Rilken S.A. announces first half-year 2002
results
Kifissia/Greece · In the first half of fiscal 2002, Rilken S.A. reported sales of 11,597 TEURO, 2.3% below last year's level. This was mainly due to the discontinuation of the distribution agreement for the Coppertone brand at the end of 2001 and the difficult retail environment in the first months of 2002. These factors resulted in lower sales to the retail distribution company Schwarzkopf & Rilken Hellas S.A., while the external sales show a satisfactory development.
Operating profit decreased by 334 TEURO (-18.5 percent) to 1,470 TEURO. The main reasons for the reduction were the decrease in other revenues and increased operating expenses.
Profits before taxes declined by 606 TEURO or 32.6% and amounted to 1,252 TEURO. This decrease is mainly due to higher provisions for bad debt related to export business with customers in Eastern Europe.
Consolidated net sales of the Rilken Group, which include sales of Rilken S.A. and its retail distribution company Schwarzkopf & Rilken Hellas S.A., amounted to 21,576 TEURO. The decrease of 2.4 % vs. the corresponding period of the previous year was due to the above-mentioned reasons.
Operating profit of the Group declined by 848 TEURO (-41.1 percent) to 1,213 TEURO. Lower sales, the drop in other revenues and the increase in operating expenses were the main reasons for this development.
Consolidated profits before taxes decreased by 771 TEURO or 38.3% to 1,240 TEURO.
Rilken S.A. is an Athens based manufacturer and marketer of Cosmetics, specialized in Hair Care products. The company is a member of the Henkel Group which is the majority shareholder of Rilken S.A. via its subsidiary Henkel Hellas S.A.
The financial statements of Rilken S.A. for the first half-year 2002, including the consolidated financial statements, will be published tomorrow August 28, 2002.