PRESS RELEASE
The presentation of Gr. Sarantis Group took place as of today at the Association of Greek Institutional Investors. Mr. Nikos Kefalas, Vice Chairman of the Board of Directors, represented the Group and announced the financial results of 2004, as well as the Management’s projections and the Group’s strategic objectives for the following three years.
Sarantis Group completed an especially successful year in 2004, achieving turnover of EUR 249 million, higher by 7% year-on-year, and profit before taxes and after minorities of EUR 21.3 million, higher by 38% year-on-year. The Group plans to proceed with significant investments in the following three years. Specifically, the Company’s strategy aims at greater product range and geographic expansion, along with the further establishment of Group’s brands in Greece and Eastern Europe.
Expansion in Eastern Europe is the major axis of Sarantis Group’s investment strategy. During 2004, activities in Eastern Europe generated 29% of total turnover and 16% of profit before taxes on consolidated basis. Specifically, the Group plans expansion in three new markets, namely Turkey, Ukraine and Russia, which will absorb a major part of Sarantis’ investments in the following three years.
Furthermore, the Company’s Management will proceed with certain actions to boost earnings per share. Such actions will include the further improvement of gross profit margins, the contraction of cost of debt, as well as the enhancement of the Group’s effective tax rate.
With regards to financial year 2005, Sarantis’ Management projects turnover of EUR 265 million, higher by 6.5% as compared to 2004, whereas profit before taxes and after minorities are expected to reach EUR 24 million. Sarantis’ Management performed the above projections according to the Greek accounting standards, without taking into account any effect from expansion into new countries or possible acquisitions.
Financial results for the first quarter 2005 are expected to beat Management’s projections and will be released according to International Accounting Standards.
Finally, according to the Company’s Management, the Group’s prospects concerning the period 2006 – 2007 are especially positive.
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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