At their general meeting, Zignago Vetro shareholders approved the results for 2007 and the payment of a EUR 0.218 dividend, amounting to 70% of the consolidated net profit, to be paid on 22 May 2008. …
At their general meeting, Zignago Vetro shareholders approved the results for 2007 and the payment of a EUR 0.218 dividend, amounting to 70% of the consolidated net profit, to be paid on 22 May 2008. Shareholders also deliberated a reduction in the number of directors from 13 to 12 and a decrease of the total annual fixed retribution to directors. In the 1Q 2008, Zignago Vetro posted net profit of EUR 6.1 million, up 58.8%, and revenue up 7.3% to EUR 60.9 million. EBITDA was EUR 15.5 million (7.4% higher), a margin of 25.4%, while EBIT was EUR 9.9 million (up 17.3%), a margin of 16.2%. Operating profit rose 32.6% to EUR 10.2 million. Group capital expenditures in the 1Q 2008 totalled EUR 10.3 million (EUR 3.4 million in the same period of 2007). The group generated free cash flow in the 1Q 2008, after investments, of EUR 3.3 million (EUR 9.6 million in the 1Q 2007). Consolidated net financial debt at 31 March 2008 amounted to EUR 43.5 million, an improvement of EUR 2.5 million on EUR 46 million at 31 December 2007 and of EUR 7.5 million on 31 March 2007. The Zignago Vetro Group companies produce high quality glass containers for the food and beverage, cosmetics and perfumery industries and speciality glass bottles for wines and spirits for the domestic and international markets.