BDH's listed subsidiary MBFG issues announcement
July 03 2008 - 4:58AM
UK Regulatory
RNS Number : 2264Y
Burani Designer Holding N.V.
03 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), yesterday 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 the 2008 results
Following the press release issued by MBFG on July 1, 2008 and July 2, 2008, regarding the adjustment of the capital gain realised by
MBFG on the sale of its Multibrand Retail division on June 29, 2007, the Company clarifies that the adjustments to the Consolidated
Financial Statements for the period ended December 31, 2007 result from the following two operations:
* The sale Antichi Pellettieri (AP) shares that took place in June 2006 as part of the IPO and the sale of AP shares to third party
investors in the same year. The adjustment for these operations resulted in an increase in intangible assets (goodwill) of EUR23.5 million
and a related increase in Shareholders' equity for the same amount.
SHAREHOLDERS' EQUITY 2006 (published) adjustment 2006 (revised)
EURmil December 31, 2006
Share capital and reserves
Capital issued 15.5 15.5
Share premium reserve 70.4 70.4
Own shares
Other reserves 27.4 25.3 52.7
Net income of the period 55.7 55.7
Total 168.9 25.3 194.2
Minority interests 127.8 127.8
Total shareholders' equity 296.7 25.3 322.0
* The sale of the Group's Multibrand Retail Division (Revedi SpA, Don Gil GmbH, Bernie's Ag e Revedi Sa). The revision for this
operation resulted in a restatement of MBFG's 2007 consolidated financial statements to reflect EUR25.5 million of reduced Revenues, Ebitda,
and Ebit, and an additional deferred tax charge of EUR8.7 million reflected in net income. The reduced net income on the sale of the
Multi-brand retail division is reflected in an increase in shareholders' equity reserves.
INCOME STATEMENT (EUR mln) 2007 (pubblicato) Variazioni 2007 (revised)
Revenues 699.6 - 25.5 674.1
Change in inventory of 11.7 11.7
finished 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 - 0.7 - 0.7
exchange 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 51.0 - 34.2 16.8
tax
Minority interests 21.6 21.6
Net profit for the year of the 29.4 - 34.2 - 4.8
Group
The revision relates exclusively to the 2007 consolidated accounts, and has no impact on the individual company results, and is,
therefore, not included in the individual accounts of Group companies, including the parent company, Mariella Burani Fashion Group SpA. The
individual accounts of MBFG SpA correctly reflect the transaction under Italian GAAP, and reported net income remains unchanged at EUR53.7
million.
The revision did not impact MBFG's Consolidated Net Financial Position at December 31, 2006 and December 31, 2007.
The revision did not impact the individual or consolidated financial statements of MBFG's subsidiary, Antichi Pellettieri SpA.
Finally, the revision has not impacted the results of MBFG for the first quarter of 2008 and there have been no changes to the
consolidated financial report for the three month period ended March 31, 2008. The revision will not impact the results of the current year.
Accordingly, company management confirms the guidance provided to the market and its expectations of double digit revenue and Ebitda growth
for the period.
The Company will apply IAS 8, in the revision on its 2007 Consolidated Financial Statements, with the approval of the financial results
of the six month period ended June 30, 2008.
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
MSCUUUMAMUPRURW
Burani (LSE:BRDH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Burani (LSE:BRDH)
Historical Stock Chart
From Jul 2023 to Jul 2024
