On Monday June 4, 2007 the Group CARDICO presented to the Association of Institutional Investors (UGII -- ETHE), among other, the annual financial results and the significant developments of the fiscal year 2006, the group's activity and structure as well as the perspectives for 2007.
CARDICO Group Chairman Mr. Nikos Cardasilaris started by presenting the Group's main activity, namely the production and distribution of dried nuts. More specifically, CARDICO processes nuts produced in Greece and abroad and distributes and trades them both in Greece as well as in more than 28 countries worldwide, managing a significant client network amongst which there are some well established supermarket chains.
Following the above, the key features characterizing the group today were presented, amongst which the fact that the group holds the leading position in the domestic market and is the third largest in sales in the EU, has in-depth understanding of the market and its competitors, maintains long term solid relationships with its suppliers that allow the group to purchase at very low prices, and last but not least the dynamics added to the group from its new production plant at the Schimatari area of a total capacity of 75 mil. Kilos per annum and the flexibility to expand into new products.
Furthermore the group's FY 2006 results were presented, which as explained, were affected mostly by the unexpected decline in Cardico's raw material prices as well as by the strike mobilizations that took place in the Piraeus Port Authority during the last two months of 2006, which had an adverse effect to the normal flow of production operations and the export activity of the group at the last quarter of 2006 as we as the first quarter of 2007. In addition the low margins reported are mainly attributed to the strategic decision of the group to follow best practice procedures and honor all signed contracts with its suppliers of raw material, namely almond kernel. However, the first quarter results of 2007 show the first signs of recovery as the group managed to turnaround the losses of FY 2006 to earnings in the first quarter of 2007.
In his closing statement Mr Kardasilaris referred to the prospects for 2007 emphasizing that the group will use its strengths to achieve higher growth rates by expanding its production activity at the new state of the art facilities, by adding new contracts with major supermarket chains both in Greece and abroad and by expanding into new business segments such as the dried fruits.
Note: The presentation is posted at the company's website www.cardico.com and the Athens Exchange official website www.athex.gr.