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Optimal performance from Antichi Pellettieri footwear & handbags
Aug '08
The Board of Directors of Antichi Pellettieri Spa approved the consolidated financial statements for the six months ended June 30, 2008 which reflect:

• Revenues of € 169 million (+ 26.2 %) vs. € 133.9 million in 1H 2007.
• EBITDA of € 23.3 million (+ 20.0%) vs. € 19.5 million in 1H 2007.
• EBIT of € 19.2 million (+ 24.7%) vs. € 15.4 million in 1H 2007.
• Pre-tax income of € 14.6 million (+23.0%) vs. € 11.9 million in 1H 2007.

Financial Highlights – 1h 2008:
Consolidated revenues of € 169 million (+26.2%) compared to € 133.9 million in first half 2007, reflect the consolidation of Dadorosa as well as strong organic revenue growth (+19%), driven primarily by:

• The optimal performance of the footwear and handbags division, driven by the excellent results of Baldinini (+43%) and the continued growth of the Coccinelle and Braccialini handbags and accessories collections;

• Dynamic organic growth in emerging luxury markets (+24%), driven by the optimal performance of Russian and Eastern European markets (+34%), as well as the Middle East (+30%), and the continued growth realised in Italy (+18%), again driven by the Baldinini, Braccialini, and Coccinelle brands.

Ebitda reached € 23.3 million, growing +20.0% compared to the same period in 2007. Ebitda growth is attributable to both, the consolidation of Dadorosa and the strong sales mix that reflects:

• Own brands which generate 85 % of consolidated revenues;
• Direct distribution channels that represent 59 % of consolidated revenues with 22% generated from DOS and Franchisees;
• Export markets that generate 65.0 % of consolidated revenues, with 45% generated from emerging luxury markets.

Ebit increased to € 19.2 million (+24.7%) for the six month period from € 15.4 million in 1H 2007. Pre-tax income of € 14.6 million (+23.0%) from € 11.9 million in the same period of 2007.

Net Financial Position at June 30, 2008 reflected Net Debt of € 107.7 million vs. € 63.5 million at December 31, 2007. The debt/equity ratio remains optimal at 0.63 notwithstanding the fact that the € 118 million of cash generated on August 7, 2008 from the sale of 49% of APBags to 3i has not been recognised.

Strategic and Operating Highlights – 1h 2008:
The 1st Half 2008 has proven extremely dynamic thanks to:
• The acquisition by 3i of 49% of APBags S.p.A., a newly established sub-holding that houses the Group's handbags and accessories companies. The transaction is expected to accelerate the development of APBags in the Chinese and Indian markets (August);

• The acquisition of 100% of Finduck, a company that owns the renowned Mandarina Duck brand, was closed on June 24, 2008. As noted in the auditors' report, the six days of operations of Finduck have not been consolidated in the financials of AP for the six month period ended June 30, 2008 as it was not possible to report only six days of operations according to International Accounting Standards.

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