The presentation of F.G. Europe took place today, within the framework of presentations organized by the Association of Greek Institutional Investors. The presentation was conducted by the Group's Managing Director, Mr. Ioannis Pantousis and the Deputy General Manager of the company, Mr. Evangelos Lianopoulos.
During the presentation, the Group's particularly positive course of until today was reported, as well as the forecasts concerning the entire fiscal year 2007, while there was extensive reference to the first half results.
For the fiscal year 2007, the Management of the Group estimates the following:
EBITDA, based on the new composition of sales, is expected to amount to euro 21.00 mil. as opposed to euro 6.27 mil. in 2006, marking an increase of 235%. The EBITDA ratio will increase from 4% in 2006 to 13%.
Earnings per share are expected to amount to euro 0.25 compared to euro 0.05 in 2006, an increase of 400%. As a result of the increased profitability, dividends to be distributed to shareholders in 2007 are expected to increase significantly.
Sales of air conditioners are expected to rise to euro 92.5 mil. as opposed to euro 51.28 mil. in 2006, marking an increase of 80%; sales of consumer electronics are expected to increase to euro 9.5 mil. compared to euro 4.8 mil. in 2006, increased by 98%; for the white electrical appliances sector, sales are expected to amount to euro 12.0 mil. compared to euro 10.45 mil. in 2006, increased by 15%, as a percentage of total sales amounting to euro 156.50 mil.
Based on the policy pursued by the Group in recent years, which involves a focus on sectors with satisfactory performance as well as an attempt to improve the composition of sales, the Durable consumer products, are expected to contribute to total revenues with a percentage of 75%, as opposed to 45% in 2006. On the contrary, the sales of prepaid mobile telephony cards will contribute to total revenues with a percentage of 25% compared to 55% in 2006.
First-Half 2007 Results Analysis:
An increase of 100% has been marked by sales of air conditioners during the first half of 2007 (Greece + 89%, Italy +80%, Balkans + 175%).
The sales of Sharp products (LCD television sets and refrigerators) also developed in a remarkably positive manner, showing an increase which exceeds 100% in relation to the corresponding time period in 2006.
EBITDA during the first half has increased by euro 7.6 mil., representing a percentage of 205% and amounted to euro 11.28 mil., while the EBITDA ratio developed to 13.37% as opposed to 4.65% during the first half in 2006, marking a change of +188%.
EBT for the first half 2007 appear considerably increased by 222%, exceeding euro 10 mil., while net profits exceeded euro 7 mil., marking an increase of 227%.
During the later course of the presentation, the Managing Director, Mr. Ioannis Pantousis referred to the Group's activities as far as the sector of energy is concerned, with respect to R.F. ENERGY S.A. and specifically he referred to the following:
- The commencement of construction of a Wind Park with installed capacity of 15 MW, at the Tsouka Location of South Arcadia region, which is expected to be completed in January 2008.
- The construction of the second Hydroelectric Station of the Hydroelektriki Achaias S.A., of installed capacity of 1.015 MW in the area of Aegialia, a project, which is expected to be completed in April 2008.
- Within 2007, the construction of the second Wind Park with installed capacity of 10 MW in Cylindria in the region of Southern Kilkis shall commence.
- Finally, a reference was made to the planned investments in the sector of energy, in the area of Southeastern Europe, within the next three years, reaching euro 250 mil.
The until the present day maintenance of the first-half's rate of development, is the reason behind the particularly positive expectations of the Group's Management for the full year 2007 results, as well as the expectation of the continuation in 2008 of similar sales volumes and profitability.
As Mr. Ioannis Pantousis mentioned, the Management is carefully examining the potential of further development, both in terms of new geographical regions, as well as with respect to possible acquisitions, which fulfill the qualitative return and growth criteria set by the Group.