The consolidated Turnover of DIAS Group amounted to EUR 24,3 Mn compared to EUR 20,2 Mn of 2008 presenting an increase of 20,2 %. At the same time, sales of biological assets of the Group increased by 43,1% as a result of the broadening of the client base and the strengthening of relations and partnerships with key customers worldwide.
Earnings Before Interest Tax and Depreciation (EBITDA) amounted to EUR 3,93 Mn versus EUR 4,73 Mn of the corresponding period of prior year, clearly influenced by the low price of sea bream throughout this period. Nonetheless, the strict management of cost centers and the economies of scale created by the absorption of acquired companies, led to an increase of EBITDA margin by 2,4 percentage points compared to that recorded throughout the year 2008. Consolidated Pre Tax Profits (EBT) decreased to EUR 1,8 Mn recording a negative change of 42% from EUR 3,1 Mn of 2008. Lastly, Earnings After Taxes and Minority Interests (EATAM) amounted to EUR 1,3 Mn versus EUR 2,2 Mn for the three month 2008.
Despite the challenges and difficulties created by the unstable global environment, the Group managed to increase sales volumes significantly, to improve operating margin and cash flow, to reduce bank debt and to maintain satisfactory levels of profitability. At the same time Dias Group is taking advantage of the opportunities presented by the ongoing consolidation of the sector, with the recent acquisition of a major stake at the 8th largest company in Greece.
The consolidation that takes place not only in Greece but also in the other 2 major producing countries, Turkey and Spain, in combination with the reduction of production volumes at European level and the increase in demand, have already led to an impressive increase of sea bream price in the second quarter of 2009. The aforementioned situation, subject to a not deteriorating external environment can lead to a remarkable performance for the current year.