Consolidated sales, operating profits and net profits of the S&B Group of companies showed increases of 14.5%, 29.4% and 42.5% respectively in the first half of 2007, compared to the corresponding period of 2006. More specifically, the consolidated sales revenue of the Group went up to euro 264.95 million, versus euro 231.40 million in the first half of 2006, while operating profits reached euro 26.82 million from euro 20.73 million. The net profits (after tax), positively influenced also by lower financial costs and an improved effective tax rate, went up to euro 17.22 million from euro 12.08 million in the same period of 2006.
Financial Highlights of S&B Group - first half of 2007
Sales: euro 264.95 million (compared to euro 231.40 million in the first half of 2006)
Gross profit: euro 70.05 million (compared to euro 57.63 million in the first half of 2006)
Earnings before tax, financial and investing income: euro 26.82 million (compared to euro 20.73 million in the first half of 2006)
EBITDA: euro 39.43 million (compared to euro 33.42 million in the first half of 2006)
Profit before tax: euro 24.80 million (compared to euro 17.63 million in the first half of 2006)
Net profit: euro 17.22 million (compared to euro 12.08 million in the first half of 2006)
Profit after tax and minority interests: euro 16.10 million (compared to euro 11.14 million in the first half of 2006)
In the Industrial Minerals Activities, during the period January - June 2007, sales were increased by 16% and operating profits by 32.4% compared to the first half of 2006. More specifically, consolidated sales went up to euro 203.78 million from euro 175.61 million and operating profits rose to euro 23.01 million from euro 17.38 million. These increases are the result of significant organic growth (plus 10.3% in sales), the consolidation from the 1st of May 2007 of CEBO's (50% stake recently acquired) financial results, and the, for the first time, full consolidation of accounts of the continuous casting fluxes activities (STOLLBERG) in Asia (China and Korea).
In the Commercial Activities (through the subsidiaries MOTODYNAMICS S.A. and ERGOTRAK S.A.), total sales for the first quarter 2007 showed an increase of 9.7%, reaching euro 61.32 million from euro 55.91 million. Accordingly, the operating profits from these activities increased by 12.5% reaching euro 3.54 million compared to euro 3.14 million in the first half of 2006.
S&B's Chief Executive Officer, Mr. Efthimios O. Vidalis commenting on the financial results of the first half of 2007, as well as the Group's overall performance, noted: "The good results of the first half support our optimism for the full year. Despite some uncertainties, the markets where we are operating show good prospects and our efforts for development are bearing fruit. We steadily and consistently continue our developmental activities".
The relevant financial statements will be published in the Press as well as uploaded in the company's website www.sandb.com on Friday, August 31, 2007.