PRESS RELEASE
Main Points
- Sarantis Group’s turnover increased by 3.27% to €56.16 mil. in Q1 2008 from €54.38 in Q1 2007.
- Gross profit increased by 5.14% to €29.04 mil. in Q1 2008 from €27.62 in Q1 2007.
- GPM increased to 51.71% from 50.79% in Q1 2007.
- EATAM increased by 0.91% to €5.53 in Q1 2008.
- Among the Group’s major activities, Fragrances & Cosmetics posted the largest increase on an annual basis, by 10% to €23.76 mil., followed by Household Products that increased by 9% to €23.90 mil.
- The old territory continues to present significant growth rates, increasing at the same time their participation to total Group turnover.
Financial Results
In Q1 2008, consolidated turnover amounted to €56.16 mil., compared to €54.38 mil. in Q1 2007, noting an increase of 3.27%.
It should be noted that during Q1 2008 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 5.14% to €29.04 mil. in Q1 2008 from €27.62 mil. in Q1 2007. Gross profit margin increased to 51.71% from 50.79% in Q1 2007 underlying the strategic decision to rebalance the Group’s product portfolio by increasing the participation of own products portfolio.
Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) reached €8.19 mil. in Q1 2008 a decrease of 2.93% from €8.44 mil. in Q1 2007 and EBITDA margin decreased to 14.59% from 15.52% in Q1 2007. This is mainly due the absence of income from the affiliated Company K.P Marinopoulos S.A. as well as the weakening in Estee Lauder JV income due to the time-effect of Easter holidays.
Earnings before Interest and Tax (EBΙΤ) in Q1 2008 amounted to €7.24 mil., a decrease of 4.34% compared to Q1 2007 (€7.57 mil).
Earnings After Tax for Q1 2008 amounted to €5.53 mil. compared to €5.22 mil. in Q1 2007, resulting to an increase of 6%, mainly driven by a lower effective tax rate.
The Earnings after Tax and Minorities (ΕΑΤΑΜ) reached €5.53 mil. in Q1 2008, compared to €5.48 mil. in Q1 2007, an increase of 0.91%.
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 turnover increase of Fragrances and Cosmetics (+9.99%) and of Household Products (+8.98%) is highlighted. Fragrances and Cosmetics represent the 42.30% of the total consolidated turnover followed by the Household Products that represent the 42.56%. Own products turnover participation reached 66.57% for Fragrances & Cosmetics and 95.08% for Household Products. Other Sales account for 8.18% of total turnover, and Health & Care products for 6.95%.
As far as EBIT breakdown analysis is concerned, Fragrances and Cosmetics succeeded a 7.29% increase to €4.12 mil. in Q1 2008 from €3.84 mil. in Q1 2007. Household products increased by 3.27% to €2.16 mil. in Q1 2008 from €2.09 mil. in Q1 2007.
With respect to EBIT contribution the largest input in Q1 2008 came from Fragrances & Cosmetics with 56.91% followed by Household Products with 29.87%. The Health & Care Products contributed with 7.51% followed by Other Sales with 5.71%.
The EBIT breakdown for Fragrances & Cosmetics and Household Products between own brands and distributed brands results to €5.48 mil. in Q1 2008 for the own brands, compared to €5.16 mil. in Q1 2007, an increase of 6.15%. The EBIT contribution of own brands during Q1 2008 accounted for 75.67% of total EBIT in comparison to 59.82% in Q1 2007.
Geographic market Analysis
Analysing the geographic distribution of Sarantis Group turnover, we note that Greek market sales account for 48.01% (€26.96 mil.) of total turnover, while the remaining 51.99% (€29.20 mil.) account for the Group’s turnover in foreign markets.
This is in line with the Group’s strategy that is based on increasing the turnover contribution from the Eastern Europe markets and sustaining the growth levels in the old countries of operation.
Sarantis Group’s turnover in the old countries of operation increased by 7.85% to €29.02 mil. in Q1 2008 from €26.91 mil. in Q1 2007.
The most important foreign markets in terms of growth remain those of Hungary (25.42%), the Chech Rep (16.81%), Serbia (14.14%), Bulgaria (13.01%), FYROM (7.75%), Romania (6.71%) and Poland (5.38%). It is important to note that sales in the new countries of Sarantis Group, Turkey, Ukraine and Russia, are affected by the change in the new business model that took place within 2007. However, these countries are free of losses in Q1 2008, according to management’s guidance.
Financial Results Analysis
(193.3KB)
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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