During the nine-month period of 2007, turnover of the parent company of "HELLENIC FABRICS S.A." amounted to Euro 57,13 mln, versus Euro 51,63 mln of the corresponding period of 2006, presenting an improvement of 10,64%. Consolidated turnover amounted to Euro 60,77 mln, from Euro 62,22 mln in the corresponding last year's period. Denim fabric that accounts for 79% of the consolidated turnover increased its sales by 22,4% compared to those that have been achieved in the corresponding period of 2006. At the same time, there was a reduction of cotton sales.
Net profit after tax of the parent company decreased from Euro 0,54 mln to Euro -1,99 mln. Consolidated profit before tax, interest and depreciation (EBITDA) amounted to Euro 1,97 mln versus Euro 7,37 mln of the corresponding nine-month period of 2006. Consolidated net profit after tax and minority rights decreased from Euro 0,77 mln to Euro -3,09 mln, shaping the "basic earnings per share" ratio to Euro -0,23 mln from Euro 0,06 mln of the corresponding last year's period. Also, the period's depreciation came up to Euro 4,40 mln.
The Group's profitability was significantly influenced by the negative impact of the last cotton-ginning period, which has been completely absorbed in the financial statements of the nine-month period of 2007, but also by sales at low prices of denim fabric stock.
Shareholder's equity amounted to Euro 78,77 mln from Euro 81,80 mln at the end of 2006, forming the "price to book value" ratio (P/BV) to 0,42 and the "debt-equity" ratio to 1,14.
Due to its intense export orientation of approximately 80% of net sales, the company is affected by the negative consequences of the Euro / USD exchange rate, which afflict most of the European enterprises.
However, the Group's Management appreciates that the improvement in the denim sales will continue, leading to better prospects for next year.