Press Releases and Statements
Results for the first half of 2002 approved by the Benetton Board
Net income rises to 60 million euro. Significant improvement in sports division margins
Ponzano, 12 September 2002 – Growth in net income, turnover slightly down and increased self-financing: these were the most significant results for the Benetton Group in the first half of 2002, approved today by the Board of Directors.
The first half of 2002 showed consolidated revenues of 1,002 million euro, four per cent down compared with the same period in 2001 (1,044 million euro). The result was influenced by the reorganisation of the sports division which, in the face of an expected fall in turnover of around 22 million euro, produced a significant improvement in the company’s efficiency and in divisional margins. Also, during the first half of the year, the manufacturing company Color Service (Olimpias Group) was sold, contributing around 10 million euro to Group turnover.
First half net income rose to 60 million euro, from 54 million euro in the first six months of 2001, due in particular to the already-mentioned improvement in the company’s efficiency and in sports division margins. Gross operating income was more than 453 million euro, up from 447 in the first half of 2001; income from operations, of 135 million euro, was 13.5 per cent of turnover. Self-financing generated in the first six months of the year was 188 million euro, an increase of 22 million euro compared with the same period in 2001.
Dividends were paid in the first half-year totalling 75 million euro and investments were made exceeding 85 million euro to strengthen sales activities and production facilities. Net indebtedness was reduced to 702 million euro, from 754 million in the same period of the previous year. The year-end forecast is for a reduction to below 2001 year-end levels (640 million euro).
For the full year, taking account of the negative trends of consumption at an international level, revenues are forecast to be in line with those of 2001, and net income slightly up.
Group results (in millions of Euro)
Consolidated income statement
Summary statement of cash flows
Benetton Group S.p.A. results (in millions of Euro)
Benetton Group S.p.A.
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