PRESS RELEASE FOR THE FINANCIAL RESULTS OF ELGEKA WITHIN NINE MONTHS PERIOD 2011
The developmental course of ELGEKA Group continued throughout the first nine months of 2011, despite the adverse conditions prevailing at each level of economic activity, both domestic and international markets. The increased turnover, the achievement of satisfactory operating profitability and the positive operating cash flows are indicators of effective coping with the effects of the recession.
Essential components of the development policy of ELGEKA Group are the conclusion of new partnerships, such as that with the dairy company “Danone SA” and the production company of fresh chicken “Aggelakis S.A.”, the enrichment of the product portfolio (Craft Microbrewery, American Farm School), the activation into new highly emerging markets (development of private label products, vegetables, etc.), the further development of sales network and the investigation for new effective methods of its exploitation and the intensification of promotional activities. However, increased development costs of such activities and, most importantly, increased borrowing costs – the result of a general lack of liquidity in the Greek banking system and the resultant increased interest rates – result in the deterioration of Group’s profitability.
During the nine-month period of 2011, consolidated turnover amounted to 265.6 million euro compared to 236.9 million in the corresponding period of 2010, presenting an increase of 12.1%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 7.8 million euro compared to 9.0 million euro in comparable period of 2010, showing a percentage decrease of 13.6%, while pre-tax loss amounted to 3.9 million euro compared to profit of 1.4 million euro in the comparable period. The loss after tax and non-controlling interest amounted to 3.8 million in nine-month period of 2011 comparing to profits of 0.3 million euro in the corresponding period of 2010.
The Summary Financial Data and Information for the period 01.01.2011 – 30.09.2011 are published in press today Wednesday, November 30, 2011, in newspaper “EXPRESS” 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).