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Merloni 3Q Results Approved; Sales, Operating Margin Up 23 Percent
Nov 6, 2003
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Merloni Elettrodomestici's Board of Directors has approved the company's third-quarter results and reviewed figures for the first nine months of 2003, and the figures indicate a 23 percent growth in its sales and operating margin

The results show that the Italian-based company's growth in Eastern and Western European markets improved production efficiency and increased economies of scale, which has more than offset the decline of sterling in the United Kingdom (U.K.). The new Ariston and Indesit products, which feature innovations such as the vacuum refrigerator and the silent washing machine, have also contributed to the growth at Merloni, according to a written statement from company. Indicating even further growth, Merloni opened its new U.K. headquarters in Peterborough immediately following approval of its third-quarter results.

The results in the first nine months of 2003 are as follows:
Sales as of Sept. 30 stood at 2.199bn, up 23 percent for the same period in 2002 (1,795bn). Sales in the first nine months of 2003 include the 100 percent consolidated figures of the U.K.-based company Hotpoint that was acquired last year. In 2002, Hotpoint's sales were consolidated for only nine months at 50 percent.

The gross operating margin is at 266m, up 24 percent for the first nine months of 2002 (214m). The gross operating margin for sales rose to 12.1 percent from 11.9 percent during the same period in 2002.

The operating margin is 162m, up 23 percent for the same period in 2002 (132m). This sales figure remains at 7.4 percent despite of the loss in value of the U.K. sterling.

The profit before tax is to 134m, up 15.3 percent for this same period in 2002 (116m).

The net financial indebtedness at Sept. 30 remained at 331m, an improvement from the company’s June 30 figure (374m), with a debt/equity ratio of 0.66 (0.83 on June 30).

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