Outstanding performance of MBFG Leather Goods boutiques in 2007

01 Apr '08

5 min read

The Board of Directors of Mariella Burani Fashion Group S.p.A. approved yesterday the Group's 2007 consolidated and parent company financial statements that reflect:

• Consolidated revenues of € 700,3 million vs. € 672,6 million for 2006; net of extraordinary items, the Group realised total revenue growth of 11,5% with an organic growth of 16,3%.
• EBITDA of € 109,5 million vs. € 125,1 million for 2006; net of extraordinary items, the Group realised total Ebitda growth of 18,7%.
• EBIT of € 82,3 million vs. € 92,6 million for 2006; net of extraordinary items, the Group realised Ebit growth of 24,6%.
• Pretax income of € 54 million vs. € 68,8 million of 2006.
• Net Income of € 51 million vs. € 63,3 million of 2006.
• Net financial position (debt) of € 185,9 million, respect to € 179,6 million recorded at December 31st, 2006, notwithstanding the significant investments made during the year for the acquisition of the companies of the Fashion Jewellery division, the acquisition of Dadorosa, net of the proceeds from the sale of the multi brand retail division. The net financial position reflects an optimal debt/equity ratio of 0,65.

Financial Highlights FY 2007:
Consolidated revenues of MBFG for the full year 2007 increased to € 700,3 million compared to € 672,6 million for 2006.

Net of extraordinary items, the Group realised revenue growth of 11,5% which reflects the net impact of the disposal of the multi brand retail division and the acquisition of Valente, Rosato, and Calgaro (fashion jewellery) as well as Dadorosa (Leather Goods).

Organic revenues grew by 16,3% during the period while total growth was driven primarily by:

• The strong performance of the Leather Goods division (Antichi Pellettieri), driven by Baldinini, Braccialini e Francesco Biasia collections;

• The dynamic growth realised in emerging luxury markets (+36,6%) and the sustained growth in Italy (+14,6%).

• The excellent performance of the boutiques of the Leather Goods division (+21%).

EBITDA reached € 109,5 million compared to € 125,1 million of 2006; net of extraordinary items, the Group realised Ebitda growth of 18,7%.

Improved EBITDA margins are primarily attributable to operating leverage and economies of scale in the Leather Goods division, further rationalisation in the Apparel division and an improved sales mix for the Group.

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