Thessaloniki, March 29th, 2013
During 2012 the deep recession of the Greek economy continued for the fifth consecutive year, causing stifling economic conditions in Greek companies. ELGEKA Group, holding a broad portfolio of activities, has been affected in various ways, depending on the type of activity and the emphasis has given each one of them.
The financial results of the Group received the highest negative impact as a consequence of reduced sales and depressed margins in the segment of “Trading food and other consumer products”, which is the traditional and most importantly, in terms of size, sector of the Group. Significant effort to restrain this negative effect was the Group’s activities, through its subsidiary G.S.B.G. S.A., in the private label products, which demonstrate remarkable resilience in times of economic downturn we are experiencing.
In contrast, ELGEKA Group managed to further strengthen its position in the domestic market as one of the main players in the field of “Logistics Services”, constantly increasing its market shares (sales increase by 18.4%) and contributing significantly to operating profitability. Given that the Group has the critical size and the appropriate partnerships, it is expected to be able to exploit any opportunities that will be created during the next time in the highly dynamic market of “Logistics” sector.
Remarkable effect on the Group financial results had also the segment of “Production of food and other consumer products”, where after an extensive program of rationalization of costs in conjunction with the widening of the products’ range is achieved a total turnaround at both the operational level profitability and in terms of profitability before tax.
Stabilization messages received from the real estate market in Romania with the gradual revival of investors’ interest, which is expected to benefit the Group, given the great number of real estate property that it holds in the specific market.
At the consolidated level, it should be emphasized the following points:
a) The creation of strong positive operational flows of 9.0 million euro, which enabled the Group to proceed smoothly both on its business and to make the necessary investments and also to reduce its bank borrowings by 8.5 million euro.
b) The negative effect of a series of non-operating costs, such as losses from the revaluation of investment properties (1.2 million euro compared with a profit of 2.3 million euro in 2011) primarily derived from Greek investment properties and losses from exchange differences (0.9 million euro in 2012 compared to 0.2 million euro in 2011).
Regarding the financial figures of Group for 2012, consolidated turnover amounted to 335.2 million euro compared to 363.8 million in 2011, presenting a decrease of 7.9%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 4.7 million euro compared to 6.9 million euro, while pre-tax loss amounted to 11.5 million euro compared to 6.7 million euro in the comparable year. The loss after tax and non-controlling interest amounted to 12.1 million in 2012 comparing to 8.5 million euro in 2011.
The Summary Financial Data and Information for the year 01.01.2012 – 31.12.2012 are available, along with the Annual Financial Report of 2012 in the company’s website (, as well as in Athens Exchange website (