In the first half of 2007, consolidated sales (pro forma) of Vivartia Group have increased by 15,6%, reaching Euro 517,6 mil. from Euro 447,6 mil. in the corresponding period of 2006. The increase in sales of all divisions combined with the significant positive impact from the markets of South-East Europe, contributed to the higher than expected increase in Group sales.
Earnings before interests, taxes, depreciations and amortizations (EBITDA), for the first half of 2007, taking into account the adjustments made for comparison purposes in the income from the ice cream division, in 2006, have increased by 16,7% to Euro 65,0 mil. from Euro 55,7mil. The above increase is mainly due to the increase in sales, the restructuring of the operations in Russia as well as the more efficient management of the operating costs. Earnings before intererest and taxes (EBIT), taking into consideration the above adjustments, increased by 22,5% to Euro 39,2 mil. from Euro 31,9 mil., as a result of the successful efforts in optimizing capital expenditure levels. Accordingly net profits reached Euro 20,6 mil. from Euro 18,9 mil. in the first half of 2006, increased by 9,4%, mainly due to the positive financial income that was reported in the first half of 2006. Earnings per share have been enhanced by 9,4%, to Euro 0,28 from Euro 0,26 in the corresponding period of 2006.
Regarding the published Group's results in the first half of 2006, according to IFRS, they include all the continuing activities of the former DELTA Group without the results of the bakery and confectionary division and therefore they are not directly comparable with the 2007 first half published results.
According to the published results, VIVARTIA Group sales , in the first half of 2007, have increased by 79,4%, to Euro 517,6 mil. from Euro 288,5 mil., in the corresponding period of 2006. Earnings before interests, taxes, depreciations and amortizations (EBITDA) have increased by 55,6% to Euro 65,0 mil. from Euro 41,8 mil., while the net profits decreased by 18,5% to Euro 20,6 mil. from Euro 25,3 mil., due to the above mentioned adjustments for the ice cream division as well as the positive financial income recorded in 2006.
VIVARTIA Group, having achieved significant growth rates in the first half of 2007, confirms management s annual guidance for 2007 with an increase higher than 15% at the operating profitability level, an increase in earnings per share higher than 17%, while increase in sales will significantly exceed the projected 6,4% growth.