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Optimal performance Braccialini brand at Antichi Pellettieri
May '09
The Board of Directors of Antichi Pellettieri Spa approved the financial results for the first quarter of 2009 which reflect:

• REVENUES of € 110.3 million vs. € 104.9 million in 1Q 2008, reflecting 5% growth.
• EBITDA of € 11.5 million vs. € 18.8 million in 1Q 2008, reflecting a 38.6% decrease.
• EBIT of € 8.6 million vs. € 16.9 million in 1Q 2008 reflecting a 48.6% decrease.
• PRETAX INCOME of € 7.1 million vs. € 14.4 million in 1Q 2008, reflecting a 50.3% decrease.
• NET FINANCIAL POSTITION reclassified - Debt of € 54.5 million at March 31, 2009, reflecting an optimal debt/equity ratio of 0.20 at March 31, 2009
• NET FINANCIAL POSTITION IAS / IFRS – Debt of € 84.5 million vs. € 81.7 million at December 31, 2008.


Consolidated revenues increased to € 110.3 million (+ 5.0%) compared to € 104.9 million in 1Q 2008.

Revenue growth was driven by the consolidation of Mandarina Duck and:
• The optimal performance of the Group's own brands particularly Braccialini (+17.5%);
• Growth realised in the Italian (+4%) and Eastern European markets (+7.2%);
• Growth from the Group's Directly Operated Stores and franchisees (+13.7%).

Ebitda reached € 11.5 million with an Ebitda margin of 10.5% that reflects both, the impact of lower revenue growth, particularly abroad, and the integration and re-launch of Mandarina Duck, acquired in June 2008.

The Group's sales mix reflects:
• 84.3% of revenues generated from the Group's own brands;
• 42.6% of revenues generated from Direct distribution channels, with 17.6% generated from DOS and Franchisees;
• 60.1% of revenues generated from export markets, with 38.5% generated from emerging markets.

Ebit of € 8.6 million with an Ebit margin of 7.9%.

Pretax income of € 7.1 million with a Pretax margin of 6.5%.

Net Financial Position Reclassified - Debt of € 54.5 million, reflecting an optimal debt/equity ratio of 0.20 at March 31, 2009.
Net Financial Position IAS/IFRS - Debt of € 84.5 million.

• The further integration and rationalisation of companies recently acquired;
• The continued development of the Group's own brands with constant investments in communication and the continued extension of the international retail network (that counts 317 boutiques at March 31, 2009: 95 DOS and 222 Franchisees), with the inauguration of 7 boutiques :
- 3 DOS, of which 2 Baldinini (1 in Venice, 1 in Mantova) and 1 Sebastian in Milan;
- 4 Franchisees, of which 2 Baldinini (1 in Russia, 1 in Ukraine) and 2 Coccinelle (1 in Italy, 1 in Poland).

Notwithstanding the negative economic environment, the accessible luxury goods market continues to offer many growth opportunities. The Group is focusing on improving the operations efficiencies to optimize individual company performance, and, as market leader, continues to capitalise on all opportunities to maximise growth in the medium/long term.

Antichi Pellettieri Spa

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