PRESS RELEASE FOR THE FINANCIAL RESULTS OF ELGEKA WITHIN FIRST SIX-MONTHS PERIOD OF 2013
Thessaloniki, August 30th, 2013
In the first half of 2013 ELGEKA Group continued efforts to reduce operating costs at all levels, along with the incessant search of business opportunities that will allow it to increase its share of the markets it operates or to acquire presence in new markets. In this context, it has been established «ELGEKA AG», through which the Group will attempt to penetrate the large German market.
Among the positive events of the current period are included the increasing sales, despite the widespread recession, made by the Group in the segment of Logistics, as well as in the market for private label. Positive is also the fact of the slowing decline in sales for the Group in the second quarter of 2013 (first quarter 2013: -13,9%, second quarter 2013: -2,0%).
However, the deep and prolonged recession in the Greek economy had resulted in a reduction of total sales as well as the creation of increased provisions for doubtful debtors (by 534 thousand euro compared with the corresponding period of 2012). Negative influence on the results had also the increase in the tax rate from 20% to 26% under the new tax law, resulting in the calculation of deferred tax liability with the new rate and the corresponding deterioration of results (by 967 thousand euro).
In the context of its focus on the core business, ELGEKA Group implements since the second quarter of 2013 disengagement plan from its subsidiary company “MEDIHELM PHARMACEUTICAL S.A.”. As a consequence, the activity of the subsidiary is presented as discontinued operations in the Interim Financial Statements for the period 01.01.2013-30.06.2013.
Regarding the financial results, consolidated turnover amounted to 150,3 million euro compared to 160,2 million euro in the comparable period of 2012, presenting a decrease of 6,2%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations amounted to 2,6 million euro compared to 4,2 million euro in the corresponding period of 2012. Pre-tax loss from continuing operations amounted to 4,2 million euro compared to 3,5 million euro in the comparable period. The loss after tax and non-controlling interest amounted to 7,1 million in the first semester of 2013 comparing to loss of 3,6 million euro in the comparable semester of 2012, significantly affected by the aforementioned charge of deferred tax, as well as by the loss from discontinued operations.
The Summary Financial Data and Information for the period 01.01.2013 – 30.06.2013, as well as the Interim Financial Statements of the same period, are available today Friday, August 30, 2013, in the company’s website (www.elgeka.gr), as well as in Athens Exchange website (www.ase.gr).