In the first quarter of 2007, the consolidated sales (pro forma) for VIVARTIA Group were higher by 14,3% reaching Euro 245,9 mil. from Euro 215,1 mil. compared to Q1 2006. The higher than expected increase in sales is attributed mainly to the significant growth in all divisions, not only in Greece but in the South-East Europe region as well, which was strengthened further by the favourable weather conditions.
At profitability levels and taking into account specific accounting adjustments in the advertising expenses and the income from Ice Cream?s operations and on a comparative basis, ΕΒΙTDA increased by 16,3% to Euro 34,2 mil. from Euro 29,4 mil., while net profits reached Euro 12,0 mil. compared to Euro 12,6 mil. in the 1st quarter of 2006, reduced by 4,7%, because of the extraordinary financial income that was reported in the first quarter of 2006. Thus the earnings per share for the first quarter of 2007 reached Euro 0,16 from Euro 0,17 in the respective 2006 period.
It should be noted that the Group?s published results for the first quarter of 2006, according to IFRS, include all continuing activities of the former DELTA Group without the bakery and confectionary operations, therefore they are not directly comparable with 2007 first quarter. According to the published financials, VIVARTIA Group sales for the first quarter of 2007 increased by 78,1%, to Euro 245,9 mil. from Euro 138,1 mil., in the equivalent quarter of 2006. EBITDA for the aforementioned period, reached Euro 34,2 mil. from Euro 25,2 mil., increased by 35,8%, while net profits reached Euro 12,0 mil. from Euro 18,4 mil. reduced by 34,8%, respectively as the Bakery and Confectionary division expenses for the first quarter 2006 are not included, and the extraordinary financial income that was reported was not repeated in the first quarter of 2007.
The significant growth rates achieved by VIVARTIA Group in the first quarter of 2007, therefore confirm managements? annual guidance for 2007.