PRESS RELEASE
Sarantis Group corporate presentation was realized today, April 1st 2009 at the Association of Greek Institutional Investors where Mr. Konstantinos Rozakeas, Chief Financial Officer of Sarantis Group, presented the Group’s 2008 financial results as well as the management’s strategy and estimates for 2009 financial results.
According to Mr. Rozakeas, despite the challenging economic environment in 2008 the Group’s core Business Categories of Fragrances & Cosmetics and Household Products continued their satisfactory growth pattern, while at the same time further emphasis was placed on the own brand portfolio. In particular, own brands sales increased by 14.27% and their contribution to total turnover increased to 71.86% from 67.52% which was last year. Furthermore, the Group’s foreign countries of operation continued to growth further, increasing at the same time their participation to total Group Turnover. More specifically, the business outside Greece contributed more than 50% to total consolidated sales reaching 58.84% from 55.61% last year.
In addition, Mr. Rozakeas pointed out a few factors that affected negatively the Group’s financial results during the fourth quarter of 2008. More specifically, the main reasons of the Group’s fourth quarter weak performance are the devaluation of the currencies of the Group’s foreign countries, the Athens riots and the deteriorating consumption activity, the reduced earnings by the Estee Lauder JV, the one-off loss assumed due to the close of the aluminium hedge, the Group’s cost saving initiatives and additional provisions for potential future bad debts.
In terms of the Group’s future prospects and developments, Mr. Rozakeas remarked that in the middle of the adverse economic environment, the Group remains focused on its strategic pillars of growth. A significant part of the Group’s strategy is the further organic growth of the core business activities together with the further development of the own brands portfolio. Surely, the company’s duty is the continuous examination of the situation in the economies of the Group’s foreign countries and modification of the business where deemed necessary according to the new market conditions.
In any case, key to the Group’s future development is the increase of the existing market shares of the own brands in the region.
Finally, following the successful implementation and “go live” of SAP in the parent company in January 2009, the Group now focuses on the implementation of SAP and “go live” in Poland and Romania in January of 2010.
The Management’s guidance with regards to the Group’s financial performance in 2009 is shown in the following table:
2007 Financial Results as shown in this table do not include the capital
gains from the sale of the company’s participation in K.P. MARINOPOULOS S.A.
Specifically, according to the Management’s estimates, turnover will reach EUR 220 mil. by the end of 2009, versus EUR 259.37 mil. in the end of 2008.
EBITDA is expected to decrease to 25.50 mil. from EUR 37.51 million in 2008. EBIT is estimated to reach EUR 22 mil. in 2009 from EUR 33.78 mil. in 2008, while 2009 EBT is expected to reach EUR 18.75 mil.
Finally, EAT and EATAM are expected to settle at EUR 15 mil. in 2009.
The Group’s presentation to the AGII has been posted in the Company’s website http://ir.sarantis.gr as well as to the Athens Exchange’s website.
PRESENTATION OF SARANTIS GROUP AT THE ASSOCIATION OF GREEK INSTITUTIONAL INVESTORS (AGII)
(62.7KB)
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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