MBFG 2007 Final Results
March 31 2008 - 3:06AM
UK Regulatory
RNS Number:1109R
Burani Designer Holding N.V.
31 March 2008
BDH SUBSIDIARY MARIELLA BURANI FASHION GROUP REPORTS 2007 CONSOLIDATED RESULTS
Burani Designer Holding N.V (AIM: BRDH), a company offering Italian lifestyle
products and services to customers world-wide, today notes that the company's
subsidiary Mariella Burani Fashion Group S.p.A (MBFG) made the following
announcement on March 29th, 2008:
MBFG Press Release
THE BOARD OF DIRECTORS OF MARIELLA BURANI FASHION GROUP SPA APPROVED THE GROUP'S
2007 CONSOLIDATED FINANCIAL STATEMENTS
The Board of Directors of Mariella Burani Fashion Group S.p.A. approved
yesterday the Group's 2007 consolidated and parent company financial statements
that reflect:
* Consolidated revenues of Euro 700,3 million vs. Euro 672,6 million for 2006; net
of extraordinary items, the Group realised total revenue growth of 11,5%
with an organic growth of 16,3%.
* EBITDA of Euro 109,5 million vs. Euro 125,1 million for 2006; net of
extraordinary items, the Group realised total Ebitda growth of 18,7%.
* EBIT of Euro 82,3 million vs. Euro 92,6 million for 2006; net of extraordinary
items, the Group realised Ebit growth of 24,6%.
* Pretax income of Euro 54 million vs. Euro 68,8 million of 2006.
* Net Income of Euro 51 million vs. Euro 63,3 million of 2006.
* Net financial position (debt) of Euro 185,9 million, respect to Euro 179,6
million recorded at December 31st, 2006, notwithstanding the significant
investments made during the year for the acquisition of the companies of the
Fashion Jewellery division, the acquisition of Dadorosa, net of the proceeds
from the sale of the multi brand retail division. The net financial position
reflects an optimal debt/equity ratio of 0,65.
Financial Highlights FY 2007
Consolidated revenues of MBFG for the full year 2007 increased to Euro 700,3
million compared to Euro 672,6 million for 2006. Net of extraordinary items, the
Group realised revenue growth of 11,5% which reflects the net impact of the
disposal of the multi brand retail division and the acquisition of Valente,
Rosato, and Calgaro (fashion jewellery) as well as Dadorosa (Leather Goods).
Organic revenues grew by 16,3% during the period while total growth was driven
primarily by:
* The strong performance of the Leather Goods division (Antichi
Pellettieri), driven by Baldinini, Braccialini e Francesco Biasia
collections;
* The dynamic growth realised in emerging luxury markets (+36,6%) and the
sustained growth in Italy (+14,6%).
* The excellent performance of the boutiques of the Leather Goods division
(+21%).
EBITDA reached Euro 109,5 million compared to Euro 125,1 million of 2006; net of
extraordinary items, the Group realised Ebitda growth of 18,7%.
* Improved EBITDA margins are primarily attributable to operating leverage
and economies of scale in the Leather Goods division, further
rationalisation in the Apparel division and an improved sales mix for the
Group.
The improved sales mix is evidenced by the increased weight of revenues from:
* Leather Goods and Fashion Jewellery that, together, generated over than
50% of consolidated "core" operating revenues;
* Export sales which generated 62% of consolidated operating revenues with
emerging markets representing 30%, and US and Japan, together, representing
less than 5% of the Group's revenues;
* Direct distribution channels which today generate 66,5% of consolidated
operating revenues.
EBIT of Euro 82,3 million from Euro 92,6 million of 2006; net of extraordinary items,
Group Ebit realised growth of 24,6%.
Net Income of Euro 51 million from Euro 63,3 million of 2006.
Strategic and Operating Highlights
* In addition to the agreement signed with Damas Jewellery in June, 2007,
MBFG entered into an important agreement with the Gitanjali Group in
December, 2007 for the establishment of a Joint Venture to operate in the
apparel, leather goods and jewellery sectors in India. The Gitanjali Group
is a leader in the production and distribution of jewellery in India and is
expected to contribute its know-how in production, marketing, logistics and
distribution, as well as its extensive retail network; the Joint Venture is
expected to open 32 mono and multi brand boutiques and 132 shop-in-shops
over the next three years.
* The Group continues to focus on its leather goods and fashion jewellery
divisions, businesses characterised by higher growth and margins. This is
evidenced by the acquisition of Calgaro, an Italian jewellery company
renowned for its innovative woven gold and silver jewellery collections, and
Dadorosa, the worldwide licensee of the Gherardini brand, as well as the
sale of the multi brand retail division.
* An exclusive licensing agreement has been signed for the production and
distribution of John Galliano women's jewellery collections, to be launched
at the Basel Jewellery trade fair in April, 2008. The collections will be
created by John Galliano and produced and distributed worldwide by Valente
Gioiellieri SpA. Other important licensing agreements signed by MBFG during
the year include Phard e Bogner for the production and distribution of
children's wear collections, Aquascutum for the production and international
distribution of handbag, footwear and accessories collections and Amazon
Life for the production and distribution of "eco friendly" handbags and
accessories.
* Contined expansion of the international retail network which today
includes 243 monobrand boutiques worldwide. During the fourth quarter of
2007 MBFG inaugurated 18 boutiques: 5 DOS (1 Rosato in Florence, 1
multibrand Gioielli d'Italia in Lugano, 1 Braccialini in Varese, 1 Francesco
Biasia in Milan and 1 Coccinelle in Rome) and 13 Franchisees (1 Valente in
Macao, 3 Baldinini in Russia, 1 Braccialini in Russia, 5 Francesco Biasia:
Rome, Warsaw, Macao and 2 in Russia; 3 Coccinelle: 1 Prague, 1 Warsaw and 1
in Beirut). In 2007 MBFG inaugurated a total of 46 boutiques.
GENERAL SHAREHOLDERS' MEETING
The General Shareholders' Meeting of Mariella Burani Fashion Group Spa has been
convened on April 29th, 2008 at 9:00 am and in second call on May 7th, 2008 at
9:00 am in Cavriago (Re), via della Repubblica 86.
DIVIDENDS
The Board of Directors of Mariella Burani S.p.A. proposed the distribution of an
ordinary dividend of Euro 0,16 per share to be paid on May 29th, 2008.
BUY-BACK PLAN
The Board of Directors of Mariella Burani Fashion Group S.p.A. agreed to extend
the existing buy-back plan that provides for the purchase and sale of up to 10%
of the Group's outstanding common shares. The plan will be in effect until the
shareholders meeting to approve the financial statements for the year ended
December 31, 2008.
Share transactions will be effected in markets regulated by Article 132 of
Legislative Decree No. 58 dated February 24, 1998 and Article 144bis,1.B of
Consob Regulation 11971/99 as modified by the Market Abuse Directive ("MAD") in
conformance with these markets' operating policies and procedures.
Outlook 2008
Management expects continued growth for 2008 based on a number of positive
indicators including the positive preliminary results of the Fall/Winter
2008-2009 sales campaigns, the continued expansion of our international
distribution network, and the strong performance of our DOS during the first two
months of 2008.
The Financial Reporting Officer, Giuseppe Gullo, certifies - pursuant to art.
154-bis, paragraph 2 of the Uniform Finance Act (Legislative Decree 58/1988) -
that the information contained in this press release corresponds to the
accounting documents, ledgers and entries.
Mariella Burani Fashion Group (MBFG) designs, produces and distributes world
wide a diversified and complementary range of Luxury apparel, footwear, leather
accessory and jewellery collections under its own brands and under license for
prestigious international designers. MBFG founded in 1960 by Walter Burani,
Chairman and CEO of the Group listed in the STAR segment of the Italian stock
exchange since July, 2000, is today an internationally recognised public company
with an established position in the accessible luxury goods market. The Group's
dynamic revenue growth is attributable to internal development including product
diversification, brand expansion, and new geographic market penetration. The
Group has also made strategic acquisitions to capitalise on the know-how and
experience developed by niche players in the Italian apparel, knitwear, textile
and leather goods sectors.
MBFG manages to provide top quality luxury goods at accessible prices by
capitalising on the strength and flexibility provided by Italy's industrial
districts, world renown for their excellence in the development of luxury
products. The Group's aim is to become one of the leading players in the
accessible luxury market worldwide by further developing its product offering,
its brand portfolio, and its global distribution network.
Contacts
For investors and analysts:
Carol Brumer
Investor Relations and Strategic Development
cbrumer@mariellaburani.com
tel. (+39) 02 76420111
For Press Release:
Daniela Zari
Corporate Communications Direcor
dzari@mariellaburani.com
tel. (+39) 02 76015354
This press release is available on www.mariellaburani.com
Attached: consolidated and parent company financial statement and cash flow
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated balance sheet - Assets
in Euro/000
ASSETS 12/31/07 12/31/06
Non current assets
Property, plant and equipment 58.299 62.280
Intangible assets 296.379 314.364
Investment property 1.664 1.664
Capital investments 34.757 13.606
Long term financial assets available for sale 85 649
Deferred tax assets 19.241 37.857
Long term financial derivatives
Other long term financial receivables 4.496 242
Long term trade and other receivables 12.425 17.729
Total 427.346 448.391
Non current assets to be divested
Assets to be divested
Current assets
Inventories 162.010 194.283
Short term trade and other receivables 170.824 137.638
Current tax assets 29.889 20.334
Other short term financial receivables 108.107 56.878
Short term financial assets available for sale 40.013 19.779
Short term derivatives
Negotiable securities valued at fair value 3.406 6.979
Cash and cash equivalents 30.673 50.465
Total 544.924 486.356
Total assets 972.270 934.747
Consolidated balance sheet - Liabilities
in Euro/000
SHAREHOLDERS' EQUITY AND LIABILITIES 12/31/07 12/31/06
Share capital and reserves
Capital issued 15.453 15.366
Share premium reserve 70.358 70.358
Other reserves 30.015 27.439
Net income of the period 29.521 55.747
Total 145.348 168.910
Minority interests 140.192 127.763
Total shareholders' equity 285.540 296.673
Non current liabilities
Long term loans and borrowing 178.706 227.623
Long term financial derivatives 116 543
Deferred tax liabilities 77.992 91.081
Post employment benefits 11.772 17.657
Long term provisions 3.645 1.865
Other long term liabilities 3.910 15.583
Total 276.142 354.352
Current liabilities
Short term trade and other payables 164.344 156.122
Current tax liabilities 26.358 25.402
Short term financing 218.022 100.622
Short term derivatives
Short term provisions 1.862 1.576
Total 410.588 283.722
Total liabilities 972.270 934.747
Consolidated profit and loss account
in Euro/000
PROFIT AND LOSS ACCOUNT 12/31/07 12/31/06
Net Revenues 700.259 672.615
Change in inventory of finished product and works in progress 11.681 7.287
Raw materials and consumables 285.644 264.623
Cost of labor 90.828 94.258
Other operating costs 225.930 195.909
EBITDA 109.537 125.112
Depreciation, amortization and write-downs 27.191 32.477
EBIT 82.346 92.635
Financial income 4.253 3.164
Financial charges 31.882 27.533
Profit (loss) from foreign exchange transactions -664 392
Income from investments in affiliated companies valued at equity 102
Profit (loss) from assets to be divested
Pre-tax profit 54.053 68.760
Deferred tax liabilities/assets -12.819 -6.967
Income taxes 15.858 12.463
After tax profit 51.014 63.264
Minority interests 21.494 7.517
Net profit for the year 29.521 55.747
CONSOLIDATED STATEMENT OF CASH FLOWS AT DECEMBER 31, 2007
in Euro/000
31/12/2007 31/12/2006
1 - Opening balance at the beginning of the period 30.877 10.461
2 - Total cash flows generated (absorbed) by operations -
Pre-tax profit (loss) 54.054 68.760
Amortization and depreciation 17.310 24.707
Net gains (losses) from disposal of property, plant 0 201
and equipment
Net gains (losses) from disposal of intangible 0 0
assets
Net gains (losses) from disposal of financial assets -27.400 -87.246
Net change in risk reserves and provisions for 6.062 10.280
employee benefits
Loss /income from investments valued at equity 0 -102
Net financial charges 6.439 6.212
TOTAL 56.465 22.812
Net change in working capital -20.579 -61.591
Interest paid 21.854 17.765
TOTAL 1.275 -21.014
3 - Total cash flows generated (absorbed) by investing
activities
Interest received 0 0
Dividends received -4 -150
Net change in: 0 0
- intangible assets -3.600 30.622
- property, plant and equipment -17.920 -15.472
- financial assets 6.248 87.139
TOTAL -15.276 102.139
4 - Total cash flows generated (absorbed) by financing
activities
Increase in capital and reserves -46.605 -6.011
Proceeds from capital increase 0 0
Finance lease payments (principal) -884 -476
Reciept/(repayment) of loans -29.125 -8.185
Dividends paid -15.543 -3.858
Change in scope of consolidation 20.189 -42.179
TOTAL -71.968 -60.709
5 - Net cash flows generated in the period -29.504 20.416
6 - Closing balance at the end of the period 1.373 30.877
PARENT COMPANY FINANCIAL STATEMENTS
Balance sheet - Assets
in Euro/000
ASSETS 12/31/07 12/31/06
Non current assets
Property, plant and equipment 5.883 3.032
Intangible assets 4.670 4.698
Investment property
Capital investments 110.769 93.111
Long term financial assets available for sale
Deferred tax assets 16.874 19.854
Long term financial derivatives
Other long term financial receivables
Long term trade and other receivables 10.452 2.630
Total 148.647 123.325
Non current assets to be divested
Assets to be divested
Current assets
Inventories 19.699 22.151
Short term trade and other receivables 26.903 29.717
Current tax assets 2.530 3.003
Other short term financial receivables 138.209 100.798
Short term financial assets available for sale 40.008 19.773
Short term derivatives
Negotiable securities valued at fair value 3.406 6.919
Cash and cash equivalents 8.960 14.266
Total 239.715 196.628
Total assets 388.362 319.953
Balance sheet - Liabilities
in Euro/000
SHAREHOLDERS' EQUITY AND LIABILITIES 12/31/07 12/31/06
Share capital and reserves
Capital issued 15.453 15.366
Share premium reserve 70.358 70.358
Other reserves 25.015 -13.151
Net income of the period 53.689 52.674
Total 164.516 125.246
Non current liabilities
Long term loans and borrowing 113.305 129.017
Long term financial derivatives 116 543
Deferred tax liabilities 16 16
Post employment benefits 2.749 3.415
Long term provisions
Other long term liabilities
Total 116.186 132.991
Current liabilities
Short term trade and other payables 26.274 29.190
Current tax liabilities 1.087 697
Short term financing 80.241 31.772
Short term derivatives
Short term provisions 57 56
Total 107.660 61.716
Total liabilities 388.362 319.953
Profit and loss account
in Euro/000
PROFIT AND LOSS ACCOUNT 12/31/07 12/31/06
Net Revenues 138.306 151.667
Change in inventory of finished product and works in progress 1.105 10.877
Raw materials and consumables 19.078 29.933
Payroll cost 10.948 10.400
Other operating costs 34.567 37.444
EBITDA 72.609 63.013
Depreciation, amortization and write-downs 8.547 12.557
EBIT 64.062 50.456
Financial income 7.286 3.443
Financial charges 13.132 -9.939
Profit (loss) from foreign exchange transactions 9 5
Income from investments in affiliated companies valued at equity
Profit (loss) from assets to be divested
Pre-tax profit 58.224 43.965
Deferred tax liabilities/assets 4.075 8.709
Income taxes 460
After tax profit 53.689 52.674
STATEMENT OF CASH FLOWS AT DECEMBER 31, 2007
in Euro/000
31/12/2007 31/12/2006
1 - Opening balance at the beginning of the period 9.656 -38.282
2 - Total cash flows generated (absorbed) by operations
Pre-tax profit (loss) 58.224 43.965
Amortization and depreciation 8.547 12.557
Net gains (losses) from disposal of property, plant 3 -16
and equipment
Net gains (losses) from disposal of intangible -14.912
assets
Net gains (losses) from disposal of financial assets -74.657 -86.951
Net change in risk reserves and provisions for -666 -72
employee benefits
Loss /income from investments valued at equity
Net financial charges 5.837 6.491
TOTAL -17.623 -24.026
Net change in working capital -13.243 20.258
Interest paid
TOTAL -30.866 -3.768
3 - Total cash flows generated (absorbed) by investing
activities
Interest received
Dividends received 1.170
Net change in:
- intangible assets 14.612 7.289
- property, plant and equipment -3.801 392
- financial assets 37.106 99.558
TOTAL 49.086 107.240
4 - Total cash flows generated (absorbed) by financing
activities
Increase in capital and reserves 1.123 16.558
Proceeds from capital increase
Finance lease payments (principal)
Reciept/(repayment) of loans -11.734 -68.231
Dividends paid -15.543 -3.858
Change in scope of consolidation
TOTAL -26.154 -55.531
5 - Net cash flows generated in the period -7.934 47.942
6 - Closing balance at the end of the period 1.722 9.656
This information is provided by RNS
The company news service from the London Stock Exchange
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