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Revenues of Antichi Pellettieri S.p.A zoom
13
Nov '08
The Board of Directors of Antichi Pellettieri S.p.A. approved the consolidated financial statements for the nine months ended September 30, 2008 which reflect:

• Revenues of € 333.7 million (+ 43.5 %) vs. € 232.5 million in 9M 2007.
• EBITDA of € 80.9 million (+ 112.8%) vs. € 38 million in 9M 2007.
• EBIT of € 74.1 million (+ 138.6%) vs. € 31.1 million in 9M 2007.
•Pre-tax income of € 66.7 million (+162.9%) vs. € 25.4 million in 9M 2007

FINANCIAL HIGHLIGHTS – 9 Months of 2008:
Consolidated revenues of € 333.7 million (+43.5%) compared to € 232.5 million in 9M 2007, reflect the first time consolidation of Mandarina Duck, the capital gain realised on the sale of 49% of APBags to 3i, as well as strong organic revenue growth realised during the period, driven primarily by:

• The performance of the footwear and handbags division, reflecting the excellent results of Baldinini footwear and accessories collections and the Coccinelle and Braccialini handbags and accessories collections;

• The growth in AP's emerging luxury markets business (+28%), driven by the performance of Russian and Eastern European markets (+38%) and continued growth in Italy (+20%).

Ebitda reached € 80.9 million, growing +112.8% compared € 38 milliion generated during the same period in 2007. Ebitda growth is attributable to the first time consolidation of Mandarina Duck, the capital gain realised on the sale of 49% of APBags to 3i, and the strong sales mix that reflects:

• Own brands which generate 85% of consolidated revenues;
• Direct distribution channels that generate 54% of consolidated revenues with 23% generated from DOS and Franchisees.
• Export markets that generate 63% of consolidated revenues, with 41% generated from emerging luxury markets.

Ebit increased to € 74.1 million (+138.6%) for the nine month period from € 31.1 million in 9M 2007. Pre-tax income of € 66.7 million (+162.9%) from € 25.4 million in the same period of 2007.

Net Financial Position - Debt at September 30, 2008 of € 33.8 million vs. € 107.7 million at June 30, 2008, that reflects the sale of 49% of APBags to 3i as well as the consolidation of the Net Debt of Finduck, resulting in a consolidated debt/equity ratio of 0.11.

STRATEGIC AND OPERATING HIGHLIGHTS –

2008 has proven to be an important year in the businesses development thanks to:

• The acquisition, closed in August 2008, by 3i of 49% of APBags S.p.A. for €118 million. APBags S.p.A is a newly established sub-holding company 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;

• The nomination of Christopher Bizzio as CEO of APBags. Dott. Bizzio was General Manager of Trussardi and has matured years of experience in the luxury goods sector with Ferragamo and in strategic consulting;


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