ATHENS- "ALFA-BETA" VASSILOPOULOS (Athens Stock Exchange: BASIK) announced today that Q1 2008 Consolidated Revenue amounted to 313.0 million EUR, from 271.9 million EUR in 2007, an increase by 15.1%, while for "ALFA-BETA" VASSILOPOULOS S.A., standalone Revenue amounted to 306.6 million EURO from 265.8 million EURO in 2007, an increase by 15.3%.
Consolidated Operating Profit amounted to 10.6 million EUR from 6.8 million EUR in 2007. For "ALFA-BETA" standalone Operating Profit amounted to 10.3 million EURO compared to 6.6 million EUR in 2007.
Consolidated Net Profit also improved considerably and reached 7.6 million EUR from 4.8 million EUR in 2007. For "ALFA-BETA" standalone, Profit after Tax amounted to 7.3 million EUR compared to 4.6 million EUR in 2007.
Our business in Q1 2008:
During Q1 2008, "ALFA-BETA" continued its dynamic commercial policy reinforcing its value-for-money concept for its products.
Regarding its organic expansion, during Q1 2008, the Company prepared the opening of four new company-operated supermarkets, which were inaugurated in April. These new stores are located in Thessaloniki, in Amphithea (Attica), in Kos and in Trikala.
In parallel, two new affiliated stores were opened, an AB Shop & Go in Kea island and an AB Food Market in Thessaloniki.
At the end of the period, the Group's sales network counted 160 stores of which 113 company-operated retail stores, 37 affiliated stores and 10 wholesale stores operating under the banner ENA Cash-and-Carry.
Moreover, on February 14, 2008, "ALFA-BETA" acquired the company "PL LOGISTICS CENTER - DIANOMES - APOTHIKEFSIS - LOGISTICS - SA", owning a land plot at Inofyta in Boeotia of 115,000 m2, on which a new modern storage and distribution centre of fresh products will be constructed which will facilitate the logistic needs of "ALFA-BETA".
FIRST QUARTER 2008 RESULTS
"ALFA-BETA" VASSILOPOULOS S.A. 01.01-31.03 2008 01.01-31.03 2007 Change Consolidated Results (in thousand EUR)
Turnover (Sales) 312.983 271.940 15,1%
Gross Profit 69.152 56.469 22,5%
On Sales 22,1% 20,8%
Operating Expenses 59.775 50.642 18,0%
On Sales 19,1% 18,6%
Profit before Tax, Financial, Investing Activities, Depreciation and
Amortization (EBITDA) 15.627 11.237 39,1%
On Sales 5,0% 4,1%
Operating Profit 10.598 6.802 55,8%
On Sales 3,4% 2,5%
Profit before Tax 10.527 6.398 64,5%
On Sales 3,4% 2,4%
Profit after Tax 7.646 4.769 60,3%
In the first quarter of 2008, Consolidated Turnover (Sales) reached 313.0 million EUR, an increase by 15.1% due to company's dynamic commercial policy, its investment in product quality, the continuous efforts of the Company upgrading its stores network as well as to the contribution of new stores.
Consolidated Gross Profit increased by 22.5% from 56.5 million EUR in Q1 2007 to 69.2 million EUR in Q1 2008. This increase, higher than that of sales, confirms the success of the commercial policy as well as the effective inventory management of the Group.
Consolidated Operating Expenses increased by 18.0% from 50.6 million EUR in Q1 2007 to 59.8 million EUR in Q1 2008. This increase is due to expenses regarding new store openings.
Consolidated Profit before Tax, Financial, Investing Activities, Depreciation and Amortization (EBITDA) amounted to 15.6 million EUR in Q1 2008 from 11.2 million EUR in 2007, showing an increase by 39.1% due to the growth in sales and gross profit.
For the same reason Consolidated Operating Profit increased to 10.6 million EUR from 6.8 million EUR in Q1 2007.
Consolidated Profit before Tax amounted to 10.5 million EUR from 6.4 million EUR in 2007 and Consolidated Profit after Tax reached 7.6 million EUR against 4.8 million EUR in Q1 2007.
2008 OUTLOOK
For 2008, "ALFA-BETA" VASSILOPOULOS plans an acceleration of its store-opening program adding 17 new stores to its network, including those of the franchise network. Moreover, the stores of Plus Hellas, which was recently acquired, will be remodeled and converted to the Alfa-Beta banner. Τhe acquisition of Plus Hellas, which was concluded on 01.04.2008, is expected to contribute positive to the Group sales and will only slow down the growth of profit in 2008.
The Company, in consolidated form, expects to continue to exhibit satisfactory profit growth in 2008 and beyond.
"ALFA-BETA" VASSILOPOULOS S.A.
"ALFA-BETA" VASSILOPOULOS S.A., is a food retail company established in 1969 and member of the Belgian Delhaize Group since 1992. At the end of 2007, the Group "ALFA-BETA" operated 159 stores (113 company-operated food retail sales points, 10 cash-and-carry stores, & 36 affiliated stores) and employed 7,545 people. In 2007, Consolidated Turnover amounted EUR 1,174.9 million and Consolidated Profit before tax EUR 50.0 million. "ALFA-BETA" VASSILOPOULOS S.A. is listed on the Athens Stock Exchange (BASIK) since 1990.