BRDH Burani

 

TIDMBRDH 
 
RNS Number : 5292R 
Burani Designer Holding N.V. 
30 April 2009 
 

BURANI DESIGNER HOLDING N.V. ("BDH") 
 
BURANI DESIGNER HOLDING'S SUBSIDIARY MARIELLA BURANI FASHION GROUP ANNOUNCES 
SHAREHOLDER APPROVAL OF 2008 FINANCIAL STATEMENTS 
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 today shareholder approval of its financial statements 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 30, 2009 
 
 
THE SHAREHOLDERS OF MARIELLA BURANI FASHION GROUP SPA APPROVED THE FINANCIAL 
STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008; APPROVED NOMINATIONS TO THE 
BOARD OF DIRECTORS; APPROVED THE EXTENSION OF THE CURRENT SHARE BUY BACK PLAN 
 
 
The Shareholders of Mariella Burani Fashion Group S.p.A. today approved the 
financial statements for the full year ended December 31, 2008, that reflect: 
 
 
REVENUES of EUR 700.1 million (+3.9%) vs. EUR 674.0 million in 2007; 
 
 
EBITDA of EUR 87.8 million (+5.3%) vs. EUR 83.4 million in 2007; 
 
 
EBIT - Negative EBIT of EUR26.9 million, vs. EBIT of EUR 56.2 million in 2007 
EBIT prior to non recurring impairment charges and write-downs of financial 
assets of EUR 99.6 million, increased by 9.8% from EUR 66.1 million in 2007 to EUR 
72.6 million; 
 
 
Pre-tax Loss of EUR 63.8 million vs. Pre-tax Income of EUR 27.9 in 2007 
Pre-tax Income prior to non recurring impairment charges and write-downs of 
financial assets, declined by 5.3% from EUR 37.8 million in 2007 to EUR 35.8 
million; 
 
 
Net Loss of EUR 65.2 million vs. Net Income of EUR 16.8 million in 2007; 
 
 
Net Financial Position Reclassified - Debt of EUR 256.6 million. 
Net Financial Position IFRS/IAS - Debt of EUR 401.5 million excludes EUR 10.4 
million of pledged liquidity and EUR 103.9 million of financial assets and 
includes EUR 30.5 of treasury shares held at December 31, 2008. 
 
 
Walter Burani, Chairman of the Board, stated "Notwithstanding the difficult 
economic environment, the Group realised 9.8% growth of Operating Earnings (EBIT 
prior to non recurring impairment charges and write-downs of financial assets) 
in 2008, attesting to the strength of our business model and operations. 
 
 
The capital structure of our Group remains solid and, with the assistance 
Mediobanca, an independent financial advisor, we have initiated a debt 
restructuring project to ascertain maximum operating flexibility, improve the 
efficiency of treasury management, and to optimise the mix of short and long 
term debt. 
 
 
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, 
further extending the retail network, and continuously developing strategic 
partnerships in emerging markets. 
 
In addition, we are implementing complementary value creating initiatives that 
include further rationalisation with the opportune divestment of non-core, 
duplicate, and/or non profitable businesses, and further reinforcement of our 
capital structure." 
 
 
 
 
 
 
2008 Financial Highlights 
Consolidated revenues of EUR 700.1 million (+3.9%) vs. EUR 674.0 million in 2007 
benefit from the capital gains realized on the sale of 49% of APBags to 3i, the 
sale of AP shares in the acquisition of Mandarina Duck, the sale of commercial 
real estate and brands, as well as the first time consolidation of Mandarina 
Duck from July 1, 2008, and the full year 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. 
 
 
Consolidated EBITDA reached EUR 87.8 million (+5.3%) compared to EUR 83.4 million 
generated during 2007, reflecting a 12,5% Ebitda margin. 2008 Consolidated 
Ebitda incorporates the net capital gains realized on the sale of 49% of APBags 
to 3i, the sale of AP shares in the acquisition of Mandarina Duck, the sale of 
commercial real estate and brands, as well as the first time consolidation of 
Mandarina Duck from July 1, 2008, and the full year consolidation of Dadorosa. 
Ebitda margins also benefited from 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 prior to non recurring impairment charges and write-downs of 
financial assets of EUR 99.6 million, increased by 9.8% from EUR 66.1 million in 
2007 to EUR 72.6 million, reflecting a 10.4% EBIT margin. 
 
 
Pre-tax Income prior to non recurring impairment charges and write-downs of 
financial assets, declined by 5.3% from EUR 37.8 million in 2007 to EUR 35.8 
million, reflecting a Pretax Income margin of 5.1% 
 
 
Consolidated Net Loss of EUR 65.2 million vs Consolidated Net Income of EUR16.8 
million recorded in 2007. 
 
 
Net Financial Position Reclassified - Debt of EUR 256.6 million. 
Net Financial Position IAS / IFRS - Debt of EUR 401.5 million excludes EUR 10.4 
million of pledged liquidity and EUR 103.9 million of other financial assets and 
includes EUR 30.5 of treasury stock. 
 
 
 
 
Appointments to the Board of Directors 
Shareholders approved the 5 members appointed to the Board of Directors. The 
Board appointments are effective for the three year period 2009 to 2011, and 
expire at the shareholders meeting to be convened to approve the financial 
statements for the year ended December 31, 2011. The Board members follow: 
 
 
Walter Burani - Chairman and Chief Executive Officer 
Giovanni Valter Burani - Managing Director 
Andrea Burani - Managing Director 
Guido Corbetta - Independent Director 
Giuliano Tagliavini - Independent Director 
 
 
The members of the Board were elected from a single list, presented by the 
majority shareholder, Mariella Burani Family Holding S.p.A., with no. 22,692,533 
ordinary shares with voting rights, representing 75.88% of the share capital of 
Mariella Burani Fashion Group S.p.A. 
 
 
The Independent Directors, Guido Corbetta and Giuliano Tagliavini meet the 
independence requirements stipulated in Article 148, par. 3 of Legislative 
Decree 58/1998. 
 
 
Approval of the Share Buyback plan 
Shareholders of Mariella Burani Fashion Group S.p.A. agreed to extend the 
existing share buy-back plan that  provides for the purchase and sale of up to 
10% of the Group's outstanding common shares. The plan will remain in effect for 
the three year period 2009 to 2001 and expire at the shareholders meeting to be 
convened for the approval of the financial statements for the year ended 
December 31, 2009. MBFG held 1,586,173 treasury shares, or 5.3% of outstanding 
shares on April 29, 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 
 
 
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. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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