Benetton reports 1.2% revenue decrease, elects new Board of Directors
Benetton Group Srl on Monday held its Shareholders’ Meeting, which included the review and approval of its financial statements for the year ending December 31, 2015 and a renewal of company positions.
The company began fiscal 2015 operating under a new perimeter that was established in 2014. Consolidated revenues dropped 1.2% to €1,529 million, but the direct and indirect sales channels showed positive signs. The direct sales channel had significant improvements and the indirect sales channel reached gradual stabilization in both volumes and margins.
Consolidated EBITDA increased 34.5% to €54 million from €40 million, operating profit amounted to €2 million compared to an operating loss of €17 million in 2014 and cash flow was €57 million, which was allocated to investments for the expansion of the retail network and the renovation and expansion of existing stores in Italy, Russia, France and Mexico.
Net loss was €46 million due to charges of €21 million and taxes of €18 million, consolidated shareholders’ equity at the end of the year was €716 million and the group’s net financial position was positive by €85 million, an improvement over €33 million at January 1, 2015.
In addition, Benetton Group elected Marco Airoldi, Tommaso Barraco, Alessandro Benetton, Christian Benetton, Franca Bertagnin Benetton, Sabrina Benetton, Fabio Buttignon, Christian Coco, Francesco Gori, Alfredo Malguzzi and Francesco Panfilo to the Board of Directors for 2016-2018. Gori was also appointed non-executive Chairman of the Board of Directors.
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