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Antichi Pellettieri sees positive results in 2008
Apr '09
The Board of Directors of Antichi Pellettieri S.p.A. approved the Consolidated Financial Statements for the full year ended December 31, 2008 that reflect:

• REVENUES of € 397.7 million (+32.5%) vs. € 300,2 million in 2007
• EBITDA of € 76.0 million (+59%) vs. € 47.8 million in 2007.
• EBIT of € 52.8 million (+47.3%) vs. € 35.9 million in 2007
• PRETAX INCOME of €40.9 (+47.2%) vs. € 27.8 million in 2007
• NET INCOME of € 38.4 million (+45.5%) vs. € 26.4 million of 2007
• NET FINANCIAL POSTITION Debt of € 49.5 million, reflecting a debt/equity ratio of 0.18 at December 31, 2008

Proposed merger between MBFG and AP
The Boards of Directors of Antichi Pellettieri SpA and Mariella Burani SpA continue to review the proposed merger between Antichi Pellettieri SpA and Mariella Burani SpA, as announced to the market via a joint press release on March 14, 2009.

For purposes of ascertaining the transparency and fairness of the proposed transaction, the Board of AP has nominated, in accordance with its corporate governanace rules, a financial advisor to assist the company in the evaluation of the transaction and its financial implications, including the issuance of a fairness opinion on the fairness, from a financial standpoint, of the exchange ratio in the proposed merger.

The Board of Directors of MBFG has also nominated its financial advisor in the transaction. Both financial advisors are currently finalising their evaluations of the transaction and the proposed exchange ratio and are expected to issue their respective fairness opinions to the respective Boards in the near future.

Financial Highlights
Consolidated revenues of €397.7 million (+32.5%) compared to €300.2 million in 2007, reflect the capital gain realised on the sale of 49% of APBags to 3i, the first time consolidation of Mandarina Duck, the full year consolidation of Dadorosa, as well as 5% organic revenue growth realized during the year.

The 5% organic revenue growth was driven primarily by:
• The strong growth of the Group's own brands Baldinini (+32%) and Braccialini (+22%);
• The expansion of the Group's licensed brand portfolio and organic growth realized by existing licensed brands including Vivienne Westwood, Gherardini, Aquascutum, and Missoni;
• 20% organic growth from the Group's Directly Operated Stores, and 17% organic growth in sales to the Group's franchises; both complemented by the 72 boutique inaugurations during the year;
• Organic growth in emerging luxury markets (+17.6%), mostly driven by the performance of Russian and Eastern European markets.

Consolidated Ebitda reached €76.0 million (+59%) compared to €47.8 million generated last year. Ebitda margin improved from 15.9% in 2007 to 19.1% in 2008. 2008 Ebitda incorporates the net capital gain realised on the sale of 49% of APBags to 3i, the first time consolidation of Mandarina Duck, the full year consolidation of Dadorosa, and the benefits of the Group's strong sales mix:

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