Antichi Pellettieri sees positive results in 2008

01 Apr '09

5 min read

• Own brands generate 85% of consolidated revenues;
• Export markets generate 63% of consolidated revenues, with 41.5% from emerging luxury markets;
• Direct distribution channels generate 53% of consolidated revenues, with 11.9% from the Group's own store network.

Consolidated EBIT of €52.8 million (+47.3%) vs. € 35.9 million in 2007, reflecting an Ebit margin of 13.3%.

Consolidated Pretax Income of €40.9 million (+47.2%) vs. € 27.8 million in 2007, reflecting a Pretax margin of 10.3%.

Consolidated Net income of €38.4 million (+45.5%) vs. € 26.4 million of 2007, reflecting a Net Income margin of 9.7%.

Net Financial Position - Debt at December 31, 2008 of € 49,5 million, reflected net of treasury stock of € 21.7 million, resulting a consolidated debt/equity ratio of 0.18 at December 31, 2008 vs. 0.36 at December 31, 2007.

Strategic & Operating Highlights
• The acquisition, completed in June, 2008, of 100% of Finduck for € 36.9 million, a company that owns the renowned Mandarina Duck brand;
• The establishment of APBags SpA, a sub-holding, to house the Group's handbags and accessories companies with the nomination of Christopher Bizzio as CEO. Mr. Bizzio has matured over 15 years of experience in the luxury goods sector including management roles in both Ferragamo and Trussardi;
• The sale of 49% of the newly established APBags S.p.A. to 3i. The entrance of 3i in the capital of AP Bags is expected to provide further development opportunities for the company in the Far East;
• The continued extension of the Group's retail network, with 72 inaugurations during the year (14 DOS and 58 Franchisees) contributing to the network of 319 boutiques (91 DOS and 228 franchisees) at December 31, 2008;
• Product launches for the Group's own brands including Baldinini jewellery, perfume, and apparel collections; Braccialini jewellery, eyewear, underwear and beachwear collections; and Biasia men's lines.

Outlook 2009
As witnessed in the above results, the accessible luxury goods market continues to offer many opportunities for Antichi Pellettieri and the Group is benefiting from its consolidated position in this market as well as from its strong presence in emerging markets, a key growth driver. Total revenues have increased by 7% in the first two months of 2009, giving management confidence in the near and long term prospects of the business.

Dividends
The Board of Directors, in the interest of optimising the Group's liquidity, has agreed to not declare a dividend this year.

Buy-back plan
The Board of Directors of Mariella Burani Fashion Group S.p.A. agreed to extend the company's existing buy-back plan that provides for the purchase and sale of up to 10% of the Group's outstanding common shares. The plan will be in effect until the shareholders meeting to approve the financial statements for the year ended December 31, 2009.

Antichi Pellettieri S.p.A.

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