ΗΛΕΚΤΡΟΝΙΚΗ ΑΘΗΝΩΝ Α.Ε.Ε.
Press Release - Consolidated Financial Results 9Μ 2008/2009
Emphasis given on working capital, expenses and store network administration and infrastructure
Major strategic moves focusing upon the negative market sentiment are planned ahead by Electoniki Group in order to keep up with the leading position in its sector. The expenses reduction across the board, the rationalization of selling and admin costs as well as the improvement of the organizational structure, forms the most important feature of the strategic planning which in fact has already started to bring returns.
It is important to note that liquidity remains in very good levels. The conservative management together with the fact that the there is no exposure to due time bank debt gives the company the advantage to keep up and enforce its market position in the long term.
The objective of Electroniki remains to function as an important player in the broader market of S.E. Europe and to maintain its position of No 1 Greek Chain of electric and electronic appliances in Greece.
As far as the financial results are concerned, the consolidated turnover reached euro 151.8 mil., an increase of 12% compared to the same period last year at euro 172,8 mil. Consolidated EBITDA during 9M reached euro 4.1 mil. versus euro 13.9 mil. in the respective period last year. Consolidated earnings before tax for this 9M period reached euro -2.2 mil. instead of euro 7,9 mil. in 9M last year affected by the operating costs in the Serbian stores. Consolidated net earnings after minorities for the respective period finalised at euro -1.6 mil. instead euro 5.6 mil. for the respective period last year.
On a parent company level, administrative and selling expenses for this 9m period decreased by almost 7% compared to last year due to rationalization of expenses across the board. Consolidated gross profit margin remained at double digit levels (21.3%) showing though some signs of increased "sales offer" pressure.
Although the short term market sentiment remains extremely nervous and any guidance is difficult to come forward, the management expects a slight improvement by the end of 2009.
Major strategic moves focusing upon the negative market sentiment are planned ahead by Electoniki Group in order to keep up with the leading position in its sector. The expenses reduction across the board, the rationalization of selling and admin costs as well as the improvement of the organizational structure, forms the most important feature of the strategic planning which in fact has already started to bring returns.
It is important to note that liquidity remains in very good levels. The conservative management together with the fact that the there is no exposure to due time bank debt gives the company the advantage to keep up and enforce its market position in the long term.
The objective of Electroniki remains to function as an important player in the broader market of S.E. Europe and to maintain its position of No 1 Greek Chain of electric and electronic appliances in Greece.
As far as the financial results are concerned, the consolidated turnover reached euro 151.8 mil., an increase of 12% compared to the same period last year at euro 172,8 mil. Consolidated EBITDA during 9M reached euro 4.1 mil. versus euro 13.9 mil. in the respective period last year. Consolidated earnings before tax for this 9M period reached euro -2.2 mil. instead of euro 7,9 mil. in 9M last year affected by the operating costs in the Serbian stores. Consolidated net earnings after minorities for the respective period finalised at euro -1.6 mil. instead euro 5.6 mil. for the respective period last year.
On a parent company level, administrative and selling expenses for this 9m period decreased by almost 7% compared to last year due to rationalization of expenses across the board. Consolidated gross profit margin remained at double digit levels (21.3%) showing though some signs of increased "sales offer" pressure.
Although the short term market sentiment remains extremely nervous and any guidance is difficult to come forward, the management expects a slight improvement by the end of 2009.