Zignago net consolidated profit down 0.5% in 2004

Italy“s Industrie Zignago Santa Margherita SpA, which manages a diversified portfolio of companies involved in the production of glass containers, fine wines and linen yarns, posted a net consolidate…

Italy“s Industrie Zignago Santa Margherita SpA, which manages a diversified portfolio of companies involved in the production of glass containers, fine wines and linen yarns, posted a net consolidated profit of EUR 22.8 million (USD 30.57 million) in 2004, down 0.5% from 2003. The group“s 2004 results were approved by the board of directors on 17 March 2005. The group attributed the fall in profit to an increase in the tax rate to 40.4% in 2004 from 38.3% in 2003, the group said. Consolidated turnover totalled EUR 284.4 million (USD 381.27 million) in 2004, up 2.0% on the previous year. Operating profit was EUR 40.5 million (USD 54.29 million) in 2004, up 8.7% year-on-year. Free cash flow amounted to EUR 34 million (USD 45.58 million), up 37.4 % year-on-year. The board of directors decided to propose a 2004 dividend of EUR 0.7 (USD 0.938) per share at the shareholders“ meeting on 29 April 2005. The total dividend pay-out will be EUR 17.5 million (USD 23.46 million) in 2004, compared to EUR 16 million (USD 21.45 million) in 2003 when the company paid EUR 0.66 (USD 0.885) per share. Zignago posted consolidated net revenues of EUR 39.2 million (USD 52.55 million) in the first two months of 2005, up 3.0% year-on-year.