Press release for the financial results of ELGEKA Group for the year 2021

Industrial area of Sindos – Thessaloniki, April 14th, 2022

 

Subject: Press release for the financial results of ELGEKA Group for the year 2021

During 2021, ELGEKA Group showed significant strength and flexibility. In a year where the normalization of the market of food and other consumer products gradually returned, after the emergency conditions of COVID-19 that affected and continue to influence to a lesser extent consumer behavior in various ways, ELGEKA Group maintained its commercial position in the market, utilizing the resilience of the branded companies that trade in Greece and Romania and continuing to further strengthen its activity in the highly dynamic sector of the provision of logistics services.

The basic points of the financial figures of ELGEKA Group for the fiscal year 2021 are the following:

  • Maintaining sales at the same level as in 2020, after a comparable year in which the prevailed emergent conditions resulted in particularly high demand for a range of basic and non-basic consumer goods. The Group’s sales mix was qualitatively differentiated through its strengthening with new branded products, which resulted in the availability of a wider portfolio of codes in the market, in parallel with the logistics services, a sector characterized by long-term partnerships.
  • Increase in gross profitability by € 1,5 million compared to 2020, which, however, was offset by the corresponding selling and distribution expenses, with the result operating profitability to remain at relatively stable levels compared to 2020.
  • Achieving significant returns on investments made in the Romanian market, both in the consumer goods sector and in the real estate management sector, a fact which allowed the distribution of the achieved profitability of the local subsidiaries and therefore the strengthening of the Parent Company in Greece through receiving dividends. In this context, the Parent received a dividend of € 490 thousand in 2021 against € 411 thousand in 2020.
  • Successful completion of the share capital increase at the end of July 2021, through which the Group raised a total capital of € 10.853 thousand. These funds enabled the Group to strengthen its working capital, to enrich its product portfolio and to strengthen its commercial position in a highly competitive market.

In particular, the consolidated turnover for 2021 amounted to € 192,7 million compared to € 192,5 million in 2020 showing a marginal increase, while the gross profit amounted to € 34,9 million against € 33,4 million. Earnings before interest, taxes, interest and depreciation (EBITDA) amounted to € 13,3 million compared to € 13,6 million in 2020 and Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA” without the effect of I.F.R.S. 16) to € 8,5 million against € 8,9 million.

At the level of Net Results, compared to the year 2020, Profit before taxes of € 1,1 million were achieved against Loss before taxes of € 1,4 million and Profits after taxes of € 0,7 million against Loss after taxes of € 1,4 million. Regarding Loss after tax and non-controlling interest amounted to € 1,1 million against Loss of € 2,3 million in the comparable year.

The instability in international markets since the beginning of 2022 due to the war in Ukraine has caused a number of adverse effects on the international Economy and the global supply chain. In addition, the above developments have the effect of limiting stocks of certain products, directly affect energy costs and push prices to historically high levels. The most significant risks at the moment are the high levels of inflation and the simultaneous reduction of growth rates, through the reduced income of consumers and the lower profit margins of companies.

ELGEKA Group examines the critical variables that affect its areas of activity and takes the appropriate measures to adjust its business operation accordingly, to take advantage of of the opportunities created and to ensure in any case the long-term development of its operations.

The Summary Financial Data and Information for the year 01.01.2021 – 31.12.2021, as well as the Annual Financial Statements of the same year, are available today Thursday, April 14, 2022, in the Company’s website (www.elgeka.gr), as well as in Hellenic Exchanges website (www. athexgroup.gr).

 

Ministry of Development & Investments – General Secretariat for Commerce & Consumer Protection –
General Secretariat of Market – Directorate of Companies – Department of Supervision of Public Companies & Athletic Companies
G.E.MI. Νο: 57298604000