Coccinelle & Braccialini perform well at Mariella Burani

30 Aug '08

6 min read

The Board of Directors of Mariella Burani Fashion Group Spa yesterday approved the consolidated financial statements for the six month period ended June 30, 2008, which reflect:

• Revenues of €325.3 million from €346.3 million in 1H 2007. While total revenues declined by during the period, the Group realised +9.4% organic growth.
• EBITDA of €40.1 million (+14.8%) vs. €34.9 million in 1H 2007.
• EBIT of €30.5 million (+34.5%) vs. €22.7 million in 1H 2007.
• Pretax income of €12.8 million (+42.1%) vs. € 9 million in 1H 2007.
• Net Financial Position (Debt) of €260.6 million, reflecting a debt/equity ratio of 0.84 notwithstanding the important investments effected during the period (including the acquisition of 100% of Finduck (Mandarina Duck), 14% of Francesco Biasia, and 35% of Jaya). The Net Financial Position at June 30, 2008 does not reflect the € 118 million proceeds received on August 7, 2008 from the sale of 49% of APBags to 3i fund.

IAS 8 – Consolidated financial statement 2007 and 2006 Restatement:
The Board of Directors of Mariella Burani Fashion Group Spa yesterday also approved, following prescriptions of IAS 8, the restatement on 2007 and 2006 consolidated financial statements before announced through July 1 and 2, 2008 press releases and in the July 3, 2008 conference call. For this topic and for subsequent actions carried on by the Company please see dedicated paragraph in the first half financial statement 2008.

Financial Highlights 1H 2008:
Consolidated revenues of €325.3 million from €346.3 million in 1H 2007. The decline in total revenues during the six month period, notwithstanding the first time consolidation of Valente, Calgaro and Dadorosa, is explained by the sale of the group's multi-brand retail division in June, 2007.

The Group realised strong organic revenue growth of 9.4%, driven primarily by:
• the Leather Goods division (Antichi Pellettieri) that realised 19.8% organic growth during the period; primarily attributable to the excellent results from Baldinini (+43%) and the strong performance from Coccinelle and Braccialini handbags and accessories collections.
• the 22% organic growth realised by the Digital Fashion Division.
• 16% organic growth in revenues generated from third party licenses.
• strong growth from emerging luxury markets (+ 23%), particularly in Russia (+32%), Eastern Europe (+17%), and the Middle East (+54%).

Ebitda reached €40.1 million for the year (+14.8%) vs. € 34.9 million in 1H 2007, reflecting an Ebitda margin of 12.3% (vs. 10.1%) for the same period in 2007. The restated 2007 Ebitda is impacted by the sale of the multibrand retail division.

The Group's sales mix reflects:
• Leather Goods and Fashion Jewellery divisions, which together generated 59.4% of revenues vs. 44% in 1H 2007;
• Export sales which generated 64.7% of revenues with emerging markets representing 37.9%, and US and Japan, together limited to 5% of the Group's revenues.

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