Consolidated Financial Results Nine Months 2012
INCREASE OF SALES, NET INCOME AND REDUCTION OF NET DEBT
The Group's financial results for the nine months of 2012 present a significant increase and are generally in accordance to the management’s provisions.
The Group posted remarkable growth of sales (+6%), both in Greece (+12% despite the adverse economic environment and the notable drop in the Greek retail sector) and the foreign markets (+7.5% in local currency, +2.2% in euro) where the company operates.
This increase is mainly attributed to the renewal of the company’s product portfolio, which is based not only on new exclusive representation and distribution agreements, but also on the development of new products adjusted to the changing consumer trends and the relaunch of existing products.
Moreover, despite the negative currency effect and the higher oil and commodities prices, the gross profit margin was maintained at a high level during the nine months of 2012, mainly due to better sourcing.
At the same time, the management’s strategic choices for the rationalization of the Group’s operation, the containment of operational costs, the effective working capital management together with lower financial expenses, resulted in a significant increase across all profitability lines. Bottom line, the Group’s Earnings After Tax and After Minorities recorded a remarkable growth of 19%. Even more substantial growth was posted by the Earnings Per Share that rose by 33%, as the company proceeded to the cancelation of its treasury shares, thus increasing the shareholder’s value.
The Group’s net debt was further reduced to €4.55 million, while the Net Debt over EBITDA ratio is less than one. Additionally, given the company’s strong cash flows, €5 million worth of loans were repaid during the nine months of 2012.
The management, as always, remains focused on its strategic pillars of growth that support and secure a profitable outlook for Sarantis Group and specifically on the organic growth of its core business activities and its own brands, the increase of its market shares as well as the examination of possible acquisition targets in the countries where the Group operates.
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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