ANNOUNCEMENT
Sarantis Group corporate presentation was realized today, April 02nd 2013 at the Hellenic Fund and Asset Management Association where Mr. Konstantinos Rozakeas, Chief Financial Officer of Sarantis Group, presented the Group’s 2012 financial results as well as the management’s strategy and estimates for 2013.
According to Mr. Rozakeas, substantial increase was recorded by Sarantis Group 2012 financial results, exceeding the management’s expectations.
The Group’s sales increase of 6.6% was driven by both the Greek market, that, despite the negative economic environment and the drop in the retail sales, exhibited a significant growth of 14%, and the foreign markets that posted an increase of 3%, which is made up of a 6% rise in local currency and 3% of currency depreciation.
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.
In terms of profitability, despite the negative currency effect and the higher oil and commodities prices, the gross profit margin was maintained at a high level during 2012, mainly due to better sourcing. Moreover, cost control, operational leverage and lower financial expenses resulted in a significant increase across all profitability lines and improved profitability margins both with respect to last year’s figures and the management’s estimates.
More specifically, EBIT rose by 10% vs last year, amounting to €17.36 million and the EBIT margin reached 7.36%.
Bottom line, EATAM showed a considerable increase of 24.84% versus last year, reaching €12.15 mil. and the EATAM margin settled at 5.15%.
EPS posted an even more remarkable growth of 38%.
Sarantis Group managed to retain and expand its free cash flow generation and as a result deleveraged its balance sheet, reducing its bank debt by circa €8 mil., and achieved a net cash position of approximately €1 mil. by the end of 2012. Furthermore, the reduction of the inventory level related to the new brands added in the Group’s portfolio since the beginning of 2012 and the clearing of the seasonal sales during Q4 2012 that is reflected in the drop of the Group’s receivables, lead to a significant reduction in the Group’s working capital requirements.
The Group’s strong financial position enabled the management to implement its strategic objectives through new exclusive distribution agreements, investing behind its own brands and expanding further in Eastern Europe (via the creation of a new subsidiary in Bosnia).
Additionally, within 2012, the company cancelled its treasury shares that corresponded to 10% of its share capital, thus returning value to its shareholders.
In terms of the Group’s future strategy, 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.
The Management’s guidance with regards to the Group’s 2013 financial performance is shown in the following table:
NOTES: * 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.
** 2010 Financial Results as shown in this table do not include the capital losses from sale of the of the company’s participation in K. Theodorides S.A.
Specifically, according to the Management’s estimates, turnover will reach €246.00 mil. by the end of 2013, versus €236 mil. in the end of 2012.
EBITDA is expected to increase into 2013 to €22.75 mil. from €21.17 million in 2012.
EBIT is estimated to reach €19.00 mil. in 2013 from €17.36 mil. in 2012, while the related EBT is expected to reach €17.59 mil into 2013. from €15.29 mil in 2012.
Finally, EAT and EATAM are expected to settle at €13.90 mil. in 2013, from €12.15 mil in 2012.
The Group’s presentation to the Hellenic Fund and Asset Management Association has been posted in the Company’s website: http://ir.sarantis.gr/el-gr/presentations/sarantis-presentation.
Presentation of SARANTIS GROUP at the Hellenic Fund and Asset Management Association
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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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