FOURLIS S.A.
Full Year Results Presentation to the Analysts
On February 25th 2009 and in accordance with art. 292 par. 4 of the ASE Regulation, Mr. Apostolos Petalas, Fourlis Group CEO, presented to the Association of Greek Institutional Investors the FY08
financial results of the Group.
In 2008 the Group strengthened its position both in terms of sales and profits considering the additional costs of new IKEA stores (Athens, Greek province and Bulgaria) as well as increased transportation costs due to the port strikes in Greece.
Sales grew by 17,1% to euro 784,45 mio y-o-y (FY07: euro 670,08 mio).
EBITDA up 21,9% to euro101,73 mio y-o-y (FY07: euro 83,42 mio).
Adjusted EBITDA was up 10,5% to euro 86,92 mio (FY07:euro 78,63 mio).
- DSGI SOUTH-EAST EUROPE A.E.Β.Ε. (ex Kotsovolos) one off capital gain: euro 23,4 mio (FY07: euro 10,9 mio including ATC sale).
- IKEA Preopening expenses FY08: euro 6,3 mio (FY07: euro 6,2 mio).
- Other unusual items in FY08 EBITDA (port strikes): euro 2,25 mio
PBT up by 16.9% to euro 76,23 mio y-o-y (FY07: euro 65,21 mio). Adjusted PBT figure for FY08 is up 3,5% y-o-y to 62,53 mio (FY07: euro 60,43 mio) since the first quarter of the current year includes, in addition to what is mentioned in EBITDA analysis, euro 1,1 mio one off foreign exchange differences from Romania activity due to hedging policy.
NP up 19,2% to euro 55,06 mio y-o-y (FY07: euro 46,18 mio).
EPS euro 1,08 (FY07: euro0,91).
Retail Home Furnishings division (IKEA) during the twelve month period, realized 32,4% y-o-y increase in sales to euro 334,23 million and euro 38,71 million Profit Before Taxes (FY07 euro39,22 million). The new IKEA store in Athens and the IKEA store in Cyprus operated successfully in 2008, affecting positively the profitability of the division, during the first year of theιr operation. The financial results of this division include euro 6,3 million pre-opening expenses related mainly to the new IKEA store in Athens, but also related to future openings in the Greek province and Bulgaria (FY07 pre-opening expenses: euro 6,2 mio) and euro 2,25 million additional non recurring cost from the port strike in Greece.
Retail Sporting Goods division (INTERSPORT), with 28 stores in Greece, 11 stores in Romania, 1 store in Bulgaria and 1 store in Cyprus, realized sales of euro73,21 million (24,5% up y-o-y) and euro 6,50 million Profit Before Taxes 15,1% up y-o-y.
Finally the wholesale of electrical and electronics division, realized 5,1% y-o-y increase in sales (euro 377,01 million) and euro 8,73 million Profit before Taxes. The adjusted profit before taxes of this sector is euro 9,83 mio since the first quarter of the current year includes, euro 1,1 mio one off negative foreign exchange differences from Romania activity due to hedging policy.
In 2008 the Group strengthened its position both in terms of sales and profits considering the additional costs of new IKEA stores (Athens, Greek province and Bulgaria) as well as increased transportation costs due to the port strikes in Greece.
Sales grew by 17,1% to euro 784,45 mio y-o-y (FY07: euro 670,08 mio).
EBITDA up 21,9% to euro101,73 mio y-o-y (FY07: euro 83,42 mio).
Adjusted EBITDA was up 10,5% to euro 86,92 mio (FY07:euro 78,63 mio).
- DSGI SOUTH-EAST EUROPE A.E.Β.Ε. (ex Kotsovolos) one off capital gain: euro 23,4 mio (FY07: euro 10,9 mio including ATC sale).
- IKEA Preopening expenses FY08: euro 6,3 mio (FY07: euro 6,2 mio).
- Other unusual items in FY08 EBITDA (port strikes): euro 2,25 mio
PBT up by 16.9% to euro 76,23 mio y-o-y (FY07: euro 65,21 mio). Adjusted PBT figure for FY08 is up 3,5% y-o-y to 62,53 mio (FY07: euro 60,43 mio) since the first quarter of the current year includes, in addition to what is mentioned in EBITDA analysis, euro 1,1 mio one off foreign exchange differences from Romania activity due to hedging policy.
NP up 19,2% to euro 55,06 mio y-o-y (FY07: euro 46,18 mio).
EPS euro 1,08 (FY07: euro0,91).
Retail Home Furnishings division (IKEA) during the twelve month period, realized 32,4% y-o-y increase in sales to euro 334,23 million and euro 38,71 million Profit Before Taxes (FY07 euro39,22 million). The new IKEA store in Athens and the IKEA store in Cyprus operated successfully in 2008, affecting positively the profitability of the division, during the first year of theιr operation. The financial results of this division include euro 6,3 million pre-opening expenses related mainly to the new IKEA store in Athens, but also related to future openings in the Greek province and Bulgaria (FY07 pre-opening expenses: euro 6,2 mio) and euro 2,25 million additional non recurring cost from the port strike in Greece.
Retail Sporting Goods division (INTERSPORT), with 28 stores in Greece, 11 stores in Romania, 1 store in Bulgaria and 1 store in Cyprus, realized sales of euro73,21 million (24,5% up y-o-y) and euro 6,50 million Profit Before Taxes 15,1% up y-o-y.
Finally the wholesale of electrical and electronics division, realized 5,1% y-o-y increase in sales (euro 377,01 million) and euro 8,73 million Profit before Taxes. The adjusted profit before taxes of this sector is euro 9,83 mio since the first quarter of the current year includes, euro 1,1 mio one off negative foreign exchange differences from Romania activity due to hedging policy.