FY 2006 RESULTS ANALYSIS PRESS RELEASE
Main Points
- Financial Results for the full year 2006 are in line with the Management’s strategy.
- The emphasis given towards the strategic priorities pays off.
- Sarantis places special emphasis on the strategic markets of fragrances & cosmetics and household products especially focusing upon the gradual expansion of its own product portfolio in these sectors.
- Foreign markets demonstrated higher growth rates as compared to the domestic market, raising their contribution to the total consolidated revenues.
FINANCIAL RESULTS
The consolidated turnover of Gr. Sarantis, for the full year 2006, amounted to 223.18 mil. euros, compared to 208.66 mil. euros in 2005, increased by 6.96%.
It should be noted that during 2006 we observed a satisfactory growth in the two basic sectors of activity, the fragrances & cosmetics and the household products, and also a strong activity growth in the Eastern European markets.
The Earnings before Interest and Tax (EBΙΤ) in 2006 amounted to 29.81 mil. euro, increased by 5.91% compared to 2005 that stood at 28.15 mil. euro.
The Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) reached 33.44 mil. euro in 2006, compared to 31.75 mil. Euro in 2005, increased by 5.31%. The lower increase of EBITDA compared to turnover led to the reduction of the gross margin to 14.98%, from 15.22% in the previous year.
The Earnings before Tax for 2006 amounted to 29.65 mil. euro compared to 25.28 mil. euro in 2005, resulting to an impressive increase of 17.28%.
The Earnings after Tax and Minorities (ΕΑΤΑΜ) reached 22.67 mil. euro, compared to 19.33 mil. euro in, increased by 17.28%.
Business Activity Analysis
Consolidated turnover breakdown per business activity is reported through four categories: fragrances & cosmetics, household products, health & care products and the strategic alliances.
The own products managed a very successful growth and especially in the sectors of fragrances & cosmetics and household products.
Analysing the turnover of Sarantis per sector of activity, we observe that the main sectors of activity, the fragrances & cosmetics, the household products and the health & care products, reported a satisfactory rate of growth +18.82%, +9.43% and +4.28% respectively. The fragrances & cosmetics represent the 39.15% of the total consolidated turnover of Sarantis, followed by household products that contribute the 37.27%. The sales of strategic alliances products contribute the 14.67% to total turnover, and the health & care products the 8.92%. The significant increase of own products that amounts to 20.23% for the fragrances & cosmetics and 8.38% for household products is worth mentioning.
With respect to EBIT the largest contribution in 2006 came from the strategic alliances with 38.56% followed by fragrances & cosmetics with 25.62%. The household products contributed with 25.41% followed by health & care products with 10.41%.
The EBIT breakdown for fragrances & cosmetics and household products between own products and distributed products results to 13.20 mil. euro for the own products, compared to 14.12 mil. euro in 2005, a decrease of 6.51%.
Geographic market Analysis
Analysing the geographic distribution of Sarantis turnover, we observe that the turnover in the Greek market represent the 49.20% of total turnover, while the remaining 50.80% (113.37 mil. euro), represents the Group’s turnover in foreign markets. It is noted that compared to 2005, Sarantis turnover in the old countries increased by 18.38%, the turnover in the new countries increased by 129.46% whereas turnover in Greece decreased by 4.74%.
Sarantis holds leading ‘packaging product’ position in Greece but also in Bulgaria, Romania, Serbia, FYROM & Poland. Also it holds leading position in the ‘fragrances & cosmetics’ market in Bulgaria, Romania, Serbia & FYROM.
The most important foreign markets in terms of growth remain those of Turkey (+42.75%), Czech Republic (+34.65%), Serbia (+27.88%) and Bulgaria (24.39%), while the markets of Russia and Hungary started creating income in comparison to 2005.
At the same time, the Management also examines the possibility for acquisitions in the new markets it operates, in every sector that has a strategic priority for the company.
Analysing the geographical distribution of Sarantis’ EBIT we observe satisfactory results in Greece that reported a significant increase by 14.94% reaching €23.36 mil. euro, with the old markets also reporting significant increase by 17.57%.
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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