NIKAS SA Group of companies released its financial results for the first half of 2007 according to the International Financial Reporting Standards (I.F.R.S.).
Consolidated turnover for the first half of 2007 was formed at euro 49.7 mil versus euro 53.0 mil in the respective period last year marking a 6.2% decrease. The operating growth of the Group, excluding that of PLATAION SA, a production unit which was sold on April 30, 2006, was formed at 0.5%. This growth is mainly attributed to the increase by 4% in the sales of the meat processing and various dough products, while a decrease of 12.6% marked the sales in other food products following the company's decision to disengage from the sale of products that are not aligned with the company's growth strategy and are low margin.
Group gross profit margin for the first half of 2007 stood at 27.9% from 28.8% in the first half of 2006. It is worth noting that the gross profit margin marked a substantial increase over the second half of 2006 which was formed at 23.1%.
Group EBITDA reached euro 3.5 mil versus euro 6.1 mil in the first half of 2006. The decrease is mainly attributed to the boost in product promotion expenses in the first half of 2007 over the respective period last year as well as to the non recurring extraordinary expenses of euro 1 mil which occurred in the first half of 2006.
Accordingly, after tax and minorities results formed at losses of euro 1.9 mil versus gains of euro 2.6 mil in the first half of 2006. It is noteworthy that the group's first half of 2007 results were also burdened by taxes amounting to euro 1.4 mil as a result of the regular tax audit for the fiscal years 2004 and 2005.
Note: The Financial Statements of the first half of 2007 will be available at the company's website www.nikas.gr and will be published on the daily press on Thursday August 30, 2007
Contact Details
Christina Papandreou, C.F.O.,
tel. 210-8187300, fax: 210-6216439 , e-mail: cpapandreou@nikas.gr
See the IR RELEASE