Richard Ginori, earnings of 11 million euro in first quarter

May 23, 2003

Richard Ginori, earnings of 11 million euro in first quarter23/05/2003 - The Richard Ginori Group closed the first quarter of 2003 with consolidated earnings of 11 million euro, 4% down on the 11.545 million euro of the same period last year.
The consolidated gross operating margin was about 1.6 million euro and the consolidated gross operating result 663,000 euro.
According to the Group, the fall in earnings was substantially due to the fact that promotional channel sales made at the beginning of the year in 2002 have been postponed to the second half of the year in 2003.

Good results are being shown by foreign markets, particularly Japan through a partnership with the Itochu Corporation. In the first few months of the year, exports reached 3.350 million euro, of which 68% (2.278 million euro) were made in Asian markets, 6% up on the same period in 2002.

By contrast, sales have fallen in Europe (705,000 euro against 808,000 euro in the first quarter of 2002). In the Italian market, retail channel sales are in line with last year, while those of the hotel channel are lower because businesses in the sector have preferred to put off purchases until the second half of the year. Warehouse stock has also increased by 511,000 euro from last year's figure of 33,000 euro.

Again in the first quarter of 2003, the short-term consolidated net financial position was negative by 27.2 million euro, about 1.4 million euro down on the same period in 2002.

The in-focus section contains the Richard Ginori Group's quarterly report in PDF format and a short info sheet on the Group.

Go to turnovers of other listed companiesrichardginori.jpgThe Richard Ginori GroupThe Richard Ginori Group

The Richard Ginori Group has 516 employees and produces high-end tableware, porcelain ornamentalware, hotel products and terracotta.

The Group has the following structure:

Parent company: Richard Ginori 1735 Spa. Currently controlled by Retma Holding B.V., which in turn is entirely controlled by Pagnossin Spa of Treviso. It has two production factories, one in Sesto Fiorentino (FI), the other in Laveno Mombello (VA). In January 2002 the company entered the terracotta sector with the production of traditional Tuscan pots at the factory in Trequanda (SI). It also manages three brand stores known as ?Botteguccia? which sell second choice products retail. The company recently began an activity of marketing prestigious porcelain products and high quality glassware as a complement to Ginori products.

Subsidiaries:

Museo Richard Ginori della Manifattura di Doccia Spa. This company has the purpose of promoting the image of the Richard Ginori brand name through educational/cultural initiatives in cooperation with local institutions.

Richard Ginori 1745 Inc. Responsible for marketing Ginori products in American market.

Laure Japy France et RG S.A. Sells ?Laure Japy? brand luxury tableware articles worldwide.

Richard Ginori (Svizzera) SA. Runs a point of sale opened in June 1999.

Casa Italiana 3 Srl. Not yet operative, will be responsible for managing franchising outlets soon to be opened

Associated companies:

Editrice L'Italia a tavola Srl. Publishes ?A Tavola? magazine

Richard Ginori Japan. Responsible for distributing and marketing Richard Ginori products in the Japanese market. Owned 50-50 by Itochu Corporation and Richard Ginori.The Richard Ginori quarterly reporttrimestrale_ginori.pdf