VARVARESSOS S.A. turnover during the fiscal year 2002 has reached 23,84 million EURO increased by 8,22% compared to 2001. During the same period the company' s exports were increased by 6,91% reaching 16,11 million EURO compared to 15,07 million EURO on 2001. At this point the exports represent 67,6% of the total company' s sales.
The liquidity ratio of the company accounted for 2,43% while the ratio Liabilities and Capital & Reserves the 0,78.
The company' s investments during 2002 came up to 2 million EURO as an effect of the investment plan of total 25,5 million EURO at Stenimachos Naoussa.
With respect to the financial results of the fiscal year 2002, the profits before depreciation came up to 2,3 million EURO versus 3,2 million EURO of the corresponding period of 2001, decreased by 28%.
Depreciations during 2002 increased by 89% and came up to 3,7 million EURO contrary to 1,9 million EURO last year, due to large investments that company realizes.
The company' s financial charges were tripled and came up to 1 million EURO (contrary to 351 thousand EURO last year) mainly due to interests of the Bond Loan.
All the above factors (increased depreciation and financial charges) as well as the reduction in the yarn prices, had a negative impact on the financial results (1,38 million EURO losses) contrary to 1,32 million EURO profits at the same period of 2001.
The consolidated net sales during the fiscal year 2002 reached 25,3 million EURO while the net consolidated financial results, after the deduction of the proportion of the shareholder' s minority rights, were as well negative, with total losses of 1,95 million EURO.