Industrial area of Sindos – Thessaloniki, September 30th, 2021
Subject: Press release for the financial results of ELGEKA Group for the first Semester of 2021
During the first semester of 2021, ELGEKA Group and despite any challenges, having carried out strategic actions in the previous period, focused on the successful management of the changes realized mainly to the segment of trade of food and other consumer goods as a consequence of the gradual return of the market to its normal levels, after a year of particularly high demand due to the extraordinary circumstances that arose.
In this context, the main data of the financial figures of ELGEKA Group for the first half of 2021 are the following:
- The retain of sales, marking a slight decline of -1,9%, as the consolidated turnover amounted to € 90,4 million compared to € 92,2 million in the comparable period of 2020, as a result of the restricted demand into specific categories of the retail market of food and other consumer goods, which, however, was offset by the positive trend that continues to record the logistics services sector.
- The improvement of the gross profit margin from 16,65% to 17,55%, due to the improvement of the sales mix, a fact that contributed to the increase of the gross profits by the amount of € 515 thousand.
- The retain of operating costs at relatively stable levels resulting in the EBIT margin (Earnings before interest and taxes) to be formed into 3,90% in the first half of 2021 compared to 3,43% in the comparable period of 2020.
- The further reduction of financial costs by 3,33% compared to the comparable period of 2020, i.e. by € 105 thousand.In particular, consolidated sales for the first half of 2021 amounted to € 90,4 million compared to € 92,2 million of the comparable period of 2020, while Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to € 7,5 million against € 7,1 million of the comparable period and the Adjusted Earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA” without the effect of I.F.R.S. 16) to € 5,1 million against € 4,9 million. The Results before tax amounted to profit of € 0,5 million against loss of € 0,3 million in the first half of 2020, while Results after tax and non-controlling interest amounted to profit of € 0,2 million over loss of € 0,3 million in the comparable period.
In addition, the successful completion of the share capital increase at the end of July 2021, through which the Group raised total funds of € 10.853 thousand, allows it to shield its financial figures and significantly strengthen its cash position. At a time when significant and structural changes are taking place in consumption patterns and therefore in the structures and operating mechanisms of the individual business sectors, ELGEKA Group has the necessary liquidity to support growth opportunities, to exploit synergies and in general to strengthen its commercial position in its operational markets.
It is a fact that the footprint of the pandemic in the economy will not be temporary, as a number of its sectors have undergone structural changes during the pandemic. In combination with the inflationary pressures that have appeared, it is expected that there will be many and varied challenges that companies will be called to face in the second half of 2021. ELGEKA Group has been strategically placed in its markets of activity, having invested significant in previous years in long-term collaborations, know-how, human capital and modern material equipment. The completion of the share capital increase in combination with the possibilities of effective utilization of the opportunities that exist in the Group’s business sectors are guarantees of the successful confrontation of the various challenges and the maintenance of its development course.
The Interim Financial Statements of the Group and the Parent Company ELGEKA for the period 01.01.2021 – 30.06.2021 were uploaded today Thursday, September 30, 2021, and are available in the Company’s website (www.elgeka.gr), as well as in Hellenic Exchanges website (www. athexgroup.gr).