Subsidiaries' Q1 Results and Notice of BDH Results
May 18 2009 - 4:54AM
UK Regulatory
TIDMBRDH
RNS Number : 4048S
Burani Designer Holding N.V.
18 May 2009
BURANI DESIGNER HOLDING N.V. ("BDH")
RESULTS FOR MARIELLA BURANI FASHION GROUP AND ANTICHI PELLETTIERI FOR THE THREE
MONTH PERIOD ENDED MARCH 31, 2009
NOTIFICATION OF PUBLICATION OF 2009 ANNUAL RESULTS FOR BDH
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 financial results for the three month period ended March 31, 2009.
In addition, Burani Designer Holding N.V 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 financial
results for the three month period ended March 31, 2009..
MBFG announced turnover of EUR171.2 million for the three months ended March 31,
2009, reflecting a 5.5% decline (2008: EUR181.2 million) generating earnings (as
measured by earnings before interest, tax, depreciation and amortization) of EUR10
million (2008: EUR29.1 million) and Pretax losses of EUR1.7 million (2008: Profit
before tax EUR16.7 million).
Antichi Pellettieri announced turnover of EUR110.3 million for the three months
ended March 31, 2009, reflecting an 5% increase (2008: EUR104.9 million)
generating earnings (as measured by earnings before interest, tax, depreciation
and amortization) of EUR11.5 million (2008: EUR 18.8 million) and Profit before tax
of EUR7.1 million (2008: Profit before tax EUR14.4 million).
In addition, the Company announces that its consolidated financial results for
the year ended 31 December 2008 are expected to be published on June 15, 2009,
and not on May 28, 2009 as originally expected.
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 - May 18, 2009
MBFG REPORTS 1Q 2009 RESULTS REFLECTING A 5.5% DECLINE IN REVENUES
The Board of Directors of Mariella Burani Fashion Group Spa approved the
consolidated financial results for the first quarter of 2009 which reflect:
REVENUES of EUR 171.2 million from EUR181.2 million in 1Q 2008, reflecting a decline
of 5.5%;
EBITDA of EUR 10.0 million vs. EUR 29.1 million in 1Q 2008, in decline primarily as
a function of margin declines in the Fashion Jewellery and Apparel divisions;
EBIT of EUR 5 million vs. EUR 24.8 million in 1Q 2008;
PRETAX LOSS of EUR 1.7 million vs. Pretax Income of EUR 16.7 million in 1Q 2008.
NET FINANCIAL POSITION RECLASSIFIED - Debt of EUR 272.1 million on March 31, 2009,
vs EUR 256.6 million on December 31, 2008.
NET FINANCIAL POSITION IAS / IFRS - Debt of EUR 404.6 million on March 31, 2009,
vs EUR401.5 million on December 31, 2008.
FINANCIAL HIGHLIGHTS - 1Q 2009
Consolidated revenues of EUR171.2 million compared to EUR181.2 million for the same
period in 2008.
Revenues from the Leather Goods division (Antichi Pellettieri), that generated
64.3% of Group revenues, increased by 5,4% during the period, primarily
attributable to the consolidation of Mandarina Duck and to the positive
performance of the division's own brands, Braccialini and Biasia, and the
licensed brands, Vivienne Westwood and Gherardini. In addition, revenues
benefited from growth realised by the retail network (+13.7%) and in Italian
(+4%) Eastern European (+7.2%) markets.
Notwithstanding the positive contribution from Antichi Pellettieri, the Group's
consolidated revenues declined by 5.5%, reflecting the negative economic climate
and its resultant impact on orders. While the Children's division continued to
grow, the revenues of the Apparel division declined by 17.4%, primarily
reflecting the deconsolidation of Compagnia della Seta during the period and
lower revenues from Western European markets. Revenues from Fashion Jewellery
declined by 42.7% during the period, mostly due to significant declines
registered in Italian and Middle Eastern markets.
EBITDA of EUR 10 million with an EBITDA margin of 5.8%, reflecting the impact of
revenue declines as well as the costs associated with the restructuring and
re-launch of the Mariella Burani and Rene Lezard brands as well as the
integration and re-launch of Mandarina Duck.
The Group's sales mix reflects:
* Leather Goods and Apparel divisions, which together generated over 90% of
revenues;
* Export sales which generated 60.5% of revenues with emerging markets
representing 35.3%, and US and Japan, together limited to 3% of revenues.
* Own brands which generated 79.7% of revenues;
* Direct distribution channels which generated 44.8% of revenues with the Group's
retail network reflecting 18.6% of revenues.
EBIT of EUR 5 million, reflecting an EBIT margin of 2.9%.
Pretax Loss of EUR1.7 million, as compared to Pretax Income of EUR16.7 million from
the same period last year.
NET FINANCIAL POSITION RECLASSIFIED - Debt of EUR 272.1 million on March 31, 2009,
vs EUR 256.6 million on December 31, 2008.
NET FINANCIAL POSITION IAS / IFRS - Debt of EUR 404.6 million on March 31, 2009,
vs EUR401.5 million on December 31, 2008.
STRATEGIC AND OPERATING HIGHLIGHTS - 1Q 2009
* Focus on licenses, with new license agreements signed for the production and
international distribution of Etienne Aigner women's Ready-to-Wear collections
and Freddy Ready-to-Wear children's collections;
* The further integration and rationalization of recently acquired companies;
* The continued development of the Group's own brands with continued investments
in communication and the further extension of the retail network with 378
boutiques at March 31, 2009 (133 DOS and 245 Franchisees), including
inaugurations during the quarter of:
*
* 3 DOS, of which 2 Baldinini (1 in Venice, Italy and 1 in Mantova, Italy), and 1
Sebastian in Milan;
* 6 Franchises, of which 2 Mariella Burani (1 in Lebanon and 1 in UAE), 2
Baldinini (1 in Russia; 1 in Ukraine) and 2 Coccinelle (1 in Italy and 1 in
Poland).
"The Financial Reporting Officer, Giuseppe Gullo, 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".
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. The
Group has also made 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.
ANTICHI PELLETTIERI
Cavriago - May 15, 2009
ANTICHI PELLETTIERI: 5% REVENUE INCREASE REALISED IN 1Q 2009
The Board of Directors of Antichi Pellettieri Spa today approved the financial
results for the first quarter of 2009 which reflect:
* REVENUES of EUR 110.3 million vs. EUR 104.9 million in 1Q 2008, reflecting 5%
growth.
* EBITDA of EUR 11.5 million vs. EUR 18.8 million in 1Q 2008, reflecting a 38.6%
decrease.
* EBIT of EUR 8.6 million vs. EUR 16.9 million in 1Q 2008 reflecting a 48.6% decrease.
* PRETAX INCOME of EUR 7.1 million vs. EUR 14.4 million in 1Q 2008, reflecting a 50.3%
decrease.
* NET FINANCIAL POSTITION reclassified - Debt of EUR 54.5 million at March 31, 2009,
reflecting an optimal debt/equity ratio of 0.20 at March 31, 2009
* NET FINANCIAL POSTITION IAS / IFRS - Debt of EUR 84.5 million vs. EUR 81.7 million
at December 31, 2008.
FINANCIAL HIGHLIGHTS - 1Q 2009
Consolidated revenues increased to EUR 110.3 million (+ 5.0%) compared to EUR 104.9
million in 1Q 2008.
Revenue growth was driven by the consolidation of Mandarina Duck and:
* The optimal performance of the Group's own brands particularly Braccialini
(+17.5%);
* Growth realised in the Italian (+4%) and Eastern European markets (+7.2%);
* Growth from the Group's Directly Operated Stores and franchisees (+13.7%).
Ebitda reached EUR 11.5 million with an Ebitda margin of 10.5% that reflects both,
the impact of lower revenue growth, particularly abroad, and the integration and
re-launch of Mandarina Duck, acquired in June 2008.
The Group's sales mix reflects:
* 84.3% of revenues generated from the Group's own brands;
* 42.6% of revenues generated from Direct distribution channels, with 17.6%
generated from DOS and Franchisees;
* 60.1% of revenues generated from export markets, with 38.5% generated from
emerging markets.
Ebit of EUR 8.6 million with an Ebit margin of 7.9%.
Pretax income of EUR 7.1 million with a Pretax margin of 6.5%.
Net Financial Position Reclassified - Debt of EUR 54.5 million, reflecting an
optimal debt/equity ratio of 0.20 at March 31, 2009.
Net Financial Position IAS/IFRS - Debt of EUR 84.5 million.
STRATEGIC AND OPERATING HIGHLIGHTS 1Q 2009
* The further integration and rationalisation of companies recently acquired;
* The continued development of the Group's own brands with constant investments in
communication and the continued extension of the international retail network
(that counts 317 boutiques at March 31, 2009: 95 DOS and 222 Franchisees), with
the inauguration of 7 boutiques : ü 3 DOS, of which 2 Baldinini (1 in Venice, 1 in Mantova) and 1 Sebastian in
Milan; ü 4 Franchisees, of which 2 Baldinini (1 in Russia, 1 in Ukraine) and 2
Coccinelle (1 in Italy, 1 in Poland).
OUTLOOK 2009
Notwithstanding the negative economic environment, the accessible luxury goods
market continues to offer many growth opportunities. The Group is focusing on
improving the operations efficiencies to optimize individual company
performance, and, as market leader, continues to capitalise on all opportunities
to maximise growth in the medium/long term.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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