PRESS RELEASE
Main Points
- Sarantis Group’s turnover increased by 13.16% to €173.96 mil. from €153.73 mil. in 9m 2006.
- Gross profit margin increased to 50.23% in 9m 2007 from 49.67% in 9m 2006.
- EBITDA margin decreased to 14.06% in 9m 2007 from 14.55% in 9m 2006, as the new countries’ total restructuring cost of €5.27 mil. was fully absorbed in the 9m 2007 results.
- EPS increased by 4.45% to €0.42 in 9m 2007, but on a like to like basis increased by 22.7%, excluding the one off profits in 9m 2006.
- Among the Group’s major activities, fragrances & cosmetics posted the largest increase on an annual basis, by 22.38% to €74.58 mil.
- All old countries (Poland, Romania, Bulgaria, Serbia, the Czech Republic, FYROM and Hungary) continue to present outstanding growth rates.
Financial Results
In 9m 2007, consolidated turnover amounted to €173.96 mil., compared to €153.73 mil. in 9m 2006, noting an increase of 13.16%.
It should be noted that during 9m 2007 we observe a satisfactory growth in the two basic sectors of activity, the fragrances & cosmetics and the household products, along with an overall strong activity growth in the Eastern European markets.
Gross Profit increased by 14.43% to €87.38 mil. in 9m 2007. Gross profit margin increased to 50.23% from 49.67% in 9m 2006 as a result of the management’s strategic decision to alter the product mix towards own products portfolio.
The Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) reached €24.47 mil. in 9m 2007, whereas EBITDA margin decreased to 14.06% from 14.55% in 9m 2006 due to the fact that the new countries’ restructuring cost of €5.27 mil. was fully absorbed in the 9m 2007.
The Earnings before Interest and Tax (EBΙΤ) in 9m 2007 amounted to €21.73 mil., increased by 10.42% compared to 9m 2006 where it stood at €19.68 mil.
The Earnings before Tax for 9m 2007 amounted to €20.62 mil. compared to €20.14 mil. in 9m 2006, resulting to an increase of 2.43%.
The Earnings after Tax and Minorities (ΕΑΤΑΜ) reached €16.10 mil. in 9m 2007, compared to €15.42 mil. in 9m 2006, increased by 4.45%. However, it is worth noting that excluding the one-off items that were recorded in the respective period last year from the sale of Multirama (c. € 0.96 mil.) and the withdrawal from the unprofitable Pet Business (c. € 1.34 mil.), EATAM growth reaches 22.7%
Business Activity Analysis
Consolidated turnover breakdown per business activity is reported through four categories: fragrances & cosmetics, household products, health & care products and other sales.
In the categories of Fragrances & cosmetics and Household products, “own products” recorded substantial growth rates, a fact that is in line with the management’s strategy.
The significant increase of fragrances and cosmetics (+22.38%) and of household products (+15.65%) is highlighted. Fragrances and cosmetics represent the 42.87% of the total consolidated turnover followed by the household products that represent the 40.90%. Own products turnover participation reached 66.39% for fragrances & cosmetics and 94.29% for household products. Other sales account for 8.77% of total turnover, and health & care products for 7.46%.
With respect to EBIT the largest contribution in 9m 2007 came from fragrances & cosmetics with 36.78% followed by other sales with 28.96%. The household products contributed with 26.88% followed by health & care products with 7.38%.
The EBIT breakdown for fragrances & cosmetics and household products between own brands and distributed brands results to €15.29 mil. in 9m 2007 for the own brands, compared to €9.83 mil. in 9m 2006, an increase of 55.50%.
Geographic market Analysis
Analysing the geographic distribution of Sarantis Group turnover, we note that Greek market sales account for 46.15% of total turnover, while the remaining 53.85% (€93.68 mil.) account for the Group’s turnover in foreign markets. Sarantis Group’s turnover in the old countries of operation increased by 28.34% when compared with the same period last year.
Sarantis Group holds a leading ‘packaging product’ position in Greece but also in Bulgaria, Romania, Serbia and Poland. Additionally, it holds a leading position in the male ‘fragrances & cosmetics’ market in Greece, Bulgaria, Romania, & Serbia.
The most important foreign markets in terms of growth remain those of Hungary (133.92%), the Chech Rep (41.04%), Serbia (30.53%), Bulgaria (30.14%), Romania (27.96%), Poland (25.58%) and FYROM (23.06%). It is important to note that Sarantis Group completed the penetration model adjustment in the new countries of Ukraine, Turkey and Russia and assigned national distributors to execute the distribution of its products. By doing so, the management aims to offset costs, maximise advertisement potential and achieve critical mass.
Analysing the geographical distribution of Sarantis Group EBIT we highlight satisfactory results in Greece that reported a significant increase by 8.35% reaching €18.13 mil., while the old markets of operation also reported significant increase by 58.27%.
Financial Results Analysis
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Contact
SARANTIS Group
26, Amaroussiou - Halandriou Street
151 25 Maroussi, Athens, Greece
Tel: +30 210 6173000
Fax: +30 210 6197081
e-mail: group-info@sarantisgroup.com
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