SPRIDER STORES S.A
Half Year 2007 Consolidated Financial Results according to IFRS
CONTINUED GROWTH IN TURNOVER AND PROFITABILITY MARKED SPRIDER STORES RESULTS IN HALF YEAR 2007
SPRIDER STORES Group of companies released its HALF YEAR 2007 consolidated financial results according to the International Financial Reporting Standards. Consolidated sales for the first half of 2007 increased considerably by 37.2% and amounted Euro 53.2 mil. over Euro 38.8 mil. in the first half of 2006. Group gross profit amounted Euro 30.5 mil. versus Euro 19.3 mil. in last year's first half, increased by 57.7%, while gross margin marked up by 7.5 percentage points to 57.3% versus 49.8% in the first half last year. Group EBITDA reached Euro 23.4 mil. over Euro 6.3 mil. in the respective period last year. Earnings before interest and taxes (EBIT) amounted Euro 20.8 mil. over Euro 4.4 mil. in the respective period of 2006, whereas earnings before taxes stood at Euro 19.6 mil. over Euro 3.4 mil. in the first half of 2006. Finally, group earnings after tax and minorities for the first half of 2007 amounted to 13.6 mil. over Euro 2.2 mil. in the first half of 2006. The group results show for substantial growth over the first half of last year, and in addition to the normal flow of operations, it is also attributed to the extraordinary results derived from the sale of EXPO ATHENS and the SPRIDER STORE in Anthousa-Attica as well as the sale of the building complex that the group has under construction in Sofia, Bulgaria and from the liquidation of MEGATHLON HELLAS SA. In effect, the total extraordinary non recurrent gain from the above actions that has been accounted for in the Group s financial statements in the first half of 2007 amounts Euro 13.6 million. Consequently, excluding the aforementioned extraordinary results, the group demonstrates a continuing and sustainable smooth growth of its results. In specific, excluding the aforementioned extraordinary results, Group EBITDA reports a 56.4% increase in the first half of 2007 to reach Euro 9.8 mil. over Euro 6.3 mil. in the respective period last year. Earnings before interest and taxes (EBIT) for the first half of 2007 amount Euro 7.4 mil. over Euro 4.4 mil. in the respective period of 2006, whereas earnings before taxes (EBT) are standing at Euro 6.5 mil. over Euro 3.4 mil. in the first half of 2006 marking a substantial increase by 89.7%. Finally, group earnings after tax and minorities (EATAM) for the first half of 2007 amount 3.4 mil. over Euro 2.2 mil. in the first half of 2006 showing for a significant 52.5% growth. Moreover, it is noted that the net after tax results of the first half of 2007 also include Euro 1.9 mil. tax from tax differences by tax audit, deferred taxation and reversal of non taxable reserves from the sale of EXPO ATHENS on April 13, 2007. In conclusion the company has managed to report substantial growth of its results in the first half of 2007, further enhancing its activities by the commencement of operations of an additional 9 sales points. Moreover, it is noteworthy that the company's expansion across the border has been materialized after the opening of 5 new stores in Skopje, Sofia (Bulgaria), Bucharest (Romania), Lemesos (Cyprus) and Timisoara (Romania). Today the group operates a significant network of 54 retail stores out of which 49 are located in Greece and 5 are abroad.
FINANCIAL CALENDAR 2007:
H1 2007 Financial Results: July 26, 2007.
9M 2007 Financial Results: October 25, 2007.
FY 2007 Financial Results: February 21, 2008.
Note: The FIRST HALF 2007 Financial Data and Information of SPRIDER STORES S.A. will be published on Thursday, April 26, 2007.
SPRIDER STORES Group of companies released its HALF YEAR 2007 consolidated financial results according to the International Financial Reporting Standards. Consolidated sales for the first half of 2007 increased considerably by 37.2% and amounted Euro 53.2 mil. over Euro 38.8 mil. in the first half of 2006. Group gross profit amounted Euro 30.5 mil. versus Euro 19.3 mil. in last year's first half, increased by 57.7%, while gross margin marked up by 7.5 percentage points to 57.3% versus 49.8% in the first half last year. Group EBITDA reached Euro 23.4 mil. over Euro 6.3 mil. in the respective period last year. Earnings before interest and taxes (EBIT) amounted Euro 20.8 mil. over Euro 4.4 mil. in the respective period of 2006, whereas earnings before taxes stood at Euro 19.6 mil. over Euro 3.4 mil. in the first half of 2006. Finally, group earnings after tax and minorities for the first half of 2007 amounted to 13.6 mil. over Euro 2.2 mil. in the first half of 2006. The group results show for substantial growth over the first half of last year, and in addition to the normal flow of operations, it is also attributed to the extraordinary results derived from the sale of EXPO ATHENS and the SPRIDER STORE in Anthousa-Attica as well as the sale of the building complex that the group has under construction in Sofia, Bulgaria and from the liquidation of MEGATHLON HELLAS SA. In effect, the total extraordinary non recurrent gain from the above actions that has been accounted for in the Group s financial statements in the first half of 2007 amounts Euro 13.6 million. Consequently, excluding the aforementioned extraordinary results, the group demonstrates a continuing and sustainable smooth growth of its results. In specific, excluding the aforementioned extraordinary results, Group EBITDA reports a 56.4% increase in the first half of 2007 to reach Euro 9.8 mil. over Euro 6.3 mil. in the respective period last year. Earnings before interest and taxes (EBIT) for the first half of 2007 amount Euro 7.4 mil. over Euro 4.4 mil. in the respective period of 2006, whereas earnings before taxes (EBT) are standing at Euro 6.5 mil. over Euro 3.4 mil. in the first half of 2006 marking a substantial increase by 89.7%. Finally, group earnings after tax and minorities (EATAM) for the first half of 2007 amount 3.4 mil. over Euro 2.2 mil. in the first half of 2006 showing for a significant 52.5% growth. Moreover, it is noted that the net after tax results of the first half of 2007 also include Euro 1.9 mil. tax from tax differences by tax audit, deferred taxation and reversal of non taxable reserves from the sale of EXPO ATHENS on April 13, 2007. In conclusion the company has managed to report substantial growth of its results in the first half of 2007, further enhancing its activities by the commencement of operations of an additional 9 sales points. Moreover, it is noteworthy that the company's expansion across the border has been materialized after the opening of 5 new stores in Skopje, Sofia (Bulgaria), Bucharest (Romania), Lemesos (Cyprus) and Timisoara (Romania). Today the group operates a significant network of 54 retail stores out of which 49 are located in Greece and 5 are abroad.
FINANCIAL CALENDAR 2007:
H1 2007 Financial Results: July 26, 2007.
9M 2007 Financial Results: October 25, 2007.
FY 2007 Financial Results: February 21, 2008.
Note: The FIRST HALF 2007 Financial Data and Information of SPRIDER STORES S.A. will be published on Thursday, April 26, 2007.