Consolidated sales at euro 180,8 million (+21,5%)
EBITDA at euro 19,2 million
The consolidated sales of Elmec Sport for the nine months period of 2008 reached euro 180.8 million (euro 148.8 million in the respective 2007 period) posting an increase of 21.5%
The increase in sales is mainly attributed to the a) continuation of the positive performance of our department stores, with its flagship "attica", but also due to the increase in sales during September at the Factory Outlets (+35%), mainly due to the shift of consumers demand towards branded goods of previous season at a lower price, and b) to the contribution of the wholesale activity of Converse in the markets of Greece and Cyprus and also the increase in demand for Nike and Converse in Romania and Bulgaria.
Consolidated EBITDA for the nine months period reached euro 19.2 million from euro 19.6 million in 2007 respective period while the relative margin reaching 10.6% from 13.2%.The nine months result of 2007 included an operating income already announced, from a sale of an asset for euro 1.6 million. Adjusting the 2007 9M results for comparability reasons, the EBITDA would post an increase of 6.6%.
Operating expenses of the group, dropped to 34.4% of the consolidated sales versus 35.1% of the 2007 respective period.
Earnings before taxes during the nine months period of 2008 reached euro 26 million from euro 21.5 million in 2007 respective period, increasing almost 21%.It should be mentioned though that during the nine months period of 2007, there was a one-off gain from a sale of investment in Romania amount to euro 10.4 million.
During the 3rd quarter of 2008, in accordance to the IFRS 3 and within a 12 months period from the acquisition of minorities, the group evaluated in market values the real estate properties (buildings and land) of the companies Factory Outlet S.A, Factory Outlet Airport S.A. and Ipirotiki S.A. for the proportion of their minority interests (39.76%, 9.1% και 15.6% respectively) that were acquired on the 29th of September of 2007. This evaluation of the above mentioned companies in fair values decreased the GOODWILL by euro 4.5 million and recognized a gain of euro 16.3 million derived mainly from the Factory Outlet owned building.
Finally, the Earnings after taxes and minorities during the nine months period of 2008 reached euro 21.8 million from euro 13.9 million in 2007 respective period posting an increase of 57%