F.G. EUROPE Α.Ε.
F.G. EUROPE S.A. 1st Quarter 2009 Financial Results
F.G. EUROPE S.A. 1st Quarter 2009 Financial Results
Increased exports of air-conditioners to foreign markets
Significant increase in revenue from activities in the energy sector
Global financial crisis and its subsequent effects in consumer behaviour finally affected F.G. EUROPE's continued over the last years growth in sales of durable consumer goods. Sales of durable consumer products therefore amounted in first quarter of 2009 to a total of euro 16.61m against euro 20.73m in the previous corresponding period of 2008, posting a decrease of 20%.
Decreased sales of air conditioners in the Greek market were partly counterbalanced by a 17% increase of exports. Total sales of air-conditioners in the first quarter of 2009 amounted to a total of euro 14.24m and, despite a decrease noted against sales in the corresponding period of 2008, they remained at slightly increased levels against respective sales in the first quarter of 2007 (which is considered to be a record-high benchmark year for the company, particularly with regard to sales of air-conditioners).
Gross profit margin, considerably benefited from the EURO/USD exchange rate used in exports, increased by 3.91%.
Nevertheless, total decrease in sales of durable consumer goods resulted to a decrease of 82.79% in Earnings before tax which amounted to euro 0.85m, against euro 4.95m in the previous corresponding period.
Net profits after tax for the 1st quarter 2009 amounted to euro 0.61m, as opposed to euro 3.72m in the previous corresponding period, decreased by 83.65%.
It should also be noted that F.G. EUROPE's financial results were considerably affected by finance expenses incurred during the 1st quarter 2009 in the amount of euro 1.00m, as opposed to finance income in the amount of euro 1.69 in the previous corresponding period. More specifically, at parent company level:
Total sales in the first quarter 2009 amounted to euro 19.32m against sales in the amount of euro 25.00m in the first quarter of 2008, posting a decrease of 22.74%.
Sales of air-conditioners saw a total decrease of 19% and amounted to euro 14.24m in the first quarter of 2009, against euro 17.59m in the previous corresponding period of 2008. Said decrease can largely be attributed to decreased sales in the Greek market, which shrunk to euro 5.58m against euro 10.23m in the first quarter of 2008. On the other hand exports of air-conditioners saw a noteworthy increase of 17% during the first quarter of 2009 and amounted to euro 8.53m against euro 7.29m in the previous corresponding period, which partly counterbalanced decreased sales in domestic market.
Sales of ESKIMO and SHARP white electrical home appliances amounted to euro 1.26m as opposed to euro 1.67 in previous corresponding period of 2008, decreased by 25%.
Sales of SHARP Consumer Electronics also decreased by 24% and amounted in the first quarter of 2009 to euro 1.11m against euro 1.46 in the previous corresponding period.
Finally, within the framework of the Company's implemented policy of gradual withdrawal from the low-profit margin mobile telephony market, sales of mobile telephony products continued to decrease by a further 37% and amounted to euro 2.71m for the first quarter of 2009, as opposed to euro 4.28m during the previous corresponding period of 2008.
Total liabilities of the Company posted a considerable decrease of 25.97% during the first quarter of 2009 and amounted to euro 114.91m as at 31/01/20009, as opposed to euro 155.21m as at 31/12/2008, mainly due to the decrease noted to short-term and long-term borrowings, as well as the decrease of payables to suppliers.
Said decrease in total liabilities came mainly as a result of: a) decreased by 14.26% inventories which as at 31/3/2009 amounted to euro 54.89m against euro 64.02m as at 31/12/2008, and b) decreased by 30.58% in payables (the amount of euro 18.98m was paid), which stood at euro 62.06m as at 31/12/2008 and following payment of euro 18.98m decreased to euro 43.08m as at 31/03/2009.
Increased exports of air-conditioners to foreign markets
Significant increase in revenue from activities in the energy sector
Global financial crisis and its subsequent effects in consumer behaviour finally affected F.G. EUROPE's continued over the last years growth in sales of durable consumer goods. Sales of durable consumer products therefore amounted in first quarter of 2009 to a total of euro 16.61m against euro 20.73m in the previous corresponding period of 2008, posting a decrease of 20%.
Decreased sales of air conditioners in the Greek market were partly counterbalanced by a 17% increase of exports. Total sales of air-conditioners in the first quarter of 2009 amounted to a total of euro 14.24m and, despite a decrease noted against sales in the corresponding period of 2008, they remained at slightly increased levels against respective sales in the first quarter of 2007 (which is considered to be a record-high benchmark year for the company, particularly with regard to sales of air-conditioners).
Gross profit margin, considerably benefited from the EURO/USD exchange rate used in exports, increased by 3.91%.
Nevertheless, total decrease in sales of durable consumer goods resulted to a decrease of 82.79% in Earnings before tax which amounted to euro 0.85m, against euro 4.95m in the previous corresponding period.
Net profits after tax for the 1st quarter 2009 amounted to euro 0.61m, as opposed to euro 3.72m in the previous corresponding period, decreased by 83.65%.
It should also be noted that F.G. EUROPE's financial results were considerably affected by finance expenses incurred during the 1st quarter 2009 in the amount of euro 1.00m, as opposed to finance income in the amount of euro 1.69 in the previous corresponding period. More specifically, at parent company level:
Total sales in the first quarter 2009 amounted to euro 19.32m against sales in the amount of euro 25.00m in the first quarter of 2008, posting a decrease of 22.74%.
Sales of air-conditioners saw a total decrease of 19% and amounted to euro 14.24m in the first quarter of 2009, against euro 17.59m in the previous corresponding period of 2008. Said decrease can largely be attributed to decreased sales in the Greek market, which shrunk to euro 5.58m against euro 10.23m in the first quarter of 2008. On the other hand exports of air-conditioners saw a noteworthy increase of 17% during the first quarter of 2009 and amounted to euro 8.53m against euro 7.29m in the previous corresponding period, which partly counterbalanced decreased sales in domestic market.
Sales of ESKIMO and SHARP white electrical home appliances amounted to euro 1.26m as opposed to euro 1.67 in previous corresponding period of 2008, decreased by 25%.
Sales of SHARP Consumer Electronics also decreased by 24% and amounted in the first quarter of 2009 to euro 1.11m against euro 1.46 in the previous corresponding period.
Finally, within the framework of the Company's implemented policy of gradual withdrawal from the low-profit margin mobile telephony market, sales of mobile telephony products continued to decrease by a further 37% and amounted to euro 2.71m for the first quarter of 2009, as opposed to euro 4.28m during the previous corresponding period of 2008.
Total liabilities of the Company posted a considerable decrease of 25.97% during the first quarter of 2009 and amounted to euro 114.91m as at 31/01/20009, as opposed to euro 155.21m as at 31/12/2008, mainly due to the decrease noted to short-term and long-term borrowings, as well as the decrease of payables to suppliers.
Said decrease in total liabilities came mainly as a result of: a) decreased by 14.26% inventories which as at 31/3/2009 amounted to euro 54.89m against euro 64.02m as at 31/12/2008, and b) decreased by 30.58% in payables (the amount of euro 18.98m was paid), which stood at euro 62.06m as at 31/12/2008 and following payment of euro 18.98m decreased to euro 43.08m as at 31/03/2009.