F.G. EUROPE Α.Ε.
Presentation of the F.G. EUROPE S.A. Group Annual 2008 Financial Results at the Association of Greek Institutional Investors
In line of Company presentations hosted by the Association of Greek Institutional Investors, F.G. Europe S.A. gave today, March 23rd, 2009, a presentation of its fiscal year 2008 financial results. The presentation was given by Mr. Georgios Fidakis, Chairman of F.G. Europe S.A., Mr. Ioannis Pantousis, Managing Director, and Mr. Evangelos Lianopoulos, Deputy General Manager and Investor Relations.
During the presentation, speakers highlighted the Group?s positive financial results for 2008, and the Group?s continued profitability and spectacularly high dividend return, which for 2008 amounts to the total of euro 0.265 (including interim dividend for FY 2008 which has already been disbursed to shareholders).
In brief, mention was made to the following:
- Total revenue from sales for the Group rose to euro 144.56m in 2008, as opposed to euro 154.48m in 2007, representing a decrease of 6.42%, due to the further decrease? in accordance with the Company?s business strategy in sales of mobile telephony products (which shrunk to euro 15.33m in 2008, against euro 34.70m in 2007, decreased by 55.83%).
- Revenue from sales of electricity for the Group rose to euro 1.611m, as opposed to euro 0.268m in 2007, representing a spectacular increase of 501%.
- Sales of durable consumer goods posted an increase of 6.74% and rose to euro 127.08m in 2008, against euro 119.06m in 2007.
- Sales of air conditioners in 2008 increased by 12.85%, amounting to euro 110.45m against euro 97.87m in 2007.
- Exports of air-conditioners increased by 20.05%, amounting to euro 43.65m, compared to euro 36.36m noted in 2007. Moreover exports to Turkey during the Company?s first year of operation in the Turkish market, amounted to euro 6.85m.
- Sales of air-conditioners in the Greek market amounted to euro 66.80m, increased by 8.62% against sales in 2007 (euro 61.50m in 2007)
- Sales of ESKIMO durable consumer goods amounted to euro 5.65m in 2008. as opposed to euro 6.66m in 2007, representing a decrease of 15.14%
- Sales of SHARP products:
Sales of LCD TV?s and consumer electronics decreased by 25.37% (euro 7.03m in 2008 against euro 9.42m in 2007).
Sales of refrigerators and microwave ovens amounted to euro 4.05m against euro 5.07m in 2007, or a decrease of 20.25%.
Net Earnings After Tax and minority interests for the Group amounted to euro 14.67m in 2008 against euro 13.23m in 2007, further increased by 10.88%.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased to 18.57% of sales revenue in 2008, against 14.40% in 2007, and amounted euro 26.85m in 2008, increased by euro 4.61m, or 20.72% against 2007.
Basic earnings per share for the Group rose to Euro 0.2888 per share, as opposed to Euro 0.2551 per share in 2007, increased by 13.21%.
Moreover mention was made to:
The important increase of the Group?s Own Equity by 24.60%, with a view to realizing investments in the energy sector. The Group?s Own Equity, including minority interests, amounted in 2008 to euro 54.60m, against euro 43.83m in 2007.
Net borrowings from banks increased by 26.30% in order to finance investments in the energy sector, but also due to the increase noted in sales of durable consumer goods from the Company.
Management?s strategic decision to increase inventories in order to benefit from the positive in 2008 euro /$ exchange rates led to an increase in obligations to suppliers by 73%.
Finally, specific discussion was made with regard to the Group?s activities in the energy sector, through its subsidiary company R.F. Energy S.A. More particularly, mention was made to the recent completion and expected launch of operations of a 10 MW, wholly owned Wind Park in Kilkis, Greece, as well as the launch of operations of a 1.015 MW small hydroelectric power plant in Kerynitis river, Greece.
Furthermore mention was made to projects currently in pipeline, which include a cluster of 11 wind farms of a total of 387 MW in South Evia, Greece, one 25.5 MW wind farm in Mount Panachaiko, Greece, as well as further 48 MW of wind farms (all projects mentioned above are currently in licensing stage). As a final point, it was highlighted that the Group?s total installed capacity from wind farms and small hydroelectric power plants will amount to 70.6MW (following materialization of the initial agreement pertaining to two wind farms, operational since November 2008).
For fiscal 2009 Management estimates and expects:
A further significant increase in revenue from sales of electricity
A further increase in exports of air-conditioners to Turkey
With regard to sales in the Greek, Balkan and Italian markets, the Company remains optimistic.
During the presentation, speakers highlighted the Group?s positive financial results for 2008, and the Group?s continued profitability and spectacularly high dividend return, which for 2008 amounts to the total of euro 0.265 (including interim dividend for FY 2008 which has already been disbursed to shareholders).
In brief, mention was made to the following:
- Total revenue from sales for the Group rose to euro 144.56m in 2008, as opposed to euro 154.48m in 2007, representing a decrease of 6.42%, due to the further decrease? in accordance with the Company?s business strategy in sales of mobile telephony products (which shrunk to euro 15.33m in 2008, against euro 34.70m in 2007, decreased by 55.83%).
- Revenue from sales of electricity for the Group rose to euro 1.611m, as opposed to euro 0.268m in 2007, representing a spectacular increase of 501%.
- Sales of durable consumer goods posted an increase of 6.74% and rose to euro 127.08m in 2008, against euro 119.06m in 2007.
- Sales of air conditioners in 2008 increased by 12.85%, amounting to euro 110.45m against euro 97.87m in 2007.
- Exports of air-conditioners increased by 20.05%, amounting to euro 43.65m, compared to euro 36.36m noted in 2007. Moreover exports to Turkey during the Company?s first year of operation in the Turkish market, amounted to euro 6.85m.
- Sales of air-conditioners in the Greek market amounted to euro 66.80m, increased by 8.62% against sales in 2007 (euro 61.50m in 2007)
- Sales of ESKIMO durable consumer goods amounted to euro 5.65m in 2008. as opposed to euro 6.66m in 2007, representing a decrease of 15.14%
- Sales of SHARP products:
Sales of LCD TV?s and consumer electronics decreased by 25.37% (euro 7.03m in 2008 against euro 9.42m in 2007).
Sales of refrigerators and microwave ovens amounted to euro 4.05m against euro 5.07m in 2007, or a decrease of 20.25%.
Net Earnings After Tax and minority interests for the Group amounted to euro 14.67m in 2008 against euro 13.23m in 2007, further increased by 10.88%.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased to 18.57% of sales revenue in 2008, against 14.40% in 2007, and amounted euro 26.85m in 2008, increased by euro 4.61m, or 20.72% against 2007.
Basic earnings per share for the Group rose to Euro 0.2888 per share, as opposed to Euro 0.2551 per share in 2007, increased by 13.21%.
Moreover mention was made to:
The important increase of the Group?s Own Equity by 24.60%, with a view to realizing investments in the energy sector. The Group?s Own Equity, including minority interests, amounted in 2008 to euro 54.60m, against euro 43.83m in 2007.
Net borrowings from banks increased by 26.30% in order to finance investments in the energy sector, but also due to the increase noted in sales of durable consumer goods from the Company.
Management?s strategic decision to increase inventories in order to benefit from the positive in 2008 euro /$ exchange rates led to an increase in obligations to suppliers by 73%.
Finally, specific discussion was made with regard to the Group?s activities in the energy sector, through its subsidiary company R.F. Energy S.A. More particularly, mention was made to the recent completion and expected launch of operations of a 10 MW, wholly owned Wind Park in Kilkis, Greece, as well as the launch of operations of a 1.015 MW small hydroelectric power plant in Kerynitis river, Greece.
Furthermore mention was made to projects currently in pipeline, which include a cluster of 11 wind farms of a total of 387 MW in South Evia, Greece, one 25.5 MW wind farm in Mount Panachaiko, Greece, as well as further 48 MW of wind farms (all projects mentioned above are currently in licensing stage). As a final point, it was highlighted that the Group?s total installed capacity from wind farms and small hydroelectric power plants will amount to 70.6MW (following materialization of the initial agreement pertaining to two wind farms, operational since November 2008).
For fiscal 2009 Management estimates and expects:
A further significant increase in revenue from sales of electricity
A further increase in exports of air-conditioners to Turkey
With regard to sales in the Greek, Balkan and Italian markets, the Company remains optimistic.