PRESS RELEASE FOR THE FINANCIAL RESULTS OF ELGEKA FOR THE YEAR 2011
The 2011 was a year of deep recession in the domestic market, characterized by the continuing decline in disposable income of consumers, increasing unemployment to exceptional levels and further deterioration in consumer psychology. Moreover, the lack of liquidity in the domestic financial sector had the direct effect of considerably increasing the cost of money, adding an extra barrier to doing business.
ELGEKA Group activated in the specific economic environment has clearly being affected,a fact that is reflected in its financial figures. However, a series of actions that have been performed and which are related on one hand to the development of sales and on the other hand to the optimization of cost management, create reasonable expectations for improved economic performance of the Group.
In particular, the strengthening of strategic cooperation with COSCO Group (through subsidiary “DIAKINISIS PORT AND CO” and the joint venture “PCDC S.A.”) is a further guarantee of reaping significant benefits both in terms of profitability and in terms of expertise and infrastructure. The conclusion of a series of important agreements (“Danone S.A.”, “Angelakis S.A.”, “Procter and Gamble International Operations S.A.”), the enrichment of product portfolio (“Craft Microbrewery”, “American Farm School”), the activation into new highly emerging markets (development of private label products, vegetables, etc.) through the newly formed subsidiary “G.S.B.G. S.A.” as well as actions taken regarding the structure and operations of the Group, create the necessary conditions for the Group to emerge stronger from the economic crisis.
Regarding the financial figures of Group for 2011, consolidated turnover amounted to 363.8 million euro compared to 352.7 million in 2010, presenting an increase of 3.1%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 6.9 million euro compared to 12.8 million euro, while pre-tax loss amounted to 6.7 million euro compared to 0.4 million euro in the comparable year. The loss after tax and non-controlling interest amounted to 8.4 million in 2011 comparing to 1.2 million euro in 2010.
The Summary Financial Data and Information for the year 01.01.2011 – 31.12.2011 are published in press today Friday, March 30, 2012, in newspapers “XRIMATISTIRIO”, “ADESMEYTOS TIPOS” and “MAKEDONIA” and are available, along with the Annual Financial Report of 2011 in the company’s website (www.elgeka.gr), as well as in Athens Exchange website (www.athex.gr).