PRESS RELEASE FOR THE FINANCIAL RESULTS OF ELGEKA WITHIN FIRST SIX-MONTHS PERIOD OF 2011
ELGEKA Group, in the first half of 2011, succeeded, despite the extremely difficult domestic economic environment, to maintain a satisfactory level of operational profitability and cash flow, increasing the turnover mainly due to business developments carried out in the second half of 2010.
Specifically, the Group companies engaged in trade of fast moving consumer goods, as well as in third party logistics, adversely affected by reduced domestic consumption, both in turnover and operating profit level. In contrast, the incorporation in Group’s financial results of “VITA PI S.A.” and “DIAKINISIS PORT AND CO”, two subsidiaries that were not consolidated in the comparable period, outweighed those losses in turnover and largely offset the loss of operating profitability. It has to be noted also the significant negative impact on net income of the Group increased financing costs, which is mainly due to the significant upward change in interest rates as a result of overall illiquidity in the Greek banking system.
In particular, consolidated turnover amounted to 176.7 million euro compared to 142.8 million in the corresponding period of 2010, presenting an increase of 23.7%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 5.4 million euro compared to 5.7 million euro in comparable period of 2010, showing a percentage decrease of 5.7%, while pre-tax loss amounted to 1.3 million euro compared to profit of 0.4 million euro in the comparable period. The loss after tax and non-controlling interest amounted to 1.6 million in first semester of 2011 comparing to profits of 0.1 million euro in the corresponding period of 2010.
ELGEKA Group’s objectives for 2011 is the full integration of new activities and the maximization of related synergies, the improvement of operating profitability by controlling operating costs and the further strengthening against the adverse and volatile economic conditions.
The Summary Financial Data and Information for the period 01.01.2011 – 30.06.2011 are published in press today Tuesday, August 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).