PRESS RELEASE
Sarantis Group corporate presentation was realized today, April 8th 2011 at the Hellenic Fund and Asset Management Association where Mr. Konstantinos Rozakeas, Chief Financial Officer of Sarantis Group, presented the Group’s 2010 financial results as well as the management’s strategy and estimates for 2011 financial results.
According to Mr. Rozakeas, Sarantis Group's consolidated turnover for 2010 was increased in comparison to 2009, while earnings per share from continuing operations were consistent with management’s estimates.
The financial results of 12M2010 reflect the decline in the consumer market. However the drop of the parent’s sales was offset largely by the increase of sales from the affiliates, while increasing significantly their contribution of both in sales and also in profits.
Despite the sales increase in comparison to 2009, the increased production cost, due to the price increase of the raw materials, increased advertising and promotion expenses, together with expenses for the general reduction of operating cost have affected the group’s profitability. For those reasons and under the current circumstances the sale of the participation in K. Theodoridis was considered necessary.
Special mention was also presented to the sales increase of the own brands, due to the amplification of their contribution to total sales. In addition, Mr. Rozakeas made a remark on the Group’s robust financial position, solid cashflow generation and low leverage.
In terms of the Group’s future prospects and developments, Mr. Rozakeas remarked that as uncertainty in the market persists, the Group’s management expects that the adverse conditions in the economic environment will continue throughout 2011 as well and emphasizes on aligning the cost with the expected revenue.
Due to the adverse economic environment, the Group remains focused on its strategic pillars of growth that consist of organic growth of the core business activities and emphasis on Sarantis own brands portfolio; increase of the existing market shares of own brands; 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 market conditions; and finally emphasis on the examination of possible new acquisition targets, as long as market share, profitability and cost structure allow for synergies.
The Management’s guidance with regards to the Group’s financial performance in 2011 is shown in the following table:
NOTES:
* 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.
**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.
*** excl. one-off Tax
Specifically, according to the Management’s estimates, turnover from continuing operations will reach €223.40 mil. by the end of 2011, versus €220,01mil. in the end of 2010.
EBITDA from continuing operations is expected to increase into 2011 to €22.30 mil. from €21.38 million in 2010. EBIT from continuing operations is estimated to reach €18.20 mil. in 2011 from €17.55 mil. in 2010, while the related EBT is expected to reach €16.90 mil into 2011, from €16.76 mil in 2010.
Finally, EAT and EATAM are expected to settle at €13.57 mil. in 2011, from €13.22 mil in 2010.
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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