PRESS RELEASE FOR THE FINANCIAL RESULTS OF ELGEKA GROUP FOR THE 9-MONTH PERIOD OF 2014
Thessaloniki, November 21st, 2014
The positive financial performance of ELGEKA Group continued in the third quarter of 2014, strengthening further the total figures of the 9-month period of the same year. The Group continues unswervingly to implement its restructuring strategy, which allows the shield of its fundamentals and the ensuring of its leading role in the sectors of trade and storage and distribution services.
The expansion of its shares in new geographical markets through export products, the further penetration and enhancement of sales in specialized areas of existing markets, the achievement of strategic cooperation and joint participation in equity scheme with strong business factors, such as C.A. PAPAELLINAS LTD in Cyprus, as well as the enhancement of relationships and the business development with existing strategic partners, customers and suppliers, were some of the main actions carried out in the third quarter of 2014. In addition, it continued the process of reducing cost to each business level as well as the discovery of business moves that will maximize in the near future the benefit from the use of Group’s resources, materials and animate.
As a consequence of the above, ELGEKA Group achieved to record during the third quarter of 2014, Earnings before interest, tax, depreciation and amortization (EBITDA) of total amount 2,9 million euro compared to 1,0 million euro in the third quarter of 2013 and to significantly reduce Losses before taxes in 0,6 million euro over 2,0 million euro in the comparable quarter of 2013, figures which are added to the already positive results of the first two quarters of the year.
In total for the 9-month period of 2014, consolidated turnover amounted to 198,8 million euro compared to 227,5 million euro in the comparable period of 2013, a decrease by 12,6%, as a result mainly of the reorganization of the operations of the Group and the disengagement of the loss – making activities. However, the effectiveness of the Group showed a dramatic improvement, with significantly higher margins at every level of activity. Thus, the total earnings before interest, taxes, depreciation and amortization (EBITDA) for the 9-month period of 2014 amounted to 8,3 million euro against 2,0 million euro during the 9-month period of 2013. The above resulted in a considerable reduction in losses before tax to 2,1 million euro versus 6,2 million euro as well as in losses after tax and non-controlling interest to 2,3 million euro in 2014 versus 9,4 million euro in the 9-month period of 2013.
The strategic direction outlined by ELGEKA Group and the positive results that have been already recorded, are a guarantee for the strengthening of the efforts of the Group companies in order to successfully complete year 2014 and to consist the transition year during which the Group will pass from loss-making fiscal years to profitability.
The Summary Financial Data and Information for the period 01.01.2014 – 30.09.2014, as well as the Interim Financial Statements of the same period, are available today Friday, November 21st, 2014, in the Company’s website (www.elgeka.gr), as well as in Hellenic Exchanges Group’s website (www.helex.gr).