The presentation of Gr. Sarantis Group SA took place today in the Association of Greek Institutional Investors.
Mr. Georgios Koletsos, Chief Executive Officer of the company, as well as Mr. Konstantinos Rozakeas, Chief Financial Officer, represented the Gr. Sarantis Group. The company’s representatives analyzed the financial results of the first half 2005, and presented the forecasts and strategic goals of the Group according to the International Financial Reporting Standards for the period 2005 - 2008.
Sarantis Group achieved a dynamic course during the first half 2005, generating turnover of EUR 99.6 million, +13% y-o-y, and earnings after taxes and minorities of EUR 9.85 million, +15.11% y-o-y, whereas it plans significant investments for the next three years. Specifically, the Company’s strategy aims at greater product and geographic expansion, as well as the strengthening of the Company’s own brands in Greece and Eastern Europe.
The expansion as well as the strengthening of Group’s own brands in Eastern Europe constitutes a major axe of Sarantis’ investment strategy. Eastern Europe represented 39% of total turnover and 11% of the Group’s profit before taxes during first half 2005. Furthermore, the Group plans its expansion in three new markets, Turkey, Ukraine and Russia, which will become the major investment destinations of Sarantis in the following three years.
In addition, the Company’s management will proceed with certain actions aiming at higher earnings per share. The improvement in gross profit margin, the lower cost of debt and a more favorable tax rate will facilitate the management to pursue its goals.
For the financial year 2005, Sarantis management forecasts turnover of EUR 208 million according to International Financial Reporting Standards, higher by 11.3% as compared to 2004, whereas earnings after taxes and minorities are expected to settle at EUR 17.01 million, higher by 0.2% as compared to the previous year. According to Sarantis’ Management, the above forecasts incorporate the company’s activities in the markets of Turkey and Ukraine, whereas they do not take into account any acquisitions and the Company’s geographic expansion.
Finally, according to the Company’s Management, the Group’s prospects for the period 2005 – 2008 are especially favorable; as it is depicted in the following table (financial figures are according to IFRS).
please click on the table to enlarge
Please note that the presentation material of the event in the Association of Greek Institutional Investors is available at the Company’s web site.