BDH's listed subsidiary MBFG issues announcement
July 02 2008 - 4:34AM
UK Regulatory
RNS Number : 1082Y
Burani Designer Holding N.V.
02 July 2008
BDH's listed subsidiary MBFG issues announcement
BURANI DESIGNER HOLDING'S LISTED SUBSIDIARY, MBFG HAS ISSUED A PRESS RELEASE REGARDING THE ADJUSTMENT OF THE CAPITAL GAIN REALISED ON
THE SALE OF ITS MULTIBRAND RETAIL DIVISION ON JUNE 29, 2007. NO IMPACT ON 2008.
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 2, 2008
Precision regarding the adjustment of the capital gain realised by MBFG on the sale of its Multibrand Retail Division on June 29, 2007.
No impact on 2008
Following the press release issued by MBFG on July 1, 2008, please find a summary of the impact that the recalculation of the capital
gain on the sale of MBFG's Multibrand Retail Division has had on the Group's 2007 Consolidated Financial Statements.
As previously noted, the release of the 2007 audited consolidated financial statements of its parent company, Burani Designer Holding
N.V., led MBFG to review the accounting treatment applied in the 2007 sale of its Multibrand Retail Division. The review subsequently 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, and an additional deferred tax charge of EUR 8.7 million to reflect a total reduction of Net Income of EUR 34.2
million.
The reduced net income on the sale of the Multi-brand retail division is reflected in increased reserves in shareholders' equity.
The Company will apply IAS 8, in the revision on its 2007 Consolidated Financial Statements, while 2008 results will not be effected.
The 2007 consolidated financial statements of MBFG (Balance Sheet and Income Statement) are summarised as follows:
BALANCE SHEET (EUR mln) 2007 (published) Adj 2007 (revised)
ASSETS
Non current assets
Property, plant and equipment 58.3 58.3
Intangible assets 300.3 25.3 325.6
Investment property 1.7 1.7
Investments 34.8 34.8
Long term financial assets for 0.1 0.1
sale
Deferred tax assets 19.7 19.7
Long term financial derivatives -
Other long term financial 4.5 4.5
receivables
Long term trade and other 12.3 12.3
receivables
Total 431.6 25.3 456.9
Non current assets to be divested 0 0
Current assets
Inventories 162.0 162.0
Short term trade and other 168.1 168.1
receivables
Current tax assets 29.4 29.4
Other short term financial 108.2 108.2
receivables
Short term financial assets for 40.0 40.0
sale
Short term derivatives
Negotiable securities recognized 3.4 3.4
at fair value
Cash and cash equivalents 33.1 33.1
Total 544.4 544.4
Total assets 976.0 25.3 1001.3
SHAREHOLDERS' EQUITY AND
LIABILITIES
Share capital and reserves
Capital issued 15.5 15.5
Share premium reserve 70.4 70.4
Own shares
Other reserves 34.5 59.5 94.0
Net income of the period 29.4 - 34.2 - 4.8
Total 149.7 25.3 175.0
Minority interests 140.3 140.3
Total shareholders' equity 290.1 25.3 315.4
Non current liabilities
Long term loans and borrowing 165.7 165.7
Long term derivatives 0.1 0.1
Deferred tax liabilities 77.5 77.5
Post employment benefits 12.1 12.1
Long term provisions 3.6 3.6
Other long term liabilities 3.4 3.4
Total 262.4 262.4
Current liabilities
Short term trade and other 152.2 152.2
payables
Current tax liabilities 26.7 26.7
Short term financing 243.2 243.2
Short term derivatives -
Short term provisions 1.5 1.5
Total 423.5 423.5
Total liabilities 976.0 25.3 1001.3
INCOME STATEMENT (EUR mln) 2007 (published) Adj 2007 (revised)
Revenues 699.6 - 25.5 674.1
Change in inventory of finished 11.7 11.7
product and works in progress
Raw materials and consumables 285.0 285.0
Cost of labor 90.6 90.6
Other operating expenses 226.7 226.7
EBITDA 108.9 - 25.5 83.4
Depreciation, amortization and 27.2 27.2
write-downs
EBIT 81.7 - 25.5 56.2
Financial income 4.3 4.3
Financial charges 31.9 31.9
Profit (loss) from foreign exchange - 0.7 - 0.7
transactions
Income from investments in
affiliated companies valued at
equity/result from associated and
joint ventures accounted for using
the equity method
Profit (loss) from assets to be divested*
Pre-tax profit 53.5 - 25.5 28.0
Income taxes 2.4 8.7 11.1
Net Profit for the year after tax 51.0 - 34.2 16.8
Minority interests 21.6 21.6
Net profit for the year of the 29.4 - 34.2 - 4.8
Group
The 2007 adjustments relate exclusively to the consolidated accounts and have no impact on the individual company results, including the
parent company, Mariella Burani Fashion Group SpA. The capital gain on the sale of the Multibrand Retail Division was correctly recorded in
the individual statements of the parent company, MBFG SpA and the Net Income remains unchanged at EUR53.7 million.
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 revision has not impacted the results of MBFG for the first quarter of 2008 and that 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) crea, produce e distribuisce in tutto il mondo una gamma diversificata e complementare di
collezioni di abbigliamento di lusso, calzature, accessori in pelle e gioielli con marchi propri e in licenza per prestigiosi stilisti
internazionali.
MBFG, fondata nel 1960 da Walter Burani, attuale Presidente e Amministratore Delegato, quotata alla Borsa di Milano, segmento STAR, dal
luglio 2000 e ha oggi consolidato a livello internazionale la sua presenza nel mercato del lusso "accessibile". La crescita dinamica del
Gruppo stata determinata da un'attenta politica di diversificazione del prodotto, dalla crescita dei brand, dalla penetrazione in nuovi
mercati geografici e da acquisizioni strategiche di operatori di nicchia del made in Italy, caratterizzati da alto know-how e lunga
esperienza nel settore.
Il Gruppo interamente rivolto alla realizzazione di prodotti di alta qualita prezzi accessibili grazie alla forza e alla flessibilitdei
distretti industriali italiani, rinomati in tutto il mondo per l'eccellenza nello sviluppo di prodotti di lusso. L'obiettivo del Gruppo
quello di diventare uno dei principali player mondiali del mercato del lusso "accessibile" attraverso un ulteriore sviluppo della gamma dei
propri prodotti, del portafoglio dei brand e della rete distributiva globale.
Contacts
Carol Brumer Investor Relations e Strategic Development:, cbrumer@mariellaburani.com, tel. (+39) 02 76420111
Daniela Zari Direttore Corporate Communication:, dzari@mariellaburani.com, tel. (+39) 02 76015354
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
MSCUUUPWMUPRURP
Burani (LSE:BRDH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Burani (LSE:BRDH)
Historical Stock Chart
From Jul 2023 to Jul 2024
