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INVESTOR DAY MBFG 1H 2006 Cavriago - September 29, 2006. MBFG 2006 OPERATING & STRATEGIC HIGHLIGHTS 1H 2006 FINANCIAL HIGHLIGHTS STRATEGIC DIRECTION AND OUTLOOK APPENDICES A. HISTORICAL FINANCIAL PERFORMANCE B . REVENUE BREAKDOWNS 1H 2006

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INVESTOR DAY MBFG 1H 2006 Cavriago - September 29, 2006

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Investor day mbfg 1h 2006 cavriago september 29 2006

INVESTOR DAY

MBFG 1H 2006

Cavriago - September 29, 2006


Investor day mbfg 1h 2006 cavriago september 29 2006

MBFG

2006 OPERATING & STRATEGIC HIGHLIGHTS

1H 2006 FINANCIAL HIGHLIGHTS

STRATEGIC DIRECTION AND OUTLOOK

APPENDICES

A.HISTORICAL FINANCIAL PERFORMANCE

B. REVENUE BREAKDOWNS 1H 2006

C.PROMISES MADE AT IPO / ACHIEVEMENTS

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.1


Investor day mbfg 1h 2006 cavriago september 29 2006

001. MBFG

p.2


Investor day mbfg 1h 2006 cavriago september 29 2006

001. MBFG

WHO ARE WE

MBFG IS A LEADING PLAYER IN THE “ACCESSIBLE” SEGMENT

OF THE LUXURY GOODS MARKET

  • MBFG designs, produces and distributes worldwide luxury apparel, footwear, leather accessory and fashion jewellery collections

  • Strategic focus on the accessible luxury segment of the luxury goods market

  • Established presence with leading brands in rapidly growing geographic markets

  • Extensive distribution network

  • Vertically integrated structure benefiting from 30 years of experience in “Made in Italy”

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.3


Investor day mbfg 1h 2006 cavriago september 29 2006

001. MBFG

GROUP STRUCTURE

JEWELLERY DIVISION TO COMPLEMENT EXISTING FASHION AND LEATHER GOODS OPERATIONS…..

APPAREL

LEATHER GOODS

DIGITAL FASHION

FASHION JEWELLERY

BRANDS

MULTI-BRAND RETAIL

OTHER

HANDBAGS &

FOOTWEAR

LEATHER APPAREL

MARIELLA

BURANI

DON GIL

KNITWEAR

COCCINELLE

BALDININI

GFM

SEDOC

FACCO

MANDELLI

ABAX

BRACCIALINI

SEBASTIAN

LONGWAVE

BERNIES

TEXTILE

RENE

LEZARD

FRANCESCO

BIASIA

REVEDI

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.4


Investor day mbfg 1h 2006 cavriago september 29 2006

001.MBFG

BRANDS AND PRODUCTS

MBFG MANAGES A DIVERSIFIED PORTFOLIO OF OWN AND LICENSED BRANDS WITH THE OBJECTIVE FOR EACH TO BECOME LEADER IN ITS RESPECTIVE MARKET

FASHION

JEWELLERY

LEATHER GOODS

APPAREL

ABBIGLIAMENTO

PRINCIPAL OWN BRANDS

HANDBAGS

FOOTWEAR

BOUTIQUES

47

15

18

15

45

44

6

Mugler, Fuchsia (Ungaro),

Anglomania (Vivienne Westwood),

1000 Miglia,

Alviero Martini,

Patrizia Pepe

Killah

Vivienne Westwood,

Warner Bros,

Miss Sixty

Missoni,

Luigi Bofrelli

LICENSED

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.5


Investor day mbfg 1h 2006 cavriago september 29 2006

001.MBFG

INTERNATIONAL PRESENCE

WITH “EMERGING” LUXURY MARKETS REPRESENTING OVER 25 %

OF TOTAL GROUP REVENUES

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.6


Investor day mbfg 1h 2006 cavriago september 29 2006

001.MBFG

INTERNATIONAL RETAIL NETWORK

THE RETAIL NETWORK AT JUNE 30, 2006 INCLUDES 293 MONO AND MULTI-BRAND BOUTIQUES (166 DOS+127 FRANCHISEES)

REST OF EUROPE (13)

RUSSIA+ BALTIC COUNTRIES (20)

(4) Mariella Burani

(4) Coccinelle

(2) Rene Lezard

(1) Braccialini

(2) Francesco Biasia

(16) Baldinini

(1) Mariella Burani

(3) Coccinelle

GERMANY, AUSTRIA, SWITZERLAND (74)

JAPAN (10)

(38) Don Gil

(16) Bernies

(13) Rene Lezard

(2) Mila Schon

(2) Revedi

(1) Baldinini

(2) Coccinelle

(6) Mila Schön

(3) Mariella Burani

(1) Coccinelle

FAR EAST (13)

ITALY (126)

  • (5) Mariella Burani

  • (3) Braccialini

  • (2) Baldinini

  • (2) Francesco Biasia

  • Mila Schön

  • (30) Mariella Burani

  • (28) Coccinelle

  • (19) Revedi

  • (12) Baldinini

  • (11) Mila Schön

  • (8) Braccialini

  • (7) Francesco Biasia

  • (6) Antichi Pellettieri

  • (2) Gai Mattiolo

  • (1) Gabriella Frattini

  • Le Tricot

  • (1) Junior fashion

MIDDLE EAST –

REST OF WORLD (22)

EASTERN EUROPE

(15)

(6) Coccinelle

(3) Mariella Burani(1)

(3) Baldinini

(4) Francesco Biasia

(3) Braccialini

(3) Antichi Pellettieri

(10) Baldinini

(3) Francesco Biasia

(1) Mariella Burani

(1) Coccinelle

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.7


Investor day mbfg 1h 2006 cavriago september 29 2006

001.MBFG

ITALIAN GAAP

CAGR

IAS / IFRS

CAGR

2000

2001

2002

2003

2004

2000-2004

2004

2005

2000-2005

MILLIONS OF EURO

NET REVENUES

157,0

221,7

273,9

358,8

428,9

28,6%

429,6

483,1

25,2%

% TOTAL GROWTH

41,2%

23,5%

31,0%

19,3%

12,5%

% ORGANIC GROWTH

34,0%

6,0%

10,5%

5,4%

8,1%

14,3%

EBITDA

12,6

22,8

32,4

43,5

53,3

43,4%

45,2

61,4

37,2%

% TOTAL GROWTH

81,0%

42,3%

34,1%

22,6%

35,9%

EBITDA Margin

8,0%

10,3%

11,8%

12,1%

12,4%

10,5%

12,7%

EBIT

5,5

11,5

19,9

25,9

32,6

56,1%

29,0

42,7

50,7%

% TOTAL GROWTH

na

109,6%

72,9%

30,0%

25,8%

47,0%

EBIT Margin

3,5%

5,2%

7,3%

7,2%

7,6%

8,8%

PRETAX

2,4

6,2

13,7

17,3

20,8

72,2%

16,2

27,9

33,7%

% TOTAL GROWTH

na

160,3%

118,7%

26,9%

20,3%

72,1%

Margin

1,5%

2,8%

5,0%

4,8%

4,9%

3,8%

5,8%

NET INCOME

3,2

5,7

11,3

21,7

12,1

38,5%

7,8

22,3

46,6%

% TOTAL GROWTH

78,1%

98,2%

92,0%

-44,1%

0,0%

186,3%

NET INCOMEMARGIN

2,1%

2,6%

4,1%

6,1%

2,8%

1,8%

4,6%

DYNAMIC GROWTH-

SINCE 2000, AVERAGE ANNUAL REVENUE GROWTH OF 25%, ACCOMPANIED BY MORE THAN PROPORTIONAL GROWTH OF EBITDA (+37%), AND EBIT (+51%)

500,0

REVENUE GROWTH BY DIVISION

450,0

400,0

350,0

300,0

250,0

200,0

150,0

100,0

50,0

0,0

2000

2001

2002

2003

2004

2005

EBITDA GROWTH BY

DIVISION

55,0

50,0

45,0

40,0

35,0

30,0

25,0

20,0

15,0

10,0

5,0

0,0

2000

2001

2002

2003

2004

2005

Apparel

Leather Goods

Digital

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.8


Investor day mbfg 1h 2006 cavriago september 29 2006

002. OPERATING AND STRATEGIC HIGHLIGHTS 2006

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.9


Investor day mbfg 1h 2006 cavriago september 29 2006

002.OPERATING AND STRATEGIC HIGHLIGHTS

OPERATING AND STRATEGIC HIGHLIGHTS 2Q 2006

OPERATING HIGHLIGHTS

  • Expansion of the mono brand retail network

  • New licensed product introductions

  • Further extension of MBFG brands

  • Continued rationalization of knitwear and textile operations

  • Further integration of the Group’s multi-brand retail network; Don Gil, Revedi, and Bernie’s

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.10


Investor day mbfg 1h 2006 cavriago september 29 2006

002. OPERATING AND STRATEGIC HIGHLIGHTS

STRATEGIC HIGHLIGHTS

  • The acquisition of a 51% controlling interest of Coccinelle, a renown Italian handbag and accessories company

  • Acquisition by Itochu of a 3,3 % equity interest in AP. ITOCHU is one of Japan's most successful trading companies and one of the world's largest corporations with a network of more than 670 companies in 80 countries.

  • The IPOof Antichi Pellettieri on June 7, 2006

  • RECENT – Tamburi Investment Partners acquired a 3.2 % equity interest in MBFG

  • RECENT - The Group’s entry into Fashion Jewellery with the acquisition of Facco Corporation SpA.

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.11


Investor day mbfg 1h 2006 cavriago september 29 2006

002. OPERATING AND STRATEGIC HIGHLIGHTS

THE ACQUISITION OF FACCO CORP.

THE COMPANY

  • Founded in 1969 by Albino Facco in Vicenza, Italy

  • Designs, produces, and distributes gold & silver jewellery

  • Expected to generate € 12,5 million of revenues and Ebitda in excess of €1 million in 2006.

    STRATEGIC REASONING

  • First step in the establishment of the

    Fashion Jewellery division within MBFG.

  • Develop Facco brands world-wide by further leveraging MBFG’s extensive distribution network, international market presence, and management expertise

  • Extend MBFG’s product offering across brands…..

    Will begin with 2007 licenses for the production and distribution of Mariella Burani and Baldinini jewellery collections.

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.12


Investor day mbfg 1h 2006 cavriago september 29 2006

1H 2006 FINANCIAL HIGHLIGHTS

003.

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.13


Investor day mbfg 1h 2006 cavriago september 29 2006

003.FINANCIAL HIGHLIGHTS 1H 2006

IN SUMMARY…..

  • INCOME STATEMENT: THE DYNAMIC GROWTH REGISTERED IN THE PAST YEAR INTENSIFIES IN 1H 2006

  • REVENUE MIX: CONTINUOUS SHIFT TOWARDS PRODUCT CATEGORIES, DISTRIBUTION CHANNELS, AND GEOGRAPHIC MARKETS OFFERING HIGHER MARGINS

  • BALANCE SHEET: NOTWITHSTANDING SIGNIFICANT INVESTMENTS,REDUCED DEBT/EQUITY RATIO

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.14


Investor day mbfg 1h 2006 cavriago september 29 2006

003. FINANCIAL HIGHLIGHTS 1H 2006

INCOME STATEMENT (IAS/IFRS)

*

**

* Includes €87 million capital gain on the sale of AP shares

** Includes extraordinary expenses

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.15


Investor day mbfg 1h 2006 cavriago september 29 2006

003. FINANCIAL HIGHLIGHTS 1H 2006

RECLASSIFIED INCOME STATEMENT

THE DYNAMIC GROWTH REGISTERED IN THE PAST YEAR INTENSIFIES

*

*

* Net of extraordinary income/expenses

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.16


Investor day mbfg 1h 2006 cavriago september 29 2006

003. FINANCIAL HIGHLIGHTS 1H 2006

1H2005

1H2006

(MILLIONS OF EURO)

REVENUES

63,0

107,6

% total growth

70,8%

% organic growth

32,1%

EBITDA

7,8

16,1

% total growth

105,8%

ebitda margin

12,4%

14,9%

(1) including royalties

RECLASSIFIED DIVISIONAL REVENUES

APPAREL

LEATHER GOODS

  • The Apparel division generated 55% of Group revenues and 55,5% of Group EBITDA in 1H 2006

  • In 1H 2006, the Apparel division realised 4,0% total revenue growth and 10,3% organic growth

  • The Leather Goods division generated 39,2% of Group revenues and 42,6% of Group EBITDA in 1H 2006

  • The Leather Goods division realised total revenue growth of 70,8% and organic revenue growth of 32% in 1H2006

(1)

(1)

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.17


Investor day mbfg 1h 2006 cavriago september 29 2006

003. FINANCIAL HIGHLIGHTS 1H 2006

RECLASSIFIED REVENUE MIX

CONTINUOUS SHIFT TOWARDS PRODUCT CATEGORIES, DISTRIBUTION CHANNELS, AND GEOGRAPHIC MARKETS OFFERING HIGHER MARGINS.

DIRECT CLIENTS: DOS, FRANCHISEES E WHOLESALE CUSTOMERS ACQUIRING DIRECTLY FROM THE GROUP’S SHOWROOMS

(1)

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.18


Investor day mbfg 1h 2006 cavriago september 29 2006

003. FINANCIAL HIGHLIGHTS 1H 2006

BALANCE SHEET HIGHLIGHTS

DEBT/EQUITY RELATIVLE STABLE AT 0,75, NOTWITHSTANDING SEASONAL INCREASE IN WORKING CAPITAL REQUIREMENTS

2004

2005

1H2005

1H2006

MILLIONS OF EURO

NET WORKING CAPITAL

105,2

117,8

112,1

122,9

NET FIXED ASSETS

309,9

369,9

344,7

433,0

PROVISIONS

(19,7)

(18,6)

(21,1)

(20,2)

DEFFERED TAXES

(45,7)

(56,6)

(49,2)

(69,8)

TOTAL INVESTED CAPITAL

349,9

412,5

386,5

465,8

NET FINANCIAL POSITION (NFP) / DEBT

142,0

169,2

159,5

142,9

SHAREHOLDERS' EQUITY

207,9

243,3

227,0

322,9

TOTAL INVESTED CAPITAL

349,9

412,5

386,5

465,8

INDICES:

NET WORKING CAPITAL / REVENUES

24,6%

24,5%

26,2%

20,8%

NFP / EQUITY

0,68

0,70

0,70

0,44

NFP / TOTAL INVESTED CAPITAL

0,41

0,41

0,41

0,31

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.19


Investor day mbfg 1h 2006 cavriago september 29 2006

004.2006 STRATEGIC DIRECTION AND OUTLOOK

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.20


Investor day mbfg 1h 2006 cavriago september 29 2006

004.2006 STRATEGIC DIRECTION AND OUTLOOK

STRATEGIC DIRECTION

FURTHER DEVELOPMENT OF THE GROUP’S BRANDS, EACH TO BECOME A LEADER IN ITS RESPECTIVE MARKET

  • Optimize sales mix with focus on:

    • Handbags and accessories

    • Fashion Jewellery

    • Rapidly expanding geographic markets

  • Continued…….

    • Integration of companies acquired

    • Rationalization of textile / knitwear activities

  • Retail Network expansion

  • Further brand extension

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.21


Investor day mbfg 1h 2006 cavriago september 29 2006

OUTLOOK…

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.22


Investor day mbfg 1h 2006 cavriago september 29 2006

HISTORICAL FINANCIAL PERFORMANCE

1H 2006 REVENUE BREAKDOWNS

PROMISES MADE AT IPO / ACHIEVEMENTS

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.23


Investor day mbfg 1h 2006 cavriago september 29 2006

A.

APPENDIX

HISTORICAL FINANCIAL PERFORMANCE

INCOME STATEMENT

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.24


Investor day mbfg 1h 2006 cavriago september 29 2006

A.

HISTORICAL FINANCIAL PERFORMANCE

APPENDIX

PERCANTAGE OF REVENUES

ITALIAN GAAP

IAS / IFRS

GENERATED FROM:

2000

2001

2002

2003

2004

2004

2005

APPAREL

94,0%

66,4%

67,5%

63,9%

66,7%

66,7%

63,7%

LEATHER GOODS

0,0%

29,5%

27,1%

31,9%

29,0%

28,9%

31,0%

DIGITAL FASHION

6,0%

4,1%

5,4%

4,2%

4,4%

4,4%

5,4%

OWN BRANDS

70,0%

75,1%

85,3%

90,7%

90,2%

90,2%

91,4%

DIRECT CLIENTS

(1)

30,7%

40,2%

58,1%

65,6%

71,8%

71,9%

72,1%

49,0%

FOREIGN MARKETS

56,4%

59,2%

61,7%

68,0%

67,9%

69,9%

(1)

Direct clients: DOS, franchisees and wholesale customers acquiring directly from the Group's showrooms

THE REVENUE MIX

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.25


Investor day mbfg 1h 2006 cavriago september 29 2006

A.

APPENDIX

HISTORICAL FINANCIAL PERFORMANCE

BALANCE SHEET

ITALIAN GAAP

IAS/IFRS

2000

2001

2002

2003

2004

2004

2005

MILLIONS OF EURO

NET WORKING CAPITAL

93,1

88,7

113,0

134,0

139,1

105,2

117,8

NET FIXED ASSETS

44,8

81,1

105,9

133,2

179,6

309,9

369,9

PROVISIONS

(7,8)

(11,2)

(14,5)

(20,3)

(22,1)

(19,7)

(18,6)

DEFFERED TAXES

(45,6)

(56,6)

TOTAL INVESTED CAPITAL

130,1

158,6

204,3

246,9

296,6

349,9

412,5

NET FINANCIAL POSITION (NFP) / DEBT

45,2

61,7

93,8

113,8

141,9

142,0

169,2

SHAREHOLDERS' EQUITY

84,9

96,9

110,5

133,2

154,7

207,9

243,3

TOTAL INVESTED CAPITAL

130,1

158,6

204,3

246,9

296,6

349,9

412,5

INDICES:

NET WORKING CAPITAL / REVENUES

59,3%

40,0%

41,3%

37,4%

32,4%

24,6%

24,5%

NFP / EQUITY

0,53

0,64

0,85

0,85

0,92

0,70

0,70

NFP / NET ASSETS

0,35

0,39

0,46

0,46

0,48

0,41

0,41

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.26


Investor day mbfg 1h 2006 cavriago september 29 2006

B.

1H 2006 REVENUE BREAKDOWNS

APPENDIX

RECLASSIFIED REVENUE BREAKDOWNS-BRAND

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.27


Investor day mbfg 1h 2006 cavriago september 29 2006

B.

1H 2006 REVENUE BREAKDOWNS

APPENDIX

RECLASSIFIED REVENUES BY DISTRIBUTION CHANNEL

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.28


Investor day mbfg 1h 2006 cavriago september 29 2006

B.

APPENDIX

1H 2006 REVENUE BREAKDOWNS

RECLASSIFIED REVENUES GEOGRAPHIC AREA

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.29


Investor day mbfg 1h 2006 cavriago september 29 2006

C.

APPENDIX

PROMISES MADE AT IPO / ACHIEVEMENTS

(1) DIRECT DISTRIBUTION CHANNELS: DOS, FRANCHISEES AND MULTI-BRAND CUSTOMERS ACQUIRING DIRECTLY FROM THE GROUP’S SHWROOMS

(2) STAR SEGMENT OF THE ITALIAN STOCK ECXHANGE (BORSA ITALIA SPA)

INVESTOR DAY,

MBFG 1H2006 Financial Results

p.30


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