TIDMBRDH
RNS Number : 8951P
Burani Designer Holding N.V.
01 April 2009
BURANI DESIGNER HOLDING N.V. ("BDH")
BURANI DESIGNER HOLDING'S SUBSIDIARY MARIELLA BURANI FASHION GROUP ANNOUNCES
2008 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), in which BDH holds a
75.9% stake through its 93% owned subsidiary Mariella Burani Family Holding, has
announced its consolidated results for the year ended 31 December 2008.
Enquiries:
Burani Designer Holding N.V. Tel:+39 02 7642 0111
Carol Brumer, IR
Shore Capital (NOMAD) Tel:+44 20 7408 4090
Dru Danford
Stephane Auton
PRESS RELEASE
MARIELLA BURANI FASHION GROUP
Cavriago, April 1, 2009
THE BOARD OF DIRECTORS OF MARIELLA BURANI FASHION GROUP SPA APPROVED THE 2008
CONSOLIDATED FINANCIAL STATEMENTS REFLECTING 3.9% REVENUE GROWTH ACCOMPANIED BY
A MORE THAN PROPORTIONAL GROWTH IN EBITDA OF 5.3%
The Board of Directors of Mariella Burani Fashion Group S.p.A. approved the
consolidated financial statements for the full year ended December 31, 2008,
that reflect:
REVENUES of EUR 700 million (+3.9%) vs. EUR 674.1 million in 2007
EBITDA of EUR 87.8 million (+5.3%) vs. EUR 83.4 million in 2007
EBIT prior to write-offs of financial assets of EUR 18.3 million
EBIT prior to write-offs of financial assets and impairment charges of EUR 72.6
million (+9.9%) vs. EUR 66.1 million in 2007
Pretax Income prior to impairment charges of EUR38.4 million (1.6%) vs. EUR 37.8
million in 2007
Net Loss of EUR 55.2 million vs. Net Income of EUR 16.8 million of 2007
Net Financial Position -Debt of EUR 238.2 million, reflecting a debt/equity ratio
of 0.81 at December 31, 2008.
Proposed merger between MBFG and AP
The Boards of Directors of Antichi Pellettieri SpA and Mariella Burani SpA
continue to review the proposed merger between Antichi Pellettieri SpA and
Mariella Burani SpA, as announced to the market via a joint press release on
March 14, 2009. For purposes of ascertaining the transparency and fairness of
the proposed transaction, the Boards of MBFG and AP have nominated, in
accordance with their corporate governance rules, financial advisors to assist
the companies in their respective evaluation of the transaction and its
financial implications, including the issuance of fairness opinions on the
fairness, from a financial standpoint, of the exchange ratio to the respective
parties in the proposed merger.
Both financial advisors are currently finalising their evaluations of the
transaction and the proposed exchange ratio and are expected to issue their
respective fairness opinions to the respective Boards in the near future.
2008 Financial Highlights
Consolidated revenues of EUR 700 million (+3.9%) vs. EUR 674.1 million in 2007
benefit from the capital gain realized on the sale of 49% of APBags to 3i, the
capital gain realized on the sale of AP shares in the acquisition of Mandarina
Duck, the first time consolidation of Mandarina Duck from July 1, 2008, and the
full consolidation of Dadorosa.
Notwithstanding the difficult economic environment, organic revenues increased
by 5.8%, during the year, primarily reflecting the strong contributions from the
Leather Goods and
Digital Fashion divisions. The Apparel Division benefited during the year from
the expansion of the licensed brand portfolio and the 13% growth realized from
existing licenses, driven by Patrizia Pepe children's wear collections. The
Fashion Jewellery division benefited from increased export revenues, driven by
emerging markets.
Consolidated EBITDA reached EUR 87.8 million (+5.3%) compared to EUR 83.4 million of
2007, reflecting a 12,5% Ebitda margin. 2008 Consolidated Ebitda incorporates
the net capital gain realized on the sale of 49% of APBags to 3i, the first time
consolidation of Mandarina Duck, the full year consolidation of Dadorosa, and
the benefits of the Group's strong sales mix:
* Leather Goods generate 56.6% of consolidated revenues;
* Own brands generate 84.2% of consolidated revenues;
* Export markets generate 62.6% of consolidated revenues, with 33.7% from emerging
luxury markets and US and Japan, together, representing only 5% of total
revenues;
* Direct distribution channels generate 58% of consolidated revenues, with
14.2% from the Group's own store network.
Consolidated EBIT of EUR 18.3 million, in decline from 2007. EBIT prior to
impairment charges increased by 9.9% to EUR 72.6 million, reflecting a 10.4%
margin. The adjustments of EUR 54.4 million reflect non recurring, non cash
impairment charges, conservatively recorded in 2008.
Pretax Income prior to impairment charges of EUR 38.4 million, reflecting a
5.5% margin.
Consolidated Net Loss of EUR 55.2 million vs Consolidated Net Income of EUR16.8
million recorded in 2007.
Net Financial Position - Debt of EUR 238.5 million, reflecting a debt/equity ratio
of 0.81 at December 31, 2008.
2008 Strategic and Operating Highlights
* The acquisition, closed in June, 2008, of 100% of Finduck for EUR 36.9 million, a
company that owns the renowned Mandarina Duck brand;
* The establishment of APBags SpA, a sub-holding, to house the Group's handbags
and accessories companies with the nomination of Christopher Bizzio as CEO. Mr.
Bizzio has matured over 15 years of experience in the luxury goods sector
including management roles in both Ferragamo and Trussardi;
* The sale of 49% of the newly established APBags S.p.A. to 3i. The entrance of
3i in the capital of AP Bags is expected to provide further development
opportunities for the company in the Far East;
* The continued extension of the Group's retail network, with 86 inaugurations
during the year (18 DOS and 68 franchisees; over 60% in emerging markets),
contributing to the network which, at December 31, 2008, consists of 393
boutiques (129 DOS and 264 franchises);
* The launch of new products and collections for the Group's own brands including:
* Blossom Burani, Mariella Burani handbags, Mariella Burani lingerie & beachwear,
and Mariella Burani eyewear collections;
* Baldinini jewellery, perfume, and apparel collections;
* Braccialini jewellery, eyewear, underwear and beachwear collections; and
* Biasia men's lines;
* The launch of new products and collections under license for renowned third
party brands including John Galliano jewellery, Bikkembergs children's wear,
Aquascutum footwear, Gherardini and Amazon Life handbags and accessories;
* New international joint venture partners, including Malia Holding, a diversified
Lebanese Group, that will distribute the full portfolio of Mariella Burani
brands in Levant countries.
* An exclusive licensing agreement has been signed for the production and
distribution of La Perla prêt a porter collections.
Outlook 2009
Revenues generated in the first two months of 2009 have increased by 2%. This,
together with preliminary indications from the Autumn / Fall 2009-2010 sales
campaigns, provide management confidence in the near and long term prospects of
the business.
Comment from the CEO
Giovanni Burani, CEO of MBFG stated "Notwithstanding the difficult economic
environment. MBFG realised 5.8% organic revenue growth in 2008, benefiting from
its strong positioning in the accessible segment of the luxury goods market, its
internationally diversified client base, its complementary portfolio of own and
licensed brands, and its flexible business model. In addition, MBFG benefited
from strategic operations effected during the year that generated additional
revenues, in the form of net capital gains, without compromising the Group's
growth prospects.
The Group begins 2009 with a solid balance sheet, the result of extensive non
recurring, non cash impairment charges, conservatively recorded in 2008, of
intangible assets as well as the write-off of inventories, financial investments
and receivables.
We expect to continue to generate value for our shareholders, both operationally
and strategically, by focusing on our core businesses, investing in the quality
and reach of our brands, aggressively expanding the Group's license business
including the recently signed agreements with Etienne Aigner, Freddy, and the
Bostonian, further extending the retail network, and continuously developing
strategic partnerships in emerging markets.
In addition, we are implementing complementary value creating initiatives that
include the proposed merger between AP & MBFG, the further rationalisation of
the Group's structure with opportune divestment of non-core, duplicate, and/or
non profitable businesses, and the further reinforcement of our capital
structure."
Dividends
The Board of Directors, in the interest of optimising the Group's liquidity, has
not declared a dividend this year.
Buyback 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, 2009.
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
General Shareholders' meeting
The General Shareholders' Meeting of Mariella Burani Fashion Group Spa has been
convened on April 30, 2009 at 11:00 am in via della Repubblica 86, Cavriago
(Re).
Conference Call
Management has scheduled a conference call at 9:30 a.m. on Wednesday, April 1,
2009 to discuss the respective Group's 2008 consolidated financial results.
The Financial Reporting Officer, Giuseppe Gullo, Group CFO, certifies - pursuant
to art. 154-bis, paragraph 2 of the Uniform Finance Act - 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 as well as 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 e Strategic Development:,
cbrumer@mariellaburani.com
tel. (+39) 02 76420111
For Press:
Daniela Zari
Direttore Corporate Communication
dzari@mariellaburani.com
tel. (+39) 02 76015354
This press release is available on www.mariellaburani.com
Attached: consolidated and parent company financial statements and cash flow
statements
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated balance sheet - Assets
in EUR/000
+-----------------------------------------+---------------+---------------+
| ASSETS | | |
| | 12/31/2008 | |
| | | 12/31/2007 |
+-----------------------------------------+---------------+---------------+
| Non current assets | | |
+-----------------------------------------+---------------+---------------+
| Property, plant and equipment | 66.446 | 58.299 |
+-----------------------------------------+---------------+---------------+
| Intangible assets | 375.409 | 325.636 |
+-----------------------------------------+---------------+---------------+
| Investment property | 1.664 | 1.664 |
+-----------------------------------------+---------------+---------------+
| Capital investments | 36.985 | 34.757 |
+-----------------------------------------+---------------+---------------+
| Long term financial assets available | 53 | 84 |
| for sale | | |
+-----------------------------------------+---------------+---------------+
| Deferred tax assets | 27.426 | 19.688 |
+-----------------------------------------+---------------+---------------+
| Long term financial derivatives | | |
+-----------------------------------------+---------------+---------------+
| Other long term financial receivables | 6.212 | 4.496 |
+-----------------------------------------+---------------+---------------+
| Long term trade and other receivables | 9.749 | 12.298 |
+-----------------------------------------+---------------+---------------+
| Total | 523.946 | 456.924 |
+-----------------------------------------+---------------+---------------+
| | | |
+-----------------------------------------+---------------+---------------+
| Non current assets to be divested | | |
+-----------------------------------------+---------------+---------------+
| Assets to be divested | | |
+-----------------------------------------+---------------+---------------+
| | | |
+-----------------------------------------+---------------+---------------+
| Current assets | | |
+-----------------------------------------+---------------+---------------+
| Inventories | 152.326 | 162.011 |
+-----------------------------------------+---------------+---------------+
| Short term trade and other receivables | 184.016 | 168.136 |
+-----------------------------------------+---------------+---------------+
| Current tax assets | 23.077 | 29.442 |
+-----------------------------------------+---------------+---------------+
| Other short term financial receivables | 125.280 | 108.244 |
+-----------------------------------------+---------------+---------------+
| Short term financial assets available | 55.489 | 40.013 |
| for sale | | |
+-----------------------------------------+---------------+---------------+
| Short term derivatives | 57 | |
+-----------------------------------------+---------------+---------------+
| Negotiable securities valued at fair | 8.307 | 3.406 |
| value | | |
+-----------------------------------------+---------------+---------------+
| Cash and cash equivalents | 35.479 | 33.130 |
+-----------------------------------------+---------------+---------------+
| Total | 584.031 | 544.382 |
+-----------------------------------------+---------------+---------------+
| Total assets | 1.107.977 | 1.001.306 |
+-----------------------------------------+---------------+---------------+
Consolidated balance sheet - Liabilities
in EUR/000
+------------------------------------------+-------------+----------------+
| SHAREHOLDERS' EQUITY AND LIABILITIES | 12/31/2008 | 12/31/2007 |
| | | |
+------------------------------------------+-------------+----------------+
| Share capital and reserves | | |
+------------------------------------------+-------------+----------------+
| Capital issued | 15.101 | 15.453 |
+------------------------------------------+-------------+----------------+
| Share premium reserve | 70.358 | 70.358 |
+------------------------------------------+-------------+----------------+
| Other reserves | 73.667 | 93.967 |
+------------------------------------------+-------------+----------------+
| Net income of the period | - 64.005 | - 4.760 |
+------------------------------------------+-------------+----------------+
| Total | 95.121 | 175.018 |
+------------------------------------------+-------------+----------------+
| | | |
+------------------------------------------+-------------+----------------+
| Minority interests | 198.405 | 140.345 |
+------------------------------------------+-------------+----------------+
| | | |
+------------------------------------------+-------------+----------------+
| Total shareholders' equity | 293.526 | 315.363 |
+------------------------------------------+-------------+----------------+
| | | |
+------------------------------------------+-------------+----------------+
| Non current liabilities | | |
+------------------------------------------+-------------+----------------+
| Long term loans and borrowing | 231.952 | 165.687 |
+------------------------------------------+-------------+----------------+
| Long term financial derivatives | 1.697 | 116 |
+------------------------------------------+-------------+----------------+
| Deferred tax liabilities | 86.068 | 77.478 |
+------------------------------------------+-------------+----------------+
| Post employment benefits | 12.379 | 12.055 |
+------------------------------------------+-------------+----------------+
| Long term provisions | 3.294 | 3.646 |
+------------------------------------------+-------------+----------------+
| Other long term liabilities | 719 | 3.410 |
+------------------------------------------+-------------+----------------+
| Total | 336.110 | 262.394 |
+------------------------------------------+-------------+----------------+
| Current liabilities | | |
+------------------------------------------+-------------+----------------+
| Short term trade and other payables | 180.274 | 152.171 |
+------------------------------------------+-------------+----------------+
| Current tax liabilities | 6.979 | 26.657 |
+------------------------------------------+-------------+----------------+
| Short term financing | 277.393 | 243.203 |
+------------------------------------------+-------------+----------------+
| Short term derivatives | | |
+------------------------------------------+-------------+----------------+
| Short term provisions | 13.695 | 1.518 |
+------------------------------------------+-------------+----------------+
| Total | 478.341 | 423.548 |
+------------------------------------------+-------------+----------------+
| Total liabilities | 1.107.977 | 1.001.306 |
| | | |
+------------------------------------------+-------------+----------------+
Consolidated profit and loss account
in EUR/000
+----------------------------------------------+--------------+---------------+
| PROFIT AND LOSS ACCOUNT | 12/31/2008 | 12/31/2007 |
| | | |
+----------------------------------------------+--------------+---------------+
| Net Revenues | 700.058 | 674.027 |
+----------------------------------------------+--------------+---------------+
| Change in inventory of finished product and | 21.039 | 11.681 |
| works in progress | | |
+----------------------------------------------+--------------+---------------+
| Raw materials and consumables | 293.865 | 285.009 |
+----------------------------------------------+--------------+---------------+
| Cost of labor | 94.077 | 90.635 |
+----------------------------------------------+--------------+---------------+
| Other operating costs | 245.308 | 226.654 |
+----------------------------------------------+--------------+---------------+
| EBITDA | 87.846 | 83.409 |
+----------------------------------------------+--------------+---------------+
| Depreciation, amortization and write-downs | 108.785 | 27.191 |
+----------------------------------------------+--------------+---------------+
| EBIT | - 20.939 | 56.218 |
+----------------------------------------------+--------------+---------------+
| | | |
+----------------------------------------------+--------------+---------------+
| Financial income | 8.148 | 4.253 |
+----------------------------------------------+--------------+---------------+
| Financial charges | 41.849 | 31.878 |
+----------------------------------------------+--------------+---------------+
| Profit (loss) from foreign exchange | - 659 | - 664 |
| transactions | | |
+----------------------------------------------+--------------+---------------+
| Income from investments in affiliated | 149 | |
| companies valued at equity | | |
+----------------------------------------------+--------------+---------------+
| Profit (loss) from assets to be divested | | |
+----------------------------------------------+--------------+---------------+
| Pre-tax profit | - 55.150 | 27.929 |
+----------------------------------------------+--------------+---------------+
| | | |
+----------------------------------------------+--------------+---------------+
| Deferred tax liabilities/assets | - 14.168 | - 4.416 |
+----------------------------------------------+--------------+---------------+
| Income taxes | 14.275 | 15.495 |
+----------------------------------------------+--------------+---------------+
| After tax profit | - 55.256 | 16.850 |
+----------------------------------------------+--------------+---------------+
| | | |
+----------------------------------------------+--------------+---------------+
| Minority interests | 8.749 | 21.610 |
+----------------------------------------------+--------------+---------------+
| | | |
+----------------------------------------------+--------------+---------------+
| Net profit for the year | - 64.005 | - 4.760 |
+----------------------------------------------+--------------+---------------+
CONSOLIDATED STATEMENT OF CASH FLOWS AT DECEMBER 31, 2008
in EUR/000
+------+----------------------------------+------------+---------------+
| | | 31/12/2008 | 31/12/2007 |
| | | | |
+------+----------------------------------+------------+---------------+
| 1 - | Opening balance at the beginning | 1.176 | 30.877 |
| | of the period | | |
+------+----------------------------------+------------+---------------+
| 2 - | Total cash flows generated | | |
| | (absorbed) by operations | | |
+------+----------------------------------+------------+---------------+
| | Pre-tax profit (loss) | (55.150) | 27.929 |
+------+----------------------------------+------------+---------------+
| | Amortization and depreciation | 15.217 | 17.310 |
+------+----------------------------------+------------+---------------+
| | Net gains (losses) from disposal | 68 | 0 |
| | of property, plant and equipment | | |
+------+----------------------------------+------------+---------------+
| | Net gains (losses) from disposal | (7.421) | 0 |
| | of intangible assets | | |
+------+----------------------------------+------------+---------------+
| | Net gains (losses) from disposal | (61.542) | (1.870) |
| | of financial assets | | |
+------+----------------------------------+------------+---------------+
| | Net change in risk reserves and | 93.529 | 6.003 |
| | provisions for employee benefits | | |
+------+----------------------------------+------------+---------------+
| | Writedown | 10.684 | 3.652 |
+------+----------------------------------+------------+---------------+
| | Loss /income from investments | (149) | 0 |
| | valued at equity | | |
+------+----------------------------------+------------+---------------+
| | Net financial charges | 23.379 | 6.434 |
+------+----------------------------------+------------+---------------+
| | TOTAL | 18.615 | 59.458 |
+------+----------------------------------+------------+---------------+
| | Net change in working capital | (90.648) | (41.385) |
+------+----------------------------------+------------+---------------+
| | Interest paid | (23.353) | 21.854 |
+------+----------------------------------+------------+---------------+
| | TOTAL | | |
+------+----------------------------------+------------+---------------+
| 3 - | Total cash flows generated | (114.001) | (19.531) |
| | (absorbed) by investing | | |
| | activities | | |
+------+----------------------------------+------------+---------------+
| | Interest received | | |
+------+----------------------------------+------------+---------------+
| | Dividends received | 0 | 0 |
+------+----------------------------------+------------+---------------+
| | Net change in: | 0 | (4) |
+------+----------------------------------+------------+---------------+
| | - intangible assets | (2.800) | (10.192) |
+------+----------------------------------+------------+---------------+
| | - property, plant and equipment | (9.699) | (13.869) |
+------+----------------------------------+------------+---------------+
| | - financial assets | 40.837 | (19.282) |
+------+----------------------------------+------------+---------------+
| | TOTAL | | |
+------+----------------------------------+------------+---------------+
| 4 - | Total cash flows generated | 28.338 | (43.347) |
| | (absorbed) by financing | | |
| | activities | | |
+------+----------------------------------+------------+---------------+
| | Increase in capital and reserves | 0 | (7.915) |
+------+----------------------------------+------------+---------------+
| | Proceeds from capital increase | 0 | 0 |
+------+----------------------------------+------------+---------------+
| | Finance lease payments | (741) | (884) |
| | (principal) | | |
+------+----------------------------------+------------+---------------+
| | Reciept/(repayment) of loans | 47.433 | (22.352) |
+------+----------------------------------+------------+---------------+
| | Dividends paid | (17.797) | (15.543) |
+------+----------------------------------+------------+---------------+
| | Change in scope of consolidation | 0 | 20.413 |
+------+----------------------------------+------------+---------------+
| | TOTAL | 28.895 | (26.281) |
+------+----------------------------------+------------+---------------+
| 5 - | Net cash flows generated in the | (38.153) | (29.701) |
| | period | | |
+------+----------------------------------+------------+---------------+
| 6 - | Closing balance at the end of | (36.977) | 1.176 |
| | the period | | |
+------+----------------------------------+------------+---------------+
PARENT COMPANY FINANCIAL STATEMENTS
Balance sheet - Assets
in EUR/000
+-----------------------------------------+--------------+--------------+
| ASSETS | 12/31/2008 | 12/31/2007 |
| | | |
+-----------------------------------------+--------------+--------------+
| Non current assets | | |
+-----------------------------------------+--------------+--------------+
| Property, plant and equipment | 6.210 | 5.883 |
+-----------------------------------------+--------------+--------------+
| Intangible assets | 12.530 | 4.670 |
+-----------------------------------------+--------------+--------------+
| Investment property | - | - |
+-----------------------------------------+--------------+--------------+
| Capital investments | 70.505 | 110.769 |
+-----------------------------------------+--------------+--------------+
| Long term financial assets available | - | - |
| for sale | | |
+-----------------------------------------+--------------+--------------+
| Deferred tax assets | 14.234 | 16.874 |
+-----------------------------------------+--------------+--------------+
| Long term financial derivatives | - | - |
+-----------------------------------------+--------------+--------------+
| Other long term financial receivables | 1.779 | - |
+-----------------------------------------+--------------+--------------+
| Long term trade and other receivables | 8.459 | 10.452 |
+-----------------------------------------+--------------+--------------+
| Total | 113.718 | 148.647 |
+-----------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------+--------------+--------------+
| Non current assets to be divested | | |
+-----------------------------------------+--------------+--------------+
| Assets to be divested | | |
+-----------------------------------------+--------------+--------------+
| | | |
+-----------------------------------------+--------------+--------------+
| Current assets | | |
+-----------------------------------------+--------------+--------------+
| Inventories | 21.786 | 19.699 |
+-----------------------------------------+--------------+--------------+
| Short term trade and other receivables | 45.776 | 26.612 |
+-----------------------------------------+--------------+--------------+
| Current tax assets | 1.768 | 2.530 |
+-----------------------------------------+--------------+--------------+
| Other short term financial receivables | 223.634 | 138.209 |
+-----------------------------------------+--------------+--------------+
| Short term financial assets available | 45.019 | 40.008 |
| for sale | | |
+-----------------------------------------+--------------+--------------+
| Short term derivatives | - | - |
+-----------------------------------------+--------------+--------------+
| Negotiable securities valued at fair | 8.307 | 3.406 |
| value | | |
+-----------------------------------------+--------------+--------------+
| Cash and cash equivalents | 2.864 | 8.960 |
+-----------------------------------------+--------------+--------------+
| Total | 349.155 | 239.424 |
+-----------------------------------------+--------------+--------------+
| Total assets | 462.872 | 388.071 |
+-----------------------------------------+--------------+--------------+
Balance sheet - Liabilities
in EUR/000
+------------------------------------------+-------------+---------------+
| SHAREHOLDERS' EQUITY AND LIABILITIES | 12/31/2008 | 12/31/2007 |
| | | |
+------------------------------------------+-------------+---------------+
| Share capital and reserves | | |
+------------------------------------------+-------------+---------------+
| Capital issued | 15.101 | 15.453 |
+------------------------------------------+-------------+---------------+
| Share premium reserve | 70.358 | 70.358 |
+------------------------------------------+-------------+---------------+
| Other reserves | 61.635 | 25.015 |
+------------------------------------------+-------------+---------------+
| Net income of the period | - 80.388 | 53.689 |
+------------------------------------------+-------------+---------------+
| Total | 66.706 | 164.516 |
+------------------------------------------+-------------+---------------+
| | | |
+------------------------------------------+-------------+---------------+
| Non current liabilities | | |
+------------------------------------------+-------------+---------------+
| Long term loans and borrowing | | |
+------------------------------------------+-------------+---------------+
| Long term financial derivatives | 152.603 | 113.305 |
+------------------------------------------+-------------+---------------+
| Deferred tax liabilities | 17 | 116 |
+------------------------------------------+-------------+---------------+
| Post employment benefits | - | 16 |
+------------------------------------------+-------------+---------------+
| Long term provisions | 2.844 | 2.749 |
+------------------------------------------+-------------+---------------+
| Other long term liabilities | - | - |
+------------------------------------------+-------------+---------------+
| Total | - | - |
+------------------------------------------+-------------+---------------+
| Current liabilities | 155.465 | 116.186 |
+------------------------------------------+-------------+---------------+
| Short term trade and other payables | | |
+------------------------------------------+-------------+---------------+
| Current tax liabilities | 47.079 | 25.983 |
+------------------------------------------+-------------+---------------+
| Short term financing | 730 | 1.087 |
+------------------------------------------+-------------+---------------+
| Short term derivatives | 183.082 | 80.241 |
+------------------------------------------+-------------+---------------+
| Short term provisions | - | - |
+------------------------------------------+-------------+---------------+
| Total | 9.810 | 57 |
+------------------------------------------+-------------+---------------+
| Total liabilities | 240.701 | 107.369 |
+------------------------------------------+-------------+---------------+
Profit and loss account
in EUR/000
+----------------------------------------------+-------------+---------------+
| PROFIT AND LOSS ACCOUNT | 12/31/2008 | 12/31/2007 |
| | | |
+----------------------------------------------+-------------+---------------+
| Net Revenues | 86.770 | 138.306 |
+----------------------------------------------+-------------+---------------+
| Change in inventory of finished product and | - 851 | - 1.105 |
| works in progress | | |
+----------------------------------------------+-------------+---------------+
| Raw materials and consumables | 30.349 | 19.078 |
+----------------------------------------------+-------------+---------------+
| Payroll cost | 13.131 | 10.948 |
+----------------------------------------------+-------------+---------------+
| Other operating costs | 39.734 | 34.567 |
+----------------------------------------------+-------------+---------------+
| EBITDA | 4.406 | 72.609 |
+----------------------------------------------+-------------+---------------+
| Depreciation, amortization and write-downs | 77.106 | 8.547 |
+----------------------------------------------+-------------+---------------+
| EBIT | - 72.699 | 64.062 |
+----------------------------------------------+-------------+---------------+
| | | |
+----------------------------------------------+-------------+---------------+
| Financial income | 13.292 | 7.286 |
+----------------------------------------------+-------------+---------------+
| Financial charges | 21.372 | 13.132 |
+----------------------------------------------+-------------+---------------+
| Profit (loss) from foreign exchange | 6 | 9 |
| transactions | | |
+----------------------------------------------+-------------+---------------+
| Income from investments in affiliated | - | - |
| companies valued at equity | | |
+----------------------------------------------+-------------+---------------+
| Profit (loss) from assets to be divested | | |
+----------------------------------------------+-------------+---------------+
| Pre-tax profit | - 80.773 | 58.224 |
+----------------------------------------------+-------------+---------------+
| | | |
+----------------------------------------------+-------------+---------------+
| Deferred tax liabilities/assets | 385 | - 4.075 |
+----------------------------------------------+-------------+---------------+
| Income taxes | - | - 460 |
+----------------------------------------------+-------------+---------------+
| After tax profit | | |
+----------------------------------------------+-------------+---------------+
STATEMENT OF CASH FLOWS AT DECEMBER 31, 2008
in EUR/000
+------+----------------------------------+------------+---------------+
| | | 31/12/2008 | 31/12/2007 |
+------+----------------------------------+------------+---------------+
| 1 - | Opening balance at the beginning | 1.722 | 9.656 |
| | of the period | | |
+------+----------------------------------+------------+---------------+
| 2 - | Total cash flows generated | 0 | 0 |
| | (absorbed) by operations | | |
+------+----------------------------------+------------+---------------+
| | Pre-tax profit (loss) | (80.773) | 58.224 |
+------+----------------------------------+------------+---------------+
| | Amortization and depreciation | 73.274 | 8.547 |
+------+----------------------------------+------------+---------------+
| | Net gains (losses) from disposal | 2 | 3 |
| | of property, plant and equipment | | |
+------+----------------------------------+------------+---------------+
| | Net gains (losses) from disposal | (10.800) | (14.912) |
| | of intangible assets | | |
+------+----------------------------------+------------+---------------+
| | Net gains (losses) from disposal | (15.084) | (74.657) |
| | of financial assets | | |
+------+----------------------------------+------------+---------------+
| | Net change in risk reserves and | 95 | (666) |
| | provisions for employee benefits | | |
+------+----------------------------------+------------+---------------+
| | Loss /income from investments | 0 | 0 |
| | valued at equity | | |
+------+----------------------------------+------------+---------------+
| | Net financial charges | 8.074 | 5.837 |
+------+----------------------------------+------------+---------------+
| | TOTAL | (25.212) | (17.623) |
+------+----------------------------------+------------+---------------+
| | Net change in working capital | 0 | 0 |
+------+----------------------------------+------------+---------------+
| | Interest paid | (638) | (13.243) |
+------+----------------------------------+------------+---------------+
| | TOTAL | 0 | 0 |
+------+----------------------------------+------------+---------------+
| 3 - | Total cash flows generated | (25.849) | (30.866) |
| | (absorbed) by investing | | |
| | activities | | |
+------+----------------------------------+------------+---------------+
| | Interest received | 0 | 0 |
+------+----------------------------------+------------+---------------+
| | Dividends received | 1.312 | 1.170 |
+------+----------------------------------+------------+---------------+
| | Net change in: | 0 | 0 |
+------+----------------------------------+------------+---------------+
| | - intangible assets | 2.642 | 14.612 |
+------+----------------------------------+------------+---------------+
| | - property, plant and equipment | (1.302) | (3.801) |
+------+----------------------------------+------------+---------------+
| | - financial assets | (13.549) | 37.106 |
+------+----------------------------------+------------+---------------+
| | TOTAL | (10.898) | 49.086 |
+------+----------------------------------+------------+---------------+
| 4 - | Total cash flows generated | 0 | 0 |
| | (absorbed) by financing | | |
| | activities | | |
+------+----------------------------------+------------+---------------+
| | Increase in capital and reserves | (12.656) | 1.123 |
+------+----------------------------------+------------+---------------+
| | Proceeds from capital increase | 0 | 0 |
+------+----------------------------------+------------+---------------+
| | Finance lease payments | 0 | 0 |
| | (principal) | | |
+------+----------------------------------+------------+---------------+
| | Reciept/(repayment) of loans | 13.989 | (4.301) |
+------+----------------------------------+------------+---------------+
| | Dividends paid | (4.767) | (15.543) |
+------+----------------------------------+------------+---------------+
| | Change in scope of consolidation | (9.485) | (7.433) |
+------+----------------------------------+------------+---------------+
| | TOTAL | (12.918) | (26.154) |
+------+----------------------------------+------------+---------------+
| 5 - | Net cash flows generated in the | (49.665) | (7.934) |
| | period | | |
+------+----------------------------------+------------+---------------+
| 6 - | Closing balance at the end of | (47.944) | 1.722 |
| | the period | | |
+------+----------------------------------+------------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR IBMPTMMTMMML
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