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IT Holding revenues up in first nine months of 2008
Dec '08
The BoD of IT Holding S.p.A. approved the nine months results of 2008. In the first nine months of 2008, the Group's net revenues amounted to Euro 468.0 million compared to Euro 502.5 million for the same period of 2007. The factors responsible for this decline include the slowing-down of the economy in general, which led to a squeeze in consumption on the luxury goods market, and for our Group in particular led to a Fall/Winter 2008/2009 order collection that is slightly down on the same season of last year.

Lastly, at constant exchange rates, the turnover of the first nine months of 2008 would equal Euro 477 million approx. (-5.1% compared to the first nine months of 2007).

In terms of geographical distribution of revenues, the main markets registered a contraction, while the revenues in the Rest of the World countries registered an increase of 6.9%, compared to the corresponding period of the previous year. In particular, the Middle East recorded a 4.2% increase year on year.

EBITDA equalled Euro 83.2 million compared to Euro 98.7 million in 9M07, showing a reduction both in absolute terms and as a percentage of revenues, from 19.6% in 9M07 to 17.8%. EBITDA for the first nine months of 2008 includes an extraordinary provision for legal disputes entirely out of the ordinary.

If this provision is added back, the EBITDA margin for the period is 18.4%. EBITDA of the first nine months of 2007 benefited from the extraordinary income, due to the valuation of the severance indemnity, without which the incidence on revenues for the period would have been 19.3%. Consequently, the comparison in terms of profits deriving from ordinary operations showed a result that decreased by 1 percentage point in 9M08 compared to the same period of 2007.

Operating result (EBIT) equalled Euro 27.9 million compared to Euro 45.9 million in the corresponding period of the previous year, due to the changes mentioned above.

The pre-tax result substantially broke even, from Euro 21.2 million in 9M 2007 to Euro -0.1 million. This result is affected by the overheads structure (mainly staff costs and rents), which has a negative impact on the profit margin, due to the lower turnover.

The consolidated net result showed a net loss of Euro 10.1 million, compared to a net profit of Euro 6.6 million in the same period of 2007.

Compared to September 30, 2007 net debt fell by Euro 57.0 million, decreasing to Euro 295.4 million from Euro 352.4 million at the same date a year earlier, due to a similar reduction in net working capital.

“The results for the first nine months of 2008 – noted Tonino Perna, Chairman and Chief Executive Officer of the IT Holding Group – have been strongly influenced by the negative economic situation, which has directly affected all the markets on which we are present.”

“In 2008 the Group, in view of the difficult situation and of the Spring/Summer 2009 order collection season – continued Perna – expects consolidated revenues down by approximately 8% year on year and EBITDA margin of 15-16%”.

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