P.G. NIKAS S.A.
Press Release
CONSOLIDATED FINANCIAL RESULTS FOR THE NINE MONTH PERIOD OF 2007 (I.F.R.S.)
NIKAS SA Group of companies released its financial results for the nine month period of 2007, according to the International Financial Reporting Standards (I.F.R.S.).
The company's course improved in the third quarter of 2007, within which came out the first signs of the restructuring and recovery strategy that was implemented in the last months. More specifically, the strategic products organic growth stood at 3.5%, while other products sales reduced by 5% as a result of the company's decision to disengage from the trading of products that are not aligned with the company's strategy and are characterised by low profitability.
Group gross profit margin for the third quarter of 2007 increased and stood at 27.4% over 26.8% in the respective period in 2006. This improvement is attributed to the focus in profitable activities and to the productivity increase in the production and sales activities.
Accordingly, Group EBITDA increased significantly by 15.3% in the third quarter of 2007 and stood at euros 3.6 mil. versus euros 3.1 mil. in the third quarter of 2006. This improvement is attributed both to the 4.4% reduction of operating cost and to the boost of the organic growth and the financial results of affiliated companies in the third quarter of 2007. Finally, profits after taxes and minorities marked an increase of 54.5% in the third quarter of 2007 standing at euros 1,180 thou, over euros 762 thou in the respective period last year.
Regarding the nine month period of 2007, consolidated turnover stood at euros 76.4 mil. over euros 80.8 mil. in the respective period last year, marking a 5.5% decrease, while the Group's activities organic change, excluding the feta production unit "PLATAION S.A.", which was sold on 30/4/2006, marked a 0.5% decrease. Respectively, Group EBITDA in the nine month period of 2007 stood at euros 7.0 mil., while results after taxes and minorities amounted to losses of euros 736 thou, significantly decreased as compared to losses of euro 1,916 thou in the first half of 2007, as a result of the positive course in the third quarter. Please note that 2007 nine month period results include taxes amounting to euros 1.4 mil., which resulted from the regular tax audit of the fiscal years 2004 and 2005.
Having implemented a complete restructuring program in the Group, NIKAS SA is targeting its efforts in the evolvement of its strategic products and the rationalization of the operating cost. The results of the program have already been depicted in the third quarter of 2007, while the Group's course in the fourth quarter of the current fiscal year is expected to be considerably positive, as regards the growth of its activities and the improvement of its financial figures.
Note: The Financial Statements of the nine month period of 2007 will be available at the company?s website www.nikas.gr and will be published on the daily financial press on Friday November 23, 2007
NIKAS SA Group of companies released its financial results for the nine month period of 2007, according to the International Financial Reporting Standards (I.F.R.S.).
The company's course improved in the third quarter of 2007, within which came out the first signs of the restructuring and recovery strategy that was implemented in the last months. More specifically, the strategic products organic growth stood at 3.5%, while other products sales reduced by 5% as a result of the company's decision to disengage from the trading of products that are not aligned with the company's strategy and are characterised by low profitability.
Group gross profit margin for the third quarter of 2007 increased and stood at 27.4% over 26.8% in the respective period in 2006. This improvement is attributed to the focus in profitable activities and to the productivity increase in the production and sales activities.
Accordingly, Group EBITDA increased significantly by 15.3% in the third quarter of 2007 and stood at euros 3.6 mil. versus euros 3.1 mil. in the third quarter of 2006. This improvement is attributed both to the 4.4% reduction of operating cost and to the boost of the organic growth and the financial results of affiliated companies in the third quarter of 2007. Finally, profits after taxes and minorities marked an increase of 54.5% in the third quarter of 2007 standing at euros 1,180 thou, over euros 762 thou in the respective period last year.
Regarding the nine month period of 2007, consolidated turnover stood at euros 76.4 mil. over euros 80.8 mil. in the respective period last year, marking a 5.5% decrease, while the Group's activities organic change, excluding the feta production unit "PLATAION S.A.", which was sold on 30/4/2006, marked a 0.5% decrease. Respectively, Group EBITDA in the nine month period of 2007 stood at euros 7.0 mil., while results after taxes and minorities amounted to losses of euros 736 thou, significantly decreased as compared to losses of euro 1,916 thou in the first half of 2007, as a result of the positive course in the third quarter. Please note that 2007 nine month period results include taxes amounting to euros 1.4 mil., which resulted from the regular tax audit of the fiscal years 2004 and 2005.
Having implemented a complete restructuring program in the Group, NIKAS SA is targeting its efforts in the evolvement of its strategic products and the rationalization of the operating cost. The results of the program have already been depicted in the third quarter of 2007, while the Group's course in the fourth quarter of the current fiscal year is expected to be considerably positive, as regards the growth of its activities and the improvement of its financial figures.
Note: The Financial Statements of the nine month period of 2007 will be available at the company?s website www.nikas.gr and will be published on the daily financial press on Friday November 23, 2007