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Leather Goods segment perks up at Mariella Burani
May '09
The Shareholders of Mariella Burani Fashion Group S.p.A. approved the financial statements for the full year ended December 31, 2008, that reflect:

REVENUES of € 700.1 million (+3.9%) vs. € 674.0 million in 2007;

EBITDA of € 87.8 million (+5.3%) vs. € 83.4 million in 2007;

EBIT – Negative EBIT of €26.9 million, vs. EBIT of € 56.2 million in 2007
EBIT prior to non recurring impairment charges and write-downs of financial assets of € 99.6 million, increased by 9.8% from € 66.1 million in 2007 to € 72.6 million;

Pre-tax Loss of € 63.8 million vs. Pre-tax Income of € 27.9 in 2007
Pre-tax Income prior to non recurring impairment charges and write-downs of financial assets, declined by 5.3% from € 37.8 million in 2007 to € 35.8 million;

Net Loss of € 65.2 million vs. Net Income of € 16.8 million in 2007;

Net Financial Position Reclassified - Debt of € 256.6 million.
Net Financial Position IFRS/IAS - Debt of € 401.5 million excludes € 10.4 million of pledged liquidity and € 103.9 million of financial assets and includes € 30.5 of treasury shares held at December 31, 2008.

Walter Burani, Chairman of the Board, stated “Notwithstanding the difficult economic environment, the Group realised 9.8% growth of Operating Earnings (EBIT prior to non recurring impairment charges and write-downs of financial assets) in 2008, attesting to the strength of our business model and operations.

The capital structure of our Group remains solid and, with the assistance Mediobanca, an independent financial advisor, we have initiated a debt restructuring project to ascertain maximum operating flexibility, improve the efficiency of treasury management, and to optimise the mix of short and long term debt.

We expect to continue to generate value for our shareholders, both operationally and strategically, by focusing on our core businesses, investing in the quality and reach of our brands, aggressively expanding the Group's license business, further extending the retail network, and continuously developing strategic partnerships in emerging markets.

In addition, we are implementing complementary value creating initiatives that include further rationalisation with the opportune divestment of non-core, duplicate, and/or non profitable businesses, and further reinforcement of our capital structure.”

2008 Financial Highlights
Consolidated revenues of € 700.1 million (+3.9%) vs. € 674.0 million in 2007 benefit from the capital gains realized on the sale of 49% of APBags to 3i, the sale of AP shares in the acquisition of Mandarina Duck, the sale of commercial real estate and brands, as well as the first time consolidation of Mandarina Duck from July 1, 2008, and the full year consolidation of Dadorosa.

Notwithstanding the difficult economic environment, organic revenues increased by 5.8%, during the year, primarily reflecting the strong contributions from the Leather Goods and

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