Still ruby red. But in the background you can see a sapphire blue. Damiani’s accounts for the first nine months of 2013 (which for the company’s balance sheet end on December 31) remain below the break-even line. But operating profit improves and is less negative. On the other hand, debts increase (but it is discussing this with Unicredit).
The group’s revenues were 110.3 million euros, up 5.6% at constant exchange rates and 2.6% at current exchange rates (they were 107.5 million euros in the same period of the previous financial year). Again in the first nine months Damiani recorded a non-recurring gain of 2 million euros. In short, money collected for the sale (it is presumed) of some assets. Net of this collection, the Ebitda (basically the gross margin) would still have improved by 3.0 million euros. The consolidated operating result was however negative and equal to -2.2 million euros, even if it improved compared to the -3.0 million euros at 31 December 2012. Net of the aforementioned non-recurring income, the operating result would have improved by 2.8 million euros. In the first nine months of 2013/2014 Damiani noted the expected benefits of a series of actions implemented in the previous financial year that had the purpose of rationalizing some business processes and containing operating costs. But the consolidated net result of competence is still negative (-3.6 million euros), even if it improved compared to the -4.7 million euros achieved on 31 December 2012. The negative net financial position, i.e. debts, is at 45.4 million (they were 33 million at 31 March 2013). It must be added that Damiani is busy.
In October it opened the first Damiani boutique in franchising in Kyrgyzstan, a former Soviet republic in Central Asia. Also in October, the second directly managed boutique was inaugurated in Shanghai, in Xin Tian Di, a trendy and elegant pedestrian shopping area. On November 20, the event was organized for the reopening of the Damiani boutique in Rome, in via Condotti, completely renovated for 400 square meters on three floors, with the new concept presented in via Montenapoleone in Milan last year and with Sophia Loren as the godmother of the event. The event in Rome also marks the beginning of the celebrations for the 90th anniversary of the company, which will be celebrated in 2014 and will continue in other key cities for the Group.
At the end of November 2013, Damiani obtained another international recognition, with the victory of the Watch & Jewellery Awards 2013 in Kuala Lumpur, Malaysia. The event, now in its seventh edition, awarded the Sophia Loren necklace, a unique masterpiece in diamonds for a total of 81 carats. In Kuala Lumpur, the Group is present with a Damiani monobrand boutique in franchising, opened in September 2013. Finally, last January Damiani opened a new Damiani monobrand store at terminal T3 of the Leonardo da Vinci-Fiumicino international airport in Rome, following the inauguration in July 2013 of the Damiani boutique at the Moscow airport.