive conclusion of the plan, Multibrands Italy B.V. (a subsidiary of HAL Holding N.V.) became the reference shareholder of Safilo Group, with 37.23% of its share capital.
In April 2012, Multibrands Italy B.V.'s stake in the share capital of the Company increased from 37.2% to 42.2%, following the underwriting of a reserved capital increase, part of the financial support deal following which Multibrands Italy B.V. has provided Safilo with around two thirds of the financial means to fund the acquisition transaction of the Polaroid Eyewear business.
Safilo at a glance 4.36 MB
Safilo total net sales for 2015 equaled Euro 1,279.0 million, recording an increase of 8.5% thanks to foreign exchange tailwind. At constant currencies, 2015 net sales were flat compared to 2014, reflecting differing business and market dynamics. The performance of the Group's going forward brands portfolio, i.e. excluding all brands that Safilo stopped and will stop servicing, showed growth of 13% at current exchange rates and 4.3% at constant exchange rates.
At the operating level, 2015 gross margin moved from 61.0% to 59.2% of sales while adjusted EBITDA margin stood at 8.0% of sales vs. 10.0% in 2014.
Safilo closed 2015 with an adjusted Group net result of Euro 6.9 million compared to the adjusted net result of Euro 44.5 million recorded in 2014.
2015 adjusted economic results do not include non-recurring costs for a total of Euro 60.5 million, mainly related to the impairment of the goodwill allocated to the Far East business and a provision related to an investigation of the French Competition Authority.
In 2015, the Group generated a Free Cash Flow of Euro 74.8 million, further reducing the Group Net Debt to Euro 89.9 million from Euro 163.3 million in 2014 and the adjusted2 financial leverage to 0.9x from 1.4x. This reflected the ongoing improvement in net working capital management, the proceeds from the sale of shares held in an associate company for Euro 8.6 million and the first of the three compensation payments of Euro 30 million from Kering received in January 2015.