Mariella Burani Fashion Group registers 7.9% growth

15 Nov '08

4 min read

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

• Revenues of €562.2 million (+7.9%) from €520.9 million in 9M 2007.
• EBITDA of € 106.6 million (+76%) vs. €60.6 million in 9M 2007.
• EBIT of € 91.5 million (+117.2%) vs. €42.1 million in 9M 2007.
• Pretax income of €65.4 million (+ 201.2%) vs. € 21.7 million in 9M 2007.
• Net Financial Position (Debt) of € 174.5 million, vs. € 260.6 million at June 30, 2008, that reflects the sale of 49% of APBags to 3i as well as the consolidation of the Net Debt of Finduck, resulting in a optimal consolidated debt/equity ratio at September 30, 2008 of 0.41.

FINANCIAL HIGHLIGHTS - 9M 2008:
Consolidated revenues increased 7.9% over the prior year period from € 520.9 million to € 562.2 million reflecting the acquisition of Finduck, the capital gain realised on the sale of 49% of AP Bags to 3i, strong growth realised by the Group's Leather Goods subsidiary (Antichi Pellettieri), partially offset by the sale of certain businesses in the prior year:

• The Apparel division was negatively impacted by the deconsolidation of the Group's multi-brand retail division,
• The Leather Goods division (Antichi Pellettieri) realised 44.8% revenue growth during the period reflecting the first time consolidation of Finduck and strong organic revenue growth from the footwear and handbags division, with Baldinini footwear and accessory collections and Coccinelle and Braccialini handbag and accessory collections performing particularly well,
• The Jewellery division realised 21.1% revenue growth during the period, benefiting from the Rosato jewellery collections, particularly in emerging markets,
• the Digital Fashion division continues to expand and reflected 44% revenue growth during the period,
• Revenues from third party licenses grew by 29.6% during the period, while
• Revenues in emerging markets, currently representing 34,4% of Group sales, increased by 17% during the period.

Ebitda reached €106.6 million for the period (+76%) vs. € 60.6 million in 9M 2007, reflecting an Ebitda margin of 19% (vs. 11.6% for the same period in 2007). Ebitda growth is attributed to the first time contribution of Finduck, the net capital gain realised on the sale of 49% of AP Bags to 3i, and to the Group's positive sales mix, that reflects:

• Growth in revenues generated from the Leather Goods and Fashion Jewellery divisions, accounting for 65.2% of revenues in 9M 2008;
• Export sales, representing over 63.2% of 9M 2008 revenues with emerging markets generating 34.4%; revenues generated by the Group in the US and Japan are limited to 5.5% of the Group's revenues;
• Own brands which generated 84.2% of revenues;
• Direct distribution channels that generate 60.5% of revenues with 23.1% generated from DOS and Franchisees.

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