07 April 2023

Press release for the financial results of ELGEKA Group for the year 2022

Industrial area of Sindos – Thessaloniki, April 7th, 2023


ELGEKA GROUP: 2022 Financial results of Fiscal Year 2022

  • Consolidated sales of € 202,9 million – annual increase of 5,3%
  • At € 14,8 million, Earnings before interest, taxes, depreciation and amortization (EBITDA) and at € 9,9 million the Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA” excluding the impact of IFRS 16)

An improvement in financial figures for 2022 is recorded by ELGEKA Group. The positive results relate both to the trade of food and other consumer products segment, in which it has significant activity in Greece and Romania, representing some of the most important brands from Greece and abroad, as well as to the highly dynamic segment of logistics services, in which it holds a leading role in Greece.


2022 was a special year for the main sector in which ELGEKA Group operates, that of trade of food and other consumer products, as after a long period of stable prices or even deflation, the prices of consumer products last year were subjected to a series of revaluations, as a consequence of both increased production costs as well as other cost factors (transport costs, storage costs, etc.).

Within this specific environment, ELGEKA Group successfully managed the challenges faced by businesses in the sector: on the one hand, the pressure on the consumers’ purchasing power, who adjust their behavior by changing quantities, habits, standards and need, and on the other hand, the increased costs that burdened the operational function. Further challenges to business were induced by the efforts of Central Banks to counter inflationary pressures, which reacted by significantly increasing lending rates, putting further pressure on businesses and consumers, as well as by the maintenance of geopolitical risk as a result of the ongoing war conflict in Ukraine.

It is noted that ELGEKA Group was not affected by the developments in Ukraine, as it has no operations in Russia and Ukraine, as well as not maintaining business partnerships in these countries.

Basic financial figures of ELGEKA Group for the financial year 2022

  • Increase in sales compared to 2021 by 5,3%, which was accompanied by an increase in gross margin (18,36% in fiscal year 2022 compared to 18,13% in fiscal year 2021), due to the diversity of the sales mix.
  • Improvement in operating profitability, both in absolute terms (increase in EBIT by € 1,9 million) and in percentage terms (EBIT margin of 3,54% versus 2,74%), due to the increase in operating costs to a lesser extent compared to gross profitability.
  • Decrease in net financial costs compared to fiscal year 2021 by € 190 thousand or 3,24%, despite the increase in borrowing rates in the second semester of 2022.
  • Achievement of significant performance from the investments made in the Romanian market, both in the segment of consumer products as well as in the real estate segment, which allowed the distribution of the achieved profitability of the local subsidiaries and consequently the strengthening of the Parent Company in Greece through receiving dividends. In this context, the Parent received as dividend an amount of € 1,17 million in 2022 compared to € 490 thousand in 2021.

Specifically, consolidated sales for 2022 amounted to € 202,9 million compared to € 192,7 million in 2021, presenting an increase of € 10,2 million, while gross profit amounted to € 37,2 million compared to € 34,9 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 14,8 million compared to € 13,3 million in 2021 and Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA” excluding the impact of IFRS 16) amounted to € 9,9 million compared to € 8,5 million.

At the level of Net Income, compared to fiscal year 2021, recorded Profit before taxes of € 3,8 million compared to € 1,1 million and Profit after taxes of € 2,9 million compared to € 0,7 million. Regarding Profit after taxes and minority interests, it amounted to € 0,2 million compared to a loss of € 1,1 million in the comparable financial year.

The international business environment presents many challenges at many levels, while to this should be added the political risk that exists at the domestic level, due to the expected elections in 2023 and the even temporary instability that exists in these cases, especially in the market for food and other consumer products.

ELGEKA Group examines the critical variables that affect its areas of activity, adjusts its business operation and takes the appropriate measures in order to be in a position to take advantage of the opportunities created and to ensure in any case the long-term development of its operations.

The Summary Financial Data and Information for the year 01.01.2022 – 31.12.2022, as well as the Annual Financial Statements of the same year, are available today Friday, April 07, 2023, in the Company’s website (www.elgeka.gr), as well as in Hellenic Exchanges website (www.athexgroup.gr).

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