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Income statement

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Income Statement
(Millions of euros)
2017°
%
2016
%
Chan. %
Net sales 1,035.4 100.0% 1,252.9100.0%-17.4%
- Cost of sales(515.9) (49.8%) (537.3)(42.9%)-4.0%
Gross Profit519.6 50.2% 715.657.1%-27.4%
- Selling and marketing expenses(415.5) (40.1%) (512.8)(40.9%)-19.0%
- General and administrative expenses(153.4) (14.8%) (167.8)(13.4%)-8.6%
- Other operating income/(expenses)33.2 3.2% (1.3)(0.1%)n.s.
- Impairment loss on goodwill (192.0) (18.5%) (150.0)(12.0%)28.0%
Operating profit/(loss)(208.2) (20.1%) (116.3)(9.3%)79.0%
- Financial charges, net(14.0) (1.4%) (6.4)(0.5%)n.s.
Profit/(Loss) before taxation(222.2) (21.5%) (122.6)(9.8%)81.2%
- Income Taxes(29.4) (2.8%) (19.5)(1.6%)50.7%
 - Net profit/(loss) attributable to minority interests - - --
Net profit/(loss) attributable to the Group(251.6) (24.3%) (142.1)(11.3%)77.0%
EBITDA25.9 2.5% 80.9 6.5% -68.0%
Adjusted economic KPI *
(Millions of euros)
2017°
%
2016
%
Chan. %
Adjusted EBITDA 41.1 4.0% 88.8 7.1% -53.7%
Adjusted Operating profit/(loss) (0.8) -0.1% 43.5 3.5% n.s.
Adjusted Net profit/(loss) attrib. to the Group (47.1) -4.5% 15.4 1.2% n.s.

°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.

*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.


Last updated: November 30, 2018

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