The improvement in the financial figures for the Group of F.G. EUROPE S.A. continued during the first quarter of the current year based on the change in the sales mix and the continuous significant increase in the sales of long living consumer goods that amounted to 17,79 mil. euros against 10,26 mil. euros, posting an increase of 73,34%.
The total sales for the first quarter amounted to 29,67 mil.euros compared to 32,59 mil. euros for the relative quarter in 2006.
In detail:
Sales of Air Conditioners amounted to 13,56 mil.euros compared to 7,67 mil. euros for the relative quarter in 2006, posting an increase of 76,8%.The sales of Air Conditioners on the domestic market increased by 60%, amounting to 7,35 mil. compared to 4,59 mil. euros in 2006. Exports of Air Conditioners amounted to 6,21 mil. euros compared to 3,08 mil.euros, increased by 101,7%.
White electrical goods of SHARP amounted to 886 thousand euros compared to 579 thousand euros for the first quarter of 2006 increased by 53,1%. Sales of ESKIMO products increased by 4,9%, amounting to 1,16 mil. euros.
Sales of Consumer Electronics of SHARP increased by 215% amounting to 1,89 mil. euros compared to 600 thousand euros for the first quarter of 2006.
Sales of prepaid mobile telephony cards decreased by 46,4% in their majority based on the sales decrease policy in this field.
Due to the increase in sales of long living consumer goods and the qualitative improvement of the sales mix the gross profit margin also improved and amounted to 16,22% compared to 10,28% for the previous year posting an increase of 57,8% for the relative quarter in 2006 deriving from a general improvement in the sales policy quality.
Gross profit amounted to 4,81 mil. euros compared to 3,35 mil. euros for the first quarter of 2006, with an increase of 43,7%.
The earnings before income taxes, depreciations, amortization and financial results (EBITDA) increased by 33,3% reaching the amount of 1,72 mil. euros whereas for the first quarter of 2006 were 1,29 mil. euros.
The EBITDA index increased 48,7% A i.e. for the first quarter of 2007 was 5,8% whereas for the same period of 2006 was 3,9%.
Groups earnings before taxes are presented increased by 45% and reached the amount of 1,15 mil. euros for the first quarter of 2007 whereas for the same period of 2006 same item was 0,79 mil. euros.
As a percentage reflected on sales the above amount was 3,88% and the same percentage for 2006 was 2,43% for the first quarter of 2006 mostly due to the significant increase of 163,68% of the before taxes earnings of the parent company (1,23mil. against 0,47 mil).
The after taxes return of the group for the first quarter were 0,30 mil. euros against 0,53 mil.euros for the same period of 2006 mainly due to 0,56 mil euros taxation expense for the foresaid period, amount which resulted from a taxation auditing of the parent company for the fiscal years from 2003 to 2005 and was carried during the first quarter of 2006.
In the forthcoming period the increase of sales is expected to be continued for the long living consumer goods which will therefore result in the increase of the company's profitability and consequently the Group's profitability, based on the estimates and up-to-date actual elements.