SPRIDER STORES DEMONSTRATES STRONG GROWTH IN ITS RESULTS AND ITS SALES NETWORK DURING NINE MONTH 2007
SPRIDER STORES Group of companies released its 9M 2007 consolidated financial results according to the International Financial Reporting Standards.
Consolidated sales have increased by 39.4% to euro 80.13 million compared to euro 57.49 million in 9M 2007. Gross profit amounted euro 45.00 million from euro 28.05 million in 9M 2006, up by 60.4%, while gross margin marked up by 7.4 percentage points to 56.2% from 48.8% on 30/09/2006.
Consolidated EBITDA shaped to euro 25.84 million compared to euro 8.39 million in 9M 2006. EBIT amounted euro 21.88 million from euro 5.35 million during 9M 2006 and earnings before taxes were formed to euro 20.50 million over euro 3.94 million on 30/09/2006. Finally, earnings after taxes and minorities stood at euro 15.06 million compared to euro 2.58 million during 9M 2006.
The aforementioned results include extraordinary non recurrent results from the sale of EXPO ATHENS building and the sale of the tangential SPRIDER STORE in Anthousa-Attica, the sale of part of the building that the Group has developed in Bulgaria as well as from the liquidation of the subsidiary firm MEGATHLON HELLAS S.A. All the above contributed in 9M 2007 extraordinary non recurrent pre tax earnings of euro 13.59 million.
Consequently, for comparison purposes, excluding all the extraordinary non recurrent results, consolidated operational EBITDA during 9M 2007 increased by 44.3% to euro 12.11 million compared to euro 8.39 million during the corresponding period of the previous year. EBIT marked a 53.1% increase amounting euro 8.19 million over euro 5.35 million on 30/09/2006, while earnings before taxes advanced by 83.2% to euro 7.22 million compared to euro 3.94 million in 9M 2006. Finally, consolidated operational earnings after taxes and minorities were boosted by 103.9% to euro 5.26 million over euro 2.58 million during the first nine months of 2006.
The significant increase in the Group's financial results is mainly attributed to the organic growth of the existing sales network as well as to the establishment of 14 new stores within the first nine months of 2007 and 18 stores in total compared to 9M 2006. It must be noted that the expansion abroad has been realized with the establishment of 5 stores in Skopje (FYROM), Sofia (Bulgaria), Bucharest, Timisoara (Romania) and Limassol (Cyprus). Hence, the Group today operates a network comprising of 60 stores, 55 of which are located in Greece and 5 abroad.
Regarding FY 2007, consolidated sales are expected to rise by 31.3% compared to FY 2006 amounting euro 124.0 million. The Group's gross profit is estimated at euro 69.6 million, increased by 40.1% over 2006. Additionally, EBITDA is expected to advance by 34.7% versus FY 2006 to euro 26.8 million. Finally, earnings after taxes and minorities are projected to reach euro 13.0 million, up by 55.6% over FY 2006.
CONSOLIDATED INCOME STATEMENT 9M 2007
(amounts in euro mn) 30/09/2007 30/09/2007(1) 30/09/2006 Δ
(%)Sales 80,13 79,77 57,49 38,8% Gross Profit 45,00 44,72 28,05 59,4% (% on sales) 56,2% 56,1% 48,8% EBITDA 25,84 12,11 8,39 44,3% (% on sales) 15,2% 14,6% EBIT 21,88 8,19 5,35 53,1% (% on sales) 10,3% 9,3% EBT 20,50 7,22 3,94 83,2% (% on sales) 9,1% 6,9% EAT 15,06 5,26 2,58 103,9% (% on sales) 6,6% 4,5%
1.Excluding extraordinary non recurrent results from the sale of EXPO ATHENS building and the sale of the tangential SPRIDER STORE, the sale part of the building the Group is constructing in Bulgaria, the liquidation of the subsidiary firm MEGATHLON HELLAS S.A. and the formation of provisions concerning tax audits.
FINANCIAL CALENDAR 2007
Nine Months 2007 Results Thursday October 25, 2007
FY 2007 Results Thursday February 21, 2007
Note: SPRIDER STORES interim financial statements of 9M 2007 will be published on Thursday October 25, 2007.