The board of directors of Italian appliance maker Merloni Elettrodomestici announced that it has reviewed the consolidated financial statements for 2003, which closed with net profits of 126 million euros (approx. U.S. $155.1 million), up 16 percent on 108 million euros in 2002.
Merloni also said its board will recommend to the shareholders a dividend pay-out of 0.361 euros per ordinary share, an increase of 12.1 percent on the previous year (0.322 euros) and of 0.379 euros per savings share (compared to 0.34 euros the previous year), payable as of May 27, 2004.
The proposed dividend includes an amount due on treasury shares (the supplement thus calculated on own shares will be 0.036 euros). Earnings per share (ordinary and savings) amount to 1.08 euros (compared to 0.97 euros in 2002), of which 30 percent will be distributed as a dividend pay-out (compared to 30 percent the previous year).
The company also announced that the provisional figures for 2003 disclosed on Feb. 5, 2004 are confirmed as follows:
Sales at Dec. 31, 2003 stood at 3.008 billion euros, up 21 percent on 2002 (2.480 billion euros).
Gross operating margin (EBITDA) was 387 million euros, up 22 percent on 2002 (318 million euros). This margin over sales was 12.9 percent, in line with 2002.
Profit before tax (EBIT) was 246 million euros, up 21 percent on 2002 (203 million euros). EBIT over sales (ROS) was 8.2 percent, in line with the previous year.
Net indebtedness at Dec. 31, 2003 stood at 192 million euros, a slight increase on 181 million euros at the previous year end.
to Daily News