The management of SPRIDER STORES Group notifies that within the frame of the presentations organized by the Association of Greek Institutional Investors in Athens, a corporate presentation has taken place concerning the group's activities and latest developments.
The presentation was held at the Association of Greek Institutional Investors headquarters in Athens and the Group was represented by Mr. Kyriakos Kofinas, General Manager, Mr. George Tsiakkas, CFO and Mr. Thanos Maltezakis, IRO.
Mr. Kofinas presented the most important aspects of the Group's core business, while he focused on the strategic objectives of the company, which regard the reorientation of purchases from costly to more inexpensive suppliers, the reduction of the number of suppliers, as well as the increase of sales deriving from the expansion of the retail network and the essential repercussion and response of the final consumer, the family that is, based on the retention of the initial strategic goal, which is the best possible relation between product price and quality. As Mr. Kofinas mentioned, SPRIDER STORES Group retail network numbers already 56 points of sales, of which 51 lie in Greece, while 5 operate in South Eastern European countries (such as Romania, Bulgaria, F.Y.R.O.M. and Cyprus). As noted, within 2007 the operation of another 7 SPRIDER STORES is expected, of which 5 will be established abroad. Finally, Mr. Kofinas mentioned that the Group's strategic goal, concerning long-term expansion of the retail store network, is to reach 100 SPRIDER STORES in Greece and more than 50 SPRIDER STORES abroad until 2011.
Following, Mr. Maltezakis, referred to the revision of the initial estimations of the Group's financial statements for the current fiscal year, while he presented Management's projections for the results of 2008.
More specifically, 2007 consolidated turnover is expected to reach euro 124.0 mil. over previous estimation of euro 112.0 mil., marking an increase of 31.3% over 2006. This increase in turnover, in terms of volume, is not only caused by the organic growth of the existing retail stores, but also by the faster retail network expansion. The Group's Gross Profit is estimated to reach euro 69.9 mil. in 2007 against the previous projection of euro 59.2 mil., marking an increase of 40.1% over 2006. This increase in gross profit is due to both the turnover strengthening, as well as to the decrease in the purchase price of the goods.. Additionally, operating earnings before interest, taxes, depreciation - amortization (EBITDA), are anticipated to increase by 34.7% over 2006, standing at euro 26.8 mil., compared to euro 23.5 mil., as stated to the initial estimations. Finally, net operating earnings after taxes and minorities are expected to be formed at euro 13.0 mil. in 2007 versus euro 11.0 mil. of the prior projection, increased by 55.6% against to 2006.
Concluding, the Management of SPRIDER STORES expects for FY 2008 the continuation of the dynamic growth course and strengthening of its operating financial results. More specifically, consolidated turnover is projected to reach euro 165 mil., resulting both from the more effective operation of the existing retail stores, as well as from the operation of 20 new retail stores, of which 8 will be established abroad. Gross profit is expected to rise to euro 93.1 mil., earnings before interest, taxes, depreciation - amortization (EBITDA) to euro 35.6 mil., earnings before taxes to euro 25.5 mil., while finally earnings after taxes and minorities are estimated to reach euro 18.6 mil.
Note: The corporate presentation has been posted on the SPRIDER STORES website: www.spriderstores.com and to the Athens Exchange.