TIDMBRDH
RNS Number : 8968P
Burani Designer Holding N.V.
01 April 2009
BURANI DESIGNER HOLDING N.V. ("BDH")
BURANI DESIGNER HOLDING'S LISTED LEATHER GOODS DIVISION ANTICHI PELLETTIERI
ANNOUNCES 2008 CONSOLIDATED 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
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
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
ANTICHI PELLETTIERI
Cavriago - April 1, 2009
THE BOARD OF DIRECTORS OF ANTICHI PELLETTIERI SPA APPROVED THE GROUP'S 2008
CONSOLIDATED FINANCIAL STATEMENTS THAT REFLECT NET INCOME GROWTH OF +46%
The Board of Directors of Antichi Pellettieri S.p.A. approved the Consolidated
Financial Statements for the full year ended December 31, 2008 that reflect:
* REVENUES of EUR 397.7 million (+32.5%) vs. EUR 300,2 million in 2007
* EBITDA of EUR 76.0 million (+59%) vs. EUR 47.8 million in 2007.
* EBIT of EUR 52.8 million (+47.3%) vs. EUR 35.9 million in 2007
* PRETAX INCOME of EUR40.9 (+47.2%) vs. EUR 27.8 million in 2007
* NET INCOME of EUR 38.4 million (+45.5%) vs. EUR 26.4 million of 2007
* NET FINANCIAL POSTITION Debt of EUR 49.5 million, reflecting a debt/equity ratio
of 0.18 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 Board of AP has nominated, in accordance with its
corporate governanace rules, a financial advisor to assist the company in the
evaluation of the transaction and its financial implications, including the
issuance of a fairness opinion on the fairness, from a financial standpoint, of
the exchange ratio in the proposed merger.
The Board of Directors of MBFG has also nominated its financial advisor in the
transaction.
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.
Financial Highlights
Consolidated revenues of EUR397.7 million (+32.5%) compared to EUR300.2 million in
2007, reflect the capital gain realised on the sale of 49% of APBags to 3i, the
first time consolidation of Mandarina Duck, the full year consolidation of
Dadorosa, as well as 5% organic revenue growth realized during the year.
The 5% organic revenue growth was driven primarily by:
* The strong growth of the Group's own brands Baldinini (+32%) and Braccialini
(+22%);
* The expansion of the Group's licensed brand portfolio and organic growth
realized by existing licensed brands including Vivienne Westwood, Gherardini,
Aquascutum, and Missoni;
* 20% organic growth from the Group's Directly Operated Stores, and 17% organic
growth in sales to the Group's franchises; both complemented by the 72 boutique
inaugurations during the year;
* Organic growth in emerging luxury markets (+17.6%), mostly driven by the
performance of Russian and Eastern European markets.
Consolidated Ebitda reached EUR76.0 million (+59%) compared to EUR47.8 million
generated last year. Ebitda margin improved from 15.9% in 2007 to 19.1% in 2008.
2008 Ebitda incorporates the net capital gain realised 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:
* Own brands generate 85% of consolidated revenues;
* Export markets generate 63% of consolidated revenues, with 41.5% from emerging
luxury markets;
* Direct distribution channels generate 53% of consolidated revenues, with 11.9%
from the Group's own store network.
Consolidated EBIT of EUR52.8 million (+47.3%) vs. EUR 35.9 million in 2007,
reflecting an Ebit margin of 13.3%.
Consolidated Pretax Income of EUR40.9 million (+47.2%) vs. EUR 27.8 million in 2007,
reflecting a Pretax margin of 10.3%.
Consolidated Net income of EUR38.4 million (+45.5%) vs. EUR 26.4 million of 2007,
reflecting a Net Income margin of 9.7%.
Net Financial Position - Debt at December 31, 2008 of EUR 49,5 million, reflected
net of treasury stock of EUR 21.7 million, resulting a consolidated debt/equity
ratio of 0.18 at December 31, 2008 vs. 0.36 at December 31, 2007.
Strategic & Operating Highlights
* The acquisition, completed 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 72 inaugurations
during the year (14 DOS and 58 Franchisees) contributing to the network of 319
boutiques (91 DOS and 228 franchisees) at December 31, 2008;
* Product launches for the Group's own brands including Baldinini jewellery,
perfume, and apparel collections; Braccialini jewellery, eyewear, underwear and
beachwear collections; and Biasia men's lines.
Outlook 2009
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. Total revenues have increased
by 7% in the first two months of 2009, giving management confidence in the near
and long term prospects of the business.
Dividends
The Board of Directors, in the interest of optimising the Group's liquidity, has
agreed to not declare a dividend this year.
Buy-back plan
The Board of Directors of Mariella Burani Fashion Group S.p.A. agreed to extend
the company's 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 Antichi Pellettieri Spa has been convened
on April 30, 2009 at 9:00 am in via della Repubblica 86, Cavriago (Re).
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.
Antichi Pellettieri is a European leader in the accessible segment of the luxury
goods market with a consolidated international presence. The Group designs,
produces, and distributes handbags and accessories, footwear, and leather
apparel collections characterised by top quality and innovative design. A
flexible business model provides for control at all critical phases of the
production and distribution cycle including, product design and development,
production planning, raw material procurement, quality control, marketing,
public relations, and distribution. Production and logistics functions are
outsourced to an established and qualified base of third party contractors,
closely controlled by AP to guarantee quality and efficiency.
Contacts
Carol Brumer Investor Relations and Strategic Development:
cbrumer@mariellaburani.com, tel. (+39) 02 76420111
Daniela Zari Director of Corporate Communication and Media:
dzari@mariellaburani.com, tel. (+39) 02 76015354
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
Euro/k
+-----------------------------------------+------------+----------------+
| ASSETS | At 31 | At 31 |
| | december |december 2007 |
| | 2008 | |
+-----------------------------------------+------------+----------------+
| Non current assets | | |
+-----------------------------------------+------------+----------------+
| Property, plant and equipment | 34.072 | 26.160 |
+-----------------------------------------+------------+----------------+
| Intangible assets | 256.710 | 209.452 |
+-----------------------------------------+------------+----------------+
| Investment property | 1.664 | 1.664 |
+-----------------------------------------+------------+----------------+
| Investments | 2.047 | 2.827 |
+-----------------------------------------+------------+----------------+
| Long term financial assets available | 0 | 0 |
| for sale | | |
+-----------------------------------------+------------+----------------+
| Deferred tax assets | 11.898 | 5.573 |
+-----------------------------------------+------------+----------------+
| Long term derivatives | 0 | 0 |
+-----------------------------------------+------------+----------------+
| Other long term financial receivables | 5.927 | 3.839 |
+-----------------------------------------+------------+----------------+
| Long term trade and other receivables | 4.616 | 4.759 |
+-----------------------------------------+------------+----------------+
| Total | 316.934 | 254.274 |
+-----------------------------------------+------------+----------------+
| | | |
+-----------------------------------------+------------+----------------+
| Non current assets held for sale | | |
+-----------------------------------------+------------+----------------+
| | | |
+-----------------------------------------+------------+----------------+
| Current assets | | |
+-----------------------------------------+------------+----------------+
| Inventories | 85.198 | 57.655 |
+-----------------------------------------+------------+----------------+
| Short term trade and other receivables | 87.218 | 68.586 |
+-----------------------------------------+------------+----------------+
| Current tax assets | 15.583 | 6.950 |
+-----------------------------------------+------------+----------------+
| Other short term financial receivables | 41.309 | 18.710 |
+-----------------------------------------+------------+----------------+
| Short term financial assets available | 10.465 | 0 |
| for sale | | |
+-----------------------------------------+------------+----------------+
| Short term derivatives | 57 | 0 |
+-----------------------------------------+------------+----------------+
| Negotiable securities recognized at | 0 | 0 |
| fair value | | |
+-----------------------------------------+------------+----------------+
| Cash and cash equivalents | 30.279 | 11.703 |
+-----------------------------------------+------------+----------------+
| Total | 270.109 | 163.604 |
+-----------------------------------------+------------+----------------+
| Total assets | 587.043 | 417.878 |
+-----------------------------------------+------------+----------------+
CONSOLIDATED BALANCE SHEET ( Continued)
Euro/k
+------------------------------------------+------------+----------------+
| SHAREHOLDERS' EQUITY AND LIABILITIES | At 31 | At 31 |
| | december |december 2007 |
| | 2008 | |
+------------------------------------------+------------+----------------+
| Shareholders' equity | | |
+------------------------------------------+------------+----------------+
| Capital issued | 10.335 | 11.352 |
+------------------------------------------+------------+----------------+
| Share premium reserve | 39.919 | 39.919 |
+------------------------------------------+------------+----------------+
| Other reserves | 41.945 | 52.002 |
+------------------------------------------+------------+----------------+
| Net profit for the period | 33.317 | 18.340 |
+------------------------------------------+------------+----------------+
| Total | 125.516 | 121.613 |
+------------------------------------------+------------+----------------+
| | | |
+------------------------------------------+------------+----------------+
| Minority interests | 123.628 | 52.566 |
+------------------------------------------+------------+----------------+
| | | |
+------------------------------------------+------------+----------------+
| Total shareholders' equity | 249.144 | 174.179 |
+------------------------------------------+------------+----------------+
| | | |
+------------------------------------------+------------+----------------+
| Non current liabilities | | |
+------------------------------------------+------------+----------------+
| Long term loans and borrowing | 52.788 | 36.069 |
+------------------------------------------+------------+----------------+
| Long term derivative | 1.680 | 0 |
+------------------------------------------+------------+----------------+
| Deferred tax liabilities | 67.361 | 54.365 |
+------------------------------------------+------------+----------------+
| Post employment benefits | 7.106 | 5.614 |
+------------------------------------------+------------+----------------+
| Long term provisions | 2.430 | 2.332 |
+------------------------------------------+------------+----------------+
| Other non current liabilities | 3.918 | 3.240 |
+------------------------------------------+------------+----------------+
| Total | 135.283 | 101.620 |
+------------------------------------------+------------+----------------+
| Current liabilities | | |
+------------------------------------------+------------+----------------+
| Shot term trade and other payables | 98.515 | 76.371 |
+------------------------------------------+------------+----------------+
| Current tax liabilities | 3.923 | 7.014 |
+------------------------------------------+------------+----------------+
| Short term loans and borrowings | 98.885 | 58.694 |
+------------------------------------------+------------+----------------+
| Short term derivatives | 0 | 0 |
+------------------------------------------+------------+----------------+
| Shot term provisions | 1.293 | 0 |
+------------------------------------------+------------+----------------+
| Total | 202.616 | 142.079 |
+------------------------------------------+------------+----------------+
| Total liabilities | 587.043 | 417.878 |
+------------------------------------------+------------+----------------+
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Euro/k
+----------------------------------------------+------------+----------------+
| PROFIT AND LOSS ACCOUNT | At 31 | At 31 |
| | december |december 2007 |
| | 2008 | |
+----------------------------------------------+------------+----------------+
| Revenues | 397.709 | 300.176 |
+----------------------------------------------+------------+----------------+
| Change in inventory of finished product and | 12.765 | 11.084 |
| works in progress | | |
+----------------------------------------------+------------+----------------+
| Raw materials and consumables | (165.886) | (138.349) |
+----------------------------------------------+------------+----------------+
| Cost of Labour | (40.285) | (29.252) |
+----------------------------------------------+------------+----------------+
| Other operating expenses | (128.338) | (95.883) |
+----------------------------------------------+------------+----------------+
| Amortization, depreciation and write-downs | (23.126) | (11.910) |
+----------------------------------------------+------------+----------------+
| Financial income | 1.855 | 443 |
+----------------------------------------------+------------+----------------+
| Financial charges | (13.261) | (7.723) |
+----------------------------------------------+------------+----------------+
| Profit (loss) from foreign exchange | (555) | (821) |
| transactions | | |
+----------------------------------------------+------------+----------------+
| Income (losses) from equity-accounted | 0 | 0 |
| associates | | |
+----------------------------------------------+------------+----------------+
| Profit (loss) from assets held for sale | 0 | 0 |
+----------------------------------------------+------------+----------------+
| Pre tax profit | 40.878 | 27.765 |
+----------------------------------------------+------------+----------------+
| | | |
+----------------------------------------------+------------+----------------+
| Taxes | (2.494) | (1.393) |
+----------------------------------------------+------------+----------------+
| | | |
+----------------------------------------------+------------+----------------+
| After tax profit | 38.384 | 26.372 |
+----------------------------------------------+------------+----------------+
| | | |
+----------------------------------------------+------------+----------------+
| Minority interests | 5.066 | 8.032 |
+----------------------------------------------+------------+----------------+
| | | |
+----------------------------------------------+------------+----------------+
| Net profit | 33.317 | 18.340 |
+----------------------------------------------+------------+----------------+
| No. Shares outstanding (excluding treasury | 43.890.402 | 45.408.134 |
| shares) | | |
+----------------------------------------------+------------+----------------+
| Earnings per share | 0,875 | 0,58 |
+----------------------------------------------+------------+----------------+
CONSOLIDATED CASH FLOW STATMENT
Euro/k
+--------------------------------------------------+-----------+-----------+
| | Dec. | Dec. |
| | 31,'08 | 31,'07 |
+--------------------------------------------------+-----------+-----------+
| Opening balance | -7,568 | 4,981 |
+--------------------------------------------------+-----------+-----------+
| | | |
+--------------------------------------------------+-----------+-----------+
| Cash flows generated (absorbed by operating | | |
| activities | | |
+--------------------------------------------------+-----------+-----------+
| Pre tax profit (loss) | 40,878 | 27,765 |
+--------------------------------------------------+-----------+-----------+
| Amortization, depreciation and write-downs | 23,126 | 11,910 |
+--------------------------------------------------+-----------+-----------+
| Net change in provisions for risks and employee | 2,883 | -166 |
| benefits | | |
+--------------------------------------------------+-----------+-----------+
| Net financial charges | 11,960 | 8,101 |
+--------------------------------------------------+-----------+-----------+
| (Gain) /Losses on asset disposal | -45,754 | -73 |
+--------------------------------------------------+-----------+-----------+
| TOTAL | 33,093 | 47,537 |
+--------------------------------------------------+-----------+-----------+
| | | |
+--------------------------------------------------+-----------+-----------+
| Net change in working capital | -36,347 | -27,840 |
+--------------------------------------------------+-----------+-----------+
| | | |
+--------------------------------------------------+-----------+-----------+
| TOTAL | -36,347 | -27,840 |
+--------------------------------------------------+-----------+-----------+
| Cash flows generated (absorbed by investing | | |
| activities | | |
+--------------------------------------------------+-----------+-----------+
| Net change in: | | |
+--------------------------------------------------+-----------+-----------+
| - intangible assets | -1,563 | -2,667 |
+--------------------------------------------------+-----------+-----------+
| - property plant and equipment | -3,895 | -4,226 |
+--------------------------------------------------+-----------+-----------+
| - financial assets | 46,689 | 192 |
+--------------------------------------------------+-----------+-----------+
| | | |
+--------------------------------------------------+-----------+-----------+
| TOTAL | 41,231 | -6,701 |
+--------------------------------------------------+-----------+-----------+
| Cash flows generated (absorbed) by financing | | |
| activities | | |
+--------------------------------------------------+-----------+-----------+
| Increase in capital and reserves | 42,975 | 516 |
+--------------------------------------------------+-----------+-----------+
| Proceeds from capital increase | 0 | 0 |
+--------------------------------------------------+-----------+-----------+
| Receipt (repayment) of loans | 38,415 | -6,395 |
+--------------------------------------------------+-----------+-----------+
| Net financial charges | -11,960 | -8,101 |
+--------------------------------------------------+-----------+-----------+
| Dividends paid | -6,395 | -5,780 |
+--------------------------------------------------+-----------+-----------+
| Change in scope of consolidation | -67,403 | -5,785 |
+--------------------------------------------------+-----------+-----------+
| TOTAL | -4,368 | -25,545 |
+--------------------------------------------------+-----------+-----------+
| Net cash flows for the periiod | 33,609 | -12,549 |
+--------------------------------------------------+-----------+-----------+
| Closing Balance | 26,041 | -7,568 |
+--------------------------------------------------+-----------+-----------+
FINANCIAL STATEMENTS OF THE HOLDING COMPANY
BALANCE SHEET
In Euro
+-----------------------------------------+-------------+----------------+
| ASSETS | At 31 | At 31 |
| | december |december 2007 |
| | 2008 | |
+-----------------------------------------+-------------+----------------+
| Non current assets | | |
+-----------------------------------------+-------------+----------------+
| Property, plant and equipment | 1.606.171 | 1.352.710 |
+-----------------------------------------+-------------+----------------+
| Intangible assets | 36.405.916 | 36.395.936 |
+-----------------------------------------+-------------+----------------+
| Investment property | 0 | 0 |
+-----------------------------------------+-------------+----------------+
| Investments | 80.132.173 | 84.741.746 |
+-----------------------------------------+-------------+----------------+
| Long term financial assets available | 0 | 0 |
| for sale | | |
+-----------------------------------------+-------------+----------------+
| Deferred tax assets | 826.637 | 839.895 |
+-----------------------------------------+-------------+----------------+
| Long term derivatives | 0 | 0 |
+-----------------------------------------+-------------+----------------+
| Other long term financial receivables | 10.716.873 | 11.141.470 |
+-----------------------------------------+-------------+----------------+
| Long term trade and other receivables | 335.719 | 334.025 |
+-----------------------------------------+-------------+----------------+
| Total | 130.023.489 | 134.805.782 |
+-----------------------------------------+-------------+----------------+
| | | |
+-----------------------------------------+-------------+----------------+
| Non current assets held for sale | | |
+-----------------------------------------+-------------+----------------+
| | | |
+-----------------------------------------+-------------+----------------+
| Current assets | | |
+-----------------------------------------+-------------+----------------+
| Inventories | 5.230.643 | 3.988.756 |
+-----------------------------------------+-------------+----------------+
| Short term trade and other receivables | 9.311.427 | 11.182.381 |
+-----------------------------------------+-------------+----------------+
| Current tax assets | 5.701.414 | 1.145.972 |
+-----------------------------------------+-------------+----------------+
| Other short term financial receivables | 41.458.163 | 22.185.357 |
+-----------------------------------------+-------------+----------------+
| Short term financial assets available | 10.437.815 | 0 |
| for sale | | |
+-----------------------------------------+-------------+----------------+
| Short term derivatives | 0 | 0 |
+-----------------------------------------+-------------+----------------+
| Negotiable securities recognized at | 0 | 0 |
| fair value | | |
+-----------------------------------------+-------------+----------------+
| Cash and cash equivalents | 1.792.983 | 1.429.697 |
+-----------------------------------------+-------------+----------------+
| Total | 73.932.445 | 39.932.163 |
+-----------------------------------------+-------------+----------------+
| Total assets | 203.955.934 | 174.737.945 |
+-----------------------------------------+-------------+----------------+
BALANCE SHEET ( Continued)
In Euro
+------------------------------------------+-------------+---+-----------------------+
| SHAREHOLDERS' EQUITY AND LIABILITIES | At 31 | At 31 december 2007 |
| | december | |
| | 2008 | |
+------------------------------------------+-------------+---------------------------+
| Shareholders' equity | | |
+------------------------------------------+-------------+---+
| Capital issued | 10.335.274 | 11.352.034 |
+------------------------------------------+-------------+---------------------------+
| Reserves | 52.477.341 | 68.829.454 |
+------------------------------------------+-------------+---------------------------+
| Net profit for the period | 47.576.327 | 9.728.821 |
+------------------------------------------+-------------+---------------------------+
| Total | 110.388.942 | 89.910.309 |
+------------------------------------------+-------------+---------------------------+
| | | |
+------------------------------------------+-------------+---------------------------+
| Non current liabilities | | |
+------------------------------------------+-------------+---------------------------+
| Long term loans and borrowing | 28.503.494 | 28.370.037 |
+------------------------------------------+-------------+---------------------------+
| Long term derivative | 0 | 0 |
+------------------------------------------+-------------+---------------------------+
| Deferred tax liabilities | 2.376.769 | 2.967.331 |
+------------------------------------------+-------------+---------------------------+
| Post employment benefits | 419.440 | 462.517 |
+------------------------------------------+-------------+---------------------------+
| Long term provisions | 103.144 | 81.111 |
+------------------------------------------+-------------+---------------------------+
| Other non current liabilities | 331.903 | 330.475 |
+------------------------------------------+-------------+---------------------------+
| Total | 31.734.750 | 32.211.471 |
+------------------------------------------+-------------+---------------------------+
| Current liabilities | | |
+------------------------------------------+-------------+---------------------------+
| Shot term trade and other payables | 13.703.980 | 8.927.297 |
+------------------------------------------+-------------+---------------------------+
| Current tax liabilities | 413.587 | 2.551.574 |
+------------------------------------------+-------------+---------------------------+
| Short term loans and borrowings | 47.714.675 | 41.137.294 |
+------------------------------------------+-------------+---------------------------+
| Short term derivatives | 0 | 0 |
+------------------------------------------+-------------+---------------------------+
| Shot term provisions | 0 | 0 |
+------------------------------------------+-------------+---------------------------+
| Total | 61.832.242 | 52.616.165 |
+------------------------------------------+-------------+---------------------------+
| Total liabilities | 203.955.934 | 174.737.945 |
+------------------------------------------+-------------+---+-----------------------+
PROFIT AND LOSS ACCOUNT
In Euro
+----------------------------------------------+--------------+----------------+
| PROFIT AND LOSS ACCOUNT | At 31 | At 31 |
| | december |december 2007 |
| | 2008 | |
+----------------------------------------------+--------------+----------------+
| Revenues | 77.618.765 | 28.956.112 |
+----------------------------------------------+--------------+----------------+
| Change in inventory of finished product and | 133.392 | 847.368 |
| works in progress | | |
+----------------------------------------------+--------------+----------------+
| Raw materials and consumables | (11.110.344) | (10.011.855) |
+----------------------------------------------+--------------+----------------+
| Cost of Labour | (5.025.408) | (3.999.091) |
+----------------------------------------------+--------------+----------------+
| Other operating expenses | (13.829.782) | (8.941.258) |
+----------------------------------------------+--------------+----------------+
| Amortization, depreciation and write-downs | (838.463) | (925.347) |
+----------------------------------------------+--------------+----------------+
| Financial income | 5.475.426 | 2.577.331 |
+----------------------------------------------+--------------+----------------+
| Financial charges | (8.759.280) | (4.896.927) |
+----------------------------------------------+--------------+----------------+
| Profit (loss) from foreign exchange | 19.122 | (12.842) |
| transactions | | |
+----------------------------------------------+--------------+----------------+
| Income (losses) from equity-accounted | 0 | 0 |
| associates | | |
+----------------------------------------------+--------------+----------------+
| Profit (loss) from assets held for sale | 0 | 0 |
+----------------------------------------------+--------------+----------------+
| Pre tax profit | 43.683.428 | 3.593.491 |
+----------------------------------------------+--------------+----------------+
| | | |
+----------------------------------------------+--------------+----------------+
| Taxes | 3.892.900 | 1.510.701 |
+----------------------------------------------+--------------+----------------+
| | | |
+----------------------------------------------+--------------+----------------+
| After tax profit | 47.576.328 | 5.104.192 |
+----------------------------------------------+--------------+----------------+
CASH FLOW STATMENT
Euro/k
+----------------------------------------------------+------------+------------+
| |31/12/2008 |31/12/2007 |
+----------------------------------------------------+------------+------------+
| Opening balance | -3,806 | 2,259 |
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
| Cash flows generated (absorbed by operating | | |
| activities | | |
+----------------------------------------------------+------------+------------+
| Pre tax profit (loss) | 43,683 | 3,593 |
+----------------------------------------------------+------------+------------+
| Amortization, depreciation and write-downs | 838 | 925 |
+----------------------------------------------------+------------+------------+
| Net change in provisions for risks and employee | -21 | -266 |
| benefits | | |
+----------------------------------------------------+------------+------------+
| Net financial charges | 3,265 | 2,332 |
+----------------------------------------------------+------------+------------+
| (Gain) /Losses on asset disposal | -54,577 | |
+----------------------------------------------------+------------+------------+
| (Gain) /Losses on fixed asset disposal | -14 | 0 |
+----------------------------------------------------+------------+------------+
| TOTAL | -6,826 | 6,584 |
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
| Net change in working capital | 1,656 | 5,295 |
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
| TOTAL | 1,656 | 5,295 |
+----------------------------------------------------+------------+------------+
| Cash flows generated (absorbed by investing | | |
| activities) | | |
+----------------------------------------------------+------------+------------+
| Net change in: | | |
+----------------------------------------------------+------------+------------+
| - intangible assets | -81 | -1,021 |
+----------------------------------------------------+------------+------------+
| - property plant and equipment | -451 | -85 |
+----------------------------------------------------+------------+------------+
| - dividends received | 3,998 | 2,321 |
+----------------------------------------------------+------------+------------+
| - financial assets | 59,005 | 2,420 |
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
| TOTAL | 62,471 | 3,635 |
+----------------------------------------------------+------------+------------+
| Cash flows generated (absorbed) by financing | | |
| activities | | |
+----------------------------------------------------+------------+------------+
| Increase in capital and reserves | -22,152 | -555 |
+----------------------------------------------------+------------+------------+
| Proceeds from capital increase | 0 | 0 |
+----------------------------------------------------+------------+------------+
| Receipt (repayment) of loans | -7,477 | -11,822 |
+----------------------------------------------------+------------+------------+
| Net financial charges | -7,263 | -4,653 |
+----------------------------------------------------+------------+------------+
| Dividends paid | -4,945 | -4,549 |
+----------------------------------------------------+------------+------------+
| Change in scope of consolidation | 0 | 0 |
+----------------------------------------------------+------------+------------+
| TOTAL | -41,837 | -21,579 |
+----------------------------------------------------+------------+------------+
| Net cash flows for the periiod | 15,464 | -6,065 |
+----------------------------------------------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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