- Increase in sales of long living consumer goods.
- Spectacular improvement in the profitability of the Group.
- Improvement of financial figures.
The significant increase by 85% of the sales of long living consumer goods resulted in a spectacular increase in pre-tax earnings for the Group of F.G. EUROPE S.A. Earnings before taxes amounted to 10.21 mil. Euro, compared to 3.17 mil. Euro for the corresponding six month period of the previous year posting an increase of 222% and resulting to a pre tax margin of 12.1% compared to 4% for the related six months period of 2006.
Earnings after taxes for the Group for the six months amounted to 7.07 mil. Euro compared to 2.16 mil. Euro for the relevant period of 2006, increased by 4.91 mil. Euro or 227%, resulting to a net earnings margin of 8.38% compared to 2.70% for the related six months of 2006.
Earnings before interest, taxes, depreciation and amortizantion (EBITDA) increased by 205% amounting to 11.28 mil. Euro compared to 3.70 mil. Euro for the first half of 2006.
The EBITDA margin amounted to 13.37% for the first half of 2007 compared to 4.65% for the first half of 2006, posting an increase of 187.5%.
The Group's Equity also increased and currently amounts to 37.1 mil. Euro, including minority interests, resulting in a liabilities / equity ratio of 2.46 as of June 30, 2007 compared to 3.85 as of June 30, 2006.
Gross profit amounted to 19.17 mil. Euro compared to 10.05 mil. Euro for the first half of 2006 posting an increase of 90.75%.
The gross profit margin for the six months period reached 22.72% compared to 12.62% for the related period of 2006, posting an increase of 80%, due to the qualitative improvement of the sales mix resulting from the significant increase in sales of long living consumer goods combined with the reduction in sales of mobile telephony.
Revenues for the six months period of 2007 amounted to 84.37 mil. Euro compared to 79.59 mil. Euro for the related six months of 2006, posting an increase of 6%. Revenues of long living consumer goods amounted to 61.58 mil. Euro compared to 33.33 mil. Euro for the first half of 2006, posting an increase of 85%, contributing with 73% in the total revenues of F.G. EUROPE S.A. compared to 42% contribution in the total revenues in the first half of 2006.
In particular, the revenues of F.G. EUROPE S.A., according to each separate sector are as follows:
- The sector of air conditioners posted an increase of 100%. The sector revenues amounted to 51.77 mil. Euro, compared to 25.92 mil. Euro for the six months of 2006. The increase achieved was by 90% on the domestic market (31.36 mil. Euro compared to 16.56 mil. Euro for the first half of 2006) and 118% on the markets abroad (Balkans - Italy), (20.41 mil. Euro compared to 9.36 mil. Euro for the first half of 2006).
- For the white electrical appliances sector, revenues of SHARP products amounted to 2.50 mil. Euro compared to 1.94 mil. Euro for the first half of 2006 increased by 29%, while revenues of ESKIMO products increased by 6%, amounting to 2.80 mil. Euro.
- Revenues of the SHARP Consumer Electronics increased by 105% amounting to 3.87 mil. Euro compared to 1.89 mil. Euro for the first half of 2006.
- Finally, revenues of prepaid mobile telephony cards decreased by 51% (as a result of the decision to continuously reduce revenues in this segment), resulting in a contribution to the total revenues of 27%.
Based on the data up to date, the impressive growth rates of the sales are continuing, leading to the conclusion of an expected continuation of the good course of the financial figures and the earnings for the Company and the Group for the second half of the current year.
The Financial Statements of June 30, 2007 are accessible for the investment community on the Company's website http://www.fgeurope.gr under the section "Investors Relations".