PRESS RELEASE FOR THE FINANCIAL RESULTS OF ELGEKA WITHIN FIRST SIX-MONTHS PERIOD OF 2012
In an adverse and volatile economic environment, ELGEKA Group continues to invest in sectors and cooperations, where it expects to derive significant value in the coming years. The rendering of logistics services, the activity in the market for private label products, as well as cooperation with the Group of Cosco are the main pillars of growth for the Group, despite the crisis, contributing significantly both in terms of sales and in terms of profitability.
In parallel with developmental activities, ELGEKA Group adjusts constantly its cost basis to meet the new conditions, having achieved a reduction of operating costs by 10% for the current semester. Furthermore, the realization of positive operating cash flows (5.3 million euro), allowed it to reduce borrowings by 5.9 million euro (30.06.2012 change in relation to 31.12.2011).
Nevertheless, the deep and extended recession in the domestic market resulted in a reduction of total Group sales and of corresponding gross profit, which in combination with the continuous increase in the cost of money and the negative impact of foreign exchange rates, had as ultimate consequence the occurrence of loss.
Specifically, consolidated turnover amounted to 167.5 million euro compared to 176.7 million euro in the corresponding period of 2011, decreased by 5.2%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 4.1 million euro compared to 5.4 million euro in the corresponding period of 2011, while pre-tax loss amounted to 3.9 million euro compared to loss of 1.3 million euro in the comparable period. The loss after tax and non-controlling interest amounted to 3.6 million in the first semester of 2012 comparing to loss of 1.7 million euro in the corresponding semester of 2011.
The Summary Financial Data and Information for the period 01.01.2012 – 30.06.2012 are published in press today Friday, August 31, 2012, in newspaper “IMERISIA” and are available, along with the Interim Financial Statements of the same period in the company’s website (www.elgeka.gr), as well as in Athens Exchange website (www.athex.gr).