BRDH Burani

    RNS Number : 1919C
  Burani Designer Holding N.V.
  28 August 2008
   


    


    


    BURANI DESIGNER HOLDING'S LISTED LEATHER GOODS DIVISION ANTICHI PELLETTIERI ANNOUNCES FIRST HALF RESULTS, 2008


    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 listed leather goods division, Antichi Pellettieri, majority owned by BDH's subsidiary Mariella Burani Fashion Group
S.p.A (MBFG), in which BDH holds a 60.88% stake, made the following announcement today: 



    PRESS RELEASE
    ANTICHI PELLETTIERI
    Cavriago - August 28, 2008


    CONTINUED DYNAMIC GROWTH FOR ANTICHI PELLETTIERI IN THE 1ST HALF 2008 WITH REVENUE GROWTH OF +26%, ACCOMPANIED BY EBITDA GROWTH OF +20%,
 AND PRETAX INCOME GROWTH OF +23%.

    The Board of Directors of Antichi Pellettieri Spa approved the consolidated financial statements for the six months ended June 30, 2008
which reflect:

    *     Revenues of EUR 169 million (+ 26.2 %) vs. EUR 133.9 million in 1H 2007.
    *     EBITDA of EUR 23.3 million (+ 20.0%) vs. EUR 19.5 million in 1H 2007.
    *     EBIT of EUR 19.2 million (+ 24.7%) vs. EUR 15.4 million in 1H 2007.
    *     Pre-tax income of EUR 14.6 million (+23.0%) vs. EUR 11.9 million in 1H 2007.


    FINANCIAL HIGHLIGHTS - 1H 2008

    Consolidated revenues of EUR 169 million (+26.2%) compared to EUR 133.9 million in first half 2007, reflect the consolidation of
Dadorosa as well as strong organic revenue growth (+19%), driven primarily by:

    *     The optimal performance of the footwear and handbags division, driven by the excellent results of Baldinini (+43%) and the
continued growth of the Coccinelle and Braccialini handbags and accessories collections;

    *     Dynamic organic growth in emerging luxury markets (+24%), driven by the optimal performance of Russian and Eastern European
markets (+34%), as well as the Middle East (+30%), and the continued growth realised in Italy (+18%), again driven by the Baldinini,
Braccialini, and Coccinelle brands.

    Ebitda reached EUR 23.3 million, growing +20.0% compared to the same period in 2007. Ebitda growth is attributable to both, the
consolidation of Dadorosa and the strong sales mix that reflects: 

    *     Own brands which generate 85 % of consolidated revenues;
    *     Direct distribution channels that represent 59 % of consolidated revenues with 22% generated from DOS and Franchisees;
    *     Export markets that generate 65.0 % of consolidated revenues, with 45% generated from emerging luxury markets.

    Ebit increased to EUR 19.2 million (+24.7%) for the six month period from EUR 15.4 million in 1H 2007.


    Pre-tax income of EUR 14.6 million (+23.0%) from EUR 11.9 million in the same period of 2007.
        
    Net Financial Position at June 30, 2008 reflected Net Debt of EUR 107.7 million vs. EUR 63.5 million at December 31, 2007. The
debt/equity ratio remains optimal at 0.63 notwithstanding the fact that the EUR 118 million of cash generated on August 7, 2008 from the
sale of 49% of APBags to 3i has not been recognised.

    STRATEGIC AND OPERATING HIGHLIGHTS - 1H 2008

    The 1st Half 2008 has proven extremely dynamic thanks to:

    *     The acquisition by 3i of 49% of APBags S.p.A., a newly established sub-holding that houses the Group's handbags and accessories
companies. The transaction is expected to accelerate the development of APBags in the Chinese and Indian markets (August); 

    *     The acquisition of 100% of Finduck, a company that owns the renowned Mandarina Duck brand, was closed on June 24, 2008. As noted
in the auditors' report, the six days of operations of Finduck have not been consolidated in the financials of AP for the six month period
ended June 30, 2008 as it was not possible to report only six days of operations according to International Accounting Standards.

    *     The continued extension of the Group's retail network, which counts 221 boutiques at June 30, 2008 (51 DOS and 160 Franchisees),
including the 39 boutiques (9 DOS and 30 franchisees) inaugurated in the first six months of this year, of which over 60% are located in
emerging markets;

    *     New product launches for the Group's own brands and for third party brands including Aquascutum, Gherardini and Amazon Life;

    *     The introduction and development of the Group's footwear collections in Cina;

    In addition, the Board of Directors has agreed to convoke an extraordinary shareholders' meeting on October 6, 2008 as is required in
order to transfer the AP shares from the Expandi segment of the Italian Stock Exchange to MTA in continuous trading.


    OUTLOOK 2008

    As witnessed in the above results, the accessible luxury goods market continues to offer many opportunities for Antichi Pellettieri and
the Group is benefiting from its consolidated position in this market as well as from its strong presence in emerging markets, a key growth
driver. The positive performance in the first half of the year, the encouraging sell-out statistics from F/W 2008-2009 collections, the
contribution of Finduck, and the benefits of entering into a strategic partnership with 3i combine to allow management to confirm dynamic
revenue growth expectations for the year.

    "The Financial Reporting Officer, Daniele Bardini, 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".


    REQUIREMENTS OF THE EXPANDI SEGMENT OF BORSA ITALIANA
    The table below indicates adherence on, and for the year ended, June 30, 2008 to profitability and capitalisation requirements of
Italian Stock Exchange regulation Article 2A.2.1,5.

 Requirements
 EBIT           >0                    39,7  mln Euro
 Net income     >0 e >Euro 100,000    29,7  mln Euro
 PFN / Ebitda  

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