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IT Holding earns lower revenues from F/W 2008
Aug '08
It Holding Group Board of Directors approved the Half-Yearly Financial Report at June 30, 2008. 1H08 net revenues of IT Holding Group were Euro 304.3 million compared to Euro 319.2 million in 1H07 (-4.7%). At constant exchange rates, the 1H08 turnover would equal Euro 311 million approx. (-2.6% yoy).

EBITDA amounted to Euro 49.7 million, compared to Euro 59.5 million in 1H07. EBITDA in the first half of 2008 was negatively affected by a provision prudently made for legal and tax disputes, in the amount of Euro 2.8 million, by currency exchange fluctuations, and by the lower revenues earned in Fall/Winter 2008, compared with the same season in 2007.

This amount is expected to be recovered by year end. The comparison in terms of profitability, after removing non-recurring effects, shows that EBITDA in the first half of 2008 was slightly lower compared to the same period in 2007.

EBIT amounted to Euro 14.4 million, substantially lower than the Euro 25.7 million in 1H07 further to a slight increase in amortization of the costs related to design and development of the collections.

The pre-tax result went from Euro 9.2 million in 1H07 to Euro -3.8 million. As mentioned, this result was influenced by the provision made for legal and tax disputes, currency exchange fluctuations and the declining revenue for the Fall/Winter 2008 season, which is expected to be recovered by the end of the year.

The net result went from Euro 1.7 million in 1H07 to Euro -9.9 million.

Net debt fell by Euro 1.8 million versus June 30, 2007, decreasing to Euro 317.8 million from Euro 319.6 million in the same period a year earlier. At June 30, 2008, net debt was represented by a bond of Euro 175.2 million with maturity date in 2012, bank loans of Euro 43.3 million, and Euro 99.3 million in self-liquidating debt.

“In view of the performance of order taking for the Spring/Summer 2009, still in progress, we are confident we will attain a level of revenue and profit for the year 2008 that matches the levels achieved in FY 2007,” noted Tonino Perna, Chairman and Chief Executive Officer of the IT Holding Group.

“The type of business of the Group, structured by order-taking campaigns, allows us to have a good overview of the performance of revenues in the successive six months. Therefore, the only risk connected with the performance of revenues for the current year refers to the performance of orders relating to the Spring/Summer 2009 season and specifically, the merchandise that will be shipped in the current year.”

IT Holding S.p.A. Group is one of the leading players in the luxury goods sector and controls a group of companies that design, produce, and distribute high-quality products (ready-to-wear and accessories) under fully-owned brands – Gianfranco Ferré, Malo, and Extè – as well as under license agreements – VJC Versace, Versace Sport, Just Cavalli, C'N'C Costume National, and Galliano.

IT Holding S.p.A.

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