BDH's listed subsidiary MBFG issues announcement
July 01 2008 - 2:01AM
UK Regulatory
RNS Number : 9732X
Burani Designer Holding N.V.
01 July 2008
BDH's listed subsidiary MBFG issues announcement
BURANI DESIGNER HOLDING'S LISTED SUBSIDIARY, MBFG HAS ISSUED A PRESS RELEASE COMMENTING ON ITALIAN PRESS SPECULATION AND TO ANNOUNCE THE
REVISION OF ITS 2007 CONSOLIDATED FINANCIAL STATEMENTS.
Burani Designer Holding N.V (AIM: BRDH), a company offering Italian lifestyle products and services to customers world-wide, today notes
that BDH's subsidiary, Mariella Burani Fashion Group S.p.A (MBFG), today made the following announcement :
PRESS RELEASE
MARIELLA BURANI FASHION GROUP
Cavriago - July 1st, 2008
Clarifications regarding Italian press speculation and issuance of the 2007 Annual Report of MBFG's parent Company, Burani Designer
Holding N.V.
In response to an article published in "Il sole 24 Ore", on Saturday, June 28, 2008, the Burani family confirms its intent to launch a
voluntary public tender offer for either a part or the entire capital stock of Mariella Burani Fashion Group SpA. A special purpose vehicle,
controlled by the Burani family with the participation of strategic industrial partners, has been established to formulate an offer for a
part or all of the outstanding shares of Mariella Burani Fashion Group SpA, at an estimated price ranging from EUR 17 to EUR 18 per share,
leading to the de-listing of the company; the project is in advanced stages of development.
The release of the 2007 audited consolidated financial statements of its parent company, Burani Designer Holding N.V., has led MBFG to
review the accounting treatment on the sale of its multi-brand retail division in 2007. The review has led the Board of Directors of
Mariella Burani Fashion Group SpA to propose, for shareholder approval, a revision to its 2007 Consolidated Financial Statements. The
revision entails restating MBFG's 2007 consolidated financial statements to reflect EUR 25.5 million of reduced Revenues, Ebitda, and Ebit,
as well as a deferred tax charge of EUR 8.7 million.
The revision will not impact MBFG's 2007 Reclassified Consolidated Revenues, Ebitda, and Ebit, and Pretax income, which are shown net of
extraordinary items, including the sale of its multi-brand retail division.
Also, the revision will not impact MBFG's 2007 Consolidated Net Financial Position or Shareholders' Equity or the financial statements
of its subsidiary, Antichi Pellettieri SpA. The individual financial statements of Mariella Burani Fashion Group SpA remain unchanged with
reported Net Income of EUR 53.7 million. Shareholders' equity of MBFG reflects an increase of EUR 24 million attributable to the revaluation
of goodwill stemming from the acquisition of additional shares of the group's subsidiary, Antichi Pellettieri SpA in 2006.
The revision has not impacted the results of MBFG for the first quarter of 2008 and Company management is confident in its ability to
meet double digit growth expectations for both revenues and ebitda in 2008.
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
Carol Brumer Investor Relations and Strategic Development:, cbrumer@mariellaburani.com, tel. (+39) 02 76420111
Daniela Zari Corporate Communication:, dzari@mariellaburani.com, tel. (+39) 02 76015354
This press release is available on www.mariellaburani.com
BDH Enquiries:
Burani Designer Holding N.V. Tel: +39 027 642 0111 / +39 348 256 1971
Carol Brumer (cbrumer@buranidh.com)
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Sally Marshak
Lindsay Noton
www.buranidh.com
NOTES TO EDITORS
The BDH Group offers a complementary range of "Italian lifestyle" products and services to an international customer base. BDH is a
player in fashion apparel, leather goods and jewellery through its subsidiary Mariella Burani Fashion Group S.p.A. (MBFG), and in three
complementary business segments - beachwear & underwear, wellness spas & skincare and food design. BDH, listed on London's Alternative
Investment Market (AIM) in June 2007, focuses on growth through the acquisition and integration of quality "Italian lifestyle" businesses
and the creation of operating divisions able to benefit from scale and synergies of the BDH Group. The management believes that the in-depth
knowledge of luxury products, the value created by strategic shareholders, the skills of the BDH team management as well as the Group's
investment approach, represent a great opportunity of value creation for shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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