1st Quarter 2012 Financial Results of F.G. EUROPE S.A. Group
Press Release
May 24th, 2012
1st Quarter 2012 Financial Results of F.G. EUROPE S.A. Group
- Satisfactory progress despite the financial crisis
- Increase of Profitability
- Important increase in Revenues from the Energy Sector
For the 1st quarter in 2012 F.G. EUROPE S.A. presented a satisfactory performance and increased profitability based on: a) its most lucrative activity which is the export of air conditioners and b) on the revenues acquired at Group level from the energy sector.
At the Parent Company level:
Company's total sales account for € 15.10m in the 1st Quarter 2012, presenting a decrease of 19.47% comparing to the company's total sales of the 1st Quarter 2011 (€ 18.75m).
For the same period, sales of air conditioners account for € 14.42m, decreased by 17.03% against € 17.38m in the previous corresponding period of 2011. The current level of sales is mainly attributed to the exports of the company, which now represent 80% of air conditioners' total sales (against 71.7% in the 1st quarter 2011) and 76.0% of Company's total sales (against 66.5% in the 1st quarter 2011).
Total Sales of Eskimo products present an increase of 57.14% and account for € 0.22m, against € 0.14m in the 1st quarter 2011.
Total Sales of Sharp products were considerably decreased by 64.09%, accounting for € 0.42m, as a result of the financial crisis inGreece.
Gross Profit amounted to € 4.02m, decreased by 20.13%, mainly attributed to the decrease of total sales, whereas Gross Profit Margin remains at the same level with the previous corresponding period, amounting to 26.65% against 26.87% in the 1st quarter 2011.
Other Expenses decreased by 7.94% in the 1st quarter 2012, amounted to € 3.58m against € 3.89m in the 1st quarter 2011. Said decrease refers in total to the decrease in Company's distribution expenses.
Company's net financial result (income) for the 1st quarter of 2012 amounted to € 0.55m against the financial result (cost) of € 0.59m in the corresponding period 2011. Said improvement of the financial result, despite the increase of interest expenses (€ 0.53m in 2012 against € 0.27m in 2011), results from the increase in foreign exchange credit as well as the benefits from the valuation of available for sale financial assets.
At the Group level:
Group's Total revenue amounted to € 18.81m in the first quarter of 2012, as opposed to € 20.22m in the previous corresponding period of 2011, decreased by 6.97% mainly attributed to the said decrease in sales of the parent company.
Groups' revenues coming from the energy sector in the 1st quarter 2012, presents a considerable upward movement of 156.59%, accounting for € 3.70m, against € 1.92m in the 1st quarter 2011, mainly due to the commence of operation of the three new wind parks owned by Aioliki Aderes S.A., 100% subsidiary of RF Energy S.A., as well as better wind conditions in 2012 against the 1st quarter 2011.
Group's Gross profit for the 1st quarter increased by 10.00%, mainly due to increased revenue from activities in the energy sector, and amounted to € 6.38m against € 5.80 in the previous corresponding period of 2011. Gross profit margin amounted to 33.93% against 28.69% in the 1st quarter of 2011.
Earnings before Interest, Tax, Depreciation and Amortization (ΕBITDA) increased in the 1st quarter of 2012 by € 4.52m against € 1.66m received for the relevant period of 2011, posting an increase of 172.29%. EBITDA margin accounted to 24.03% against 8.21% for the corresponding period of 2011.
Administrative, distribution and other expenses decreased by 7.36% and amounted in the first quarter of 2012 to € 4.03m against € 4.35m in the corresponding period of 2011, having a positive effect on the ratio General Expenses/ Sales, as it was decreased from the point of 21.54% at 31/3/2011 to 21.44%. The said decrease in other expenses is mainly due to the distribution expenses decrease of the parent company.
Group's Net financial result (cost) for the 1st quarter of 2012 amounted to € 0.12m decreased by 86.81% compared to the previous corresponding period of 2011 during which the net financial result (cost) amounted to € 0.91m. Said improvement of the financial result, in spite of the increase of interest expenses (€ 1.18m in 2012 against € 0.53m in 2011), results from the foreign exchange credit (€ 0.66m) and the benefits from the valuation of available for sale financial assets (€ 0.64m) of the Parent Company.
Group's total debt rose to € 157.96m as at 31/3/2012 from € 146.45m as at 31/12/2011, posting an increase of 7.86%, mainly due to the increase in trade and other liabilities of the Parent Company. Said increase of the total debt is actually due to the large investments of the subsidiaries companies of the Group activating in the energy sector.
Net profit before taxes amounted in the first quarter of 2012 to € 2.46m, increased from the level of € 0.61m of the corresponding period in 2011, having a positive effect on EBT/SALES ratio as it is increased to 13.09% from 3.03% respectively.
Group's Net Profit after taxes and Minority Interests rose to € 1.94m as at 31/3/2012 against € 0.43m as at 31/3/2011, presenting an increase of 351.16%.
Financial Statements for the three month period ended March 31st, 2012 are available to the public on the Company's website (URL: http://www.fgeurope.gr) under section “Investors Relations”.
For further information please contact the Investors Relations Department of F.G. Europe S.A., 128, Vouliagmenis Avenue, Glyfada – 166 74, Tel. +30 210 9696500, Fax +30 210 9603802, email ir@fgeurope.gr