- Company Profile
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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. Multibrands Italy B.V.'s present stake in the share capital of Safilo Group is 41.6%.
Safilo at a glance 4.81 MB
Safilo’s full year total net sales reached Euro 1,252.9 million, slightly contracting compared to the Euro 1,279.0 million recorded in 2015 (-2.0% at current exchange rates and -1.2% at constant exchange rates) mainly as a result of the double-digit decline of Gucci in its last year as Safilo’s licensed brand. Sales of the Group’s Going Forward Brands increased 3.6% at constant exchange rates, or 5.2% excluding the declining US retail business, achieving solid results in the core European and North American wholesale markets while Asia remained subdued
At the operating level, 2016 adjusted EBITDA reached Euro 88.8 million, declining 13.3% compared to Euro 102.4 million in 2015. 2016 adjusted2 EBITDA margin stood at 7.1% of sales compared to 8.0% the year before, reflectingthe dilutive effects of the Gucci business. Safilo closed 2016 with an adjusted Group net result of Euro 15.4 million compared to the adjusted net result of Euro 6.9 million recorded in 2015. 2016 adjusted net result does not include a non-cash impairment loss of Euro 150.0 million on goodwill allocated to the Far East cash generating unit and non-recurring restructuring costs of Euro 7.5 million (Euro 7.9 million on EBITDA).
In 2016, the Group generated Free Cash Flow of Euro 44.7 million, further reducing the Group Net Debt to Euro 48.4 million from Euro 89.9 million in 2015 and the adjusted financial leverage to 0.5x. This result includes the second of the three compensation payments of Euro 30 million from Kering received in December 2016, and a cash consideration of Euro 10.7 million for the sale of the Group’s former North American distribution center in New Jersey.