For another period the financial data and elements of the Company STELIOS KANAKIS S.A., which is actively involved in the sale and trading of raw materials of pastry-making, bakery and ice cream, achieved a significant increase.
Regarding first half figures (1.1.2007-30.6.2007) sales and net profit presented a two-digit growth rate, 10,9% and 15,52% respectively. In particular:
- Turnover increased by 10,9% to 7,775 mn Euros, compared to 7,011 mn Euros of corresponding last year's period.
- Earnings (profit) before taxes, interests and depreciations (EBITDA) were up 10,11% at 1,023 mn Euros from 0,929 mn Euros the first half of 2006 .
- Earnings (profit) before taxes (ΕΒΤ) were up at 0,854 mn Euros from 0,794 mn Euros for the first half of 2006 (+7,65%).
- Finally, earnings (profit) after tax (ΕΑΤ), grew by 15,52% to 0,637 mn Euros, compared to 0,552 mn of corresponding last year's period.
It has to be noted that these records were achieved despite the fact that:
a) Depreciation grew by 39%, following the completion of the new privately owned storage and distribution Center, which the Company has built in Thessaloniki (Industrial Zone-VIPE of Sindos).
b) Significant expenses (mostly promotional expenses) derived from the Company's participation in the 10th International Exhibition ARTOZA during the first quarter of '07. This Exhibition takes place every two years and constitutes the most important event of the relevant market in Greece.
In what concerns the Company's financial and economical status, its position remains exceptionally strong, since the bank lending was maintained in low levels, arising to 576 thousands Euros.
Capital and reserves accounts stood at 12,213 mn Euros. As a result bank lending constitutes only 4,7% of the Company's capital and reserves and total liabilities constitute only 26% of capital and reserves, which is among the lowest ratios among the companies listed in the Athens Stock Exchange.
The management of the Company, based on the above-mentioned results, maintains its estimations for a positive course during the present fiscal year.