F.G. EUROPE Α.Ε.
Presentation of the F.G. EUROPE S.A. Group 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, November 11th, 2009, a presentation of its nine-month period of 2009, financial results. The presentation was given by Mr. Ioannis Pantousis, Managing Director, and Mr. Evangelos Lianopoulos, Deputy General Manager and Investor Relations.
During the presentation, speakers highlighted the satisfactory performance due to the positive Group?s financial results for the nine-month period of 2009 and the data of market.
In brief, mention was made to the following:
Group's total revenue amounted to euro 101.560m for the nine-month period ended September 30, 2009, as opposed to euro 126.289m in the previous corresponding period of 2008, decreased by 19.58%.
Revenue from sales of energy sector for the Group rose to euro 2.921m, as opposed to euro 0.97m in the previous nine-month period of 2008, representing a spectacular increase of 200% (revenues from the operation of the two under acquisition wind parks are not included)
F.G. EUROPE's sales of durable consumer products, for the nine-month period ended September 30, 2009, amounted to euro 94.18m, approaching the sales of the corresponding period of 2007 (amounts euro 98.95m), posting a decrease of 15% compared to those of the corresponding period of 2008 (amounts euro 111.21m), representing a percentage of 96% of the total company's sales.
Sales of air-conditioners in 2009 decreased by 13%, amounting to euro 85.97m against euro 98.74m in the previous nine-month period of 2008.
Exports of air-conditioners for the nine-month period ended September 30, 2009, amounted to euro 31.26m against euro 33.56m in the previous corresponding period of 2008, posting a decrease of 7%.
Sales of air-conditioners in the Greek market amounted to euro 54.71m against euro 65.18m in the previous nine-month period of 2008, decreased by 16% Sales of ESKIMO durable consumer goods amounted to euro 2.38m in 2009 as opposed to euro 4.48m in 2008, representing a decrease of 47%
Sales of SHARP products:
Sales of LCD TV's and consumer electronics decreased by 27% (euro 3.51m in 2009 against euro 4.80m in 2008).
Sales of refrigerators and microwave ovens amounted to euro 2.32m against euro 3.19m in 2008, representing a decrease of 27%
Earnings before Interest, Tax, Depreciation and Amortization ΕBITDA dropped to the level of euro 18.20m against euro 25.41m received for the previous nine-month period ended September 30, 2008, posting a decrease of 28.38%.
Operating profit margin accounted to 17.92% against 20.12% for the nine-month period ended September 30, 2008, decreased by 2,20 units.
Group's Net Profit after taxes and Minority Interests significantly increased against the 1st semester (presenting a decrease of 44,11%), dropped to euro 10.933m in 2009 against euro 15.862m as at 30/09/08, presenting a decrease of 31.07%.
Moreover mention was made to:
The important increase of the Group's Own Equity by 31.55% with a view to realizing investments in the energy sector. The Group's Own Equity, including minority interests, amounted at 30/09/2009 to euro 71.83m, against euro 54.60m at 31/12/2008.
Group's total debt dropped to euro 120.451m. at 30/09/2009 from euro 189.473 m at 31/12/2008, posting a decrease of 36.42%. Said decrease of the total debt is actually due to the 45,49% decrease of Parental's company debt.
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 launch of operations of a 10 MW, wholly owned Wind Park in Kilkis, Greece, on May, 2009 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 noted that subsidiary RF Energy has agreed to purchase three wind parks with a total capacity of 34MW (currently undergoing licensing process). Also, subject to completion of the initial agreement the company has entered to purchase two wind parks with a total capacity of 42MW (operating since November 2008), the Group's total installed capacity from wind farms and small hydroelectric power plants will amount to 70.6MW.
Management estimates that the Group's financial results for the 4th Quarter 2009 will be negative, particularly in case the once-off special levy imposed by the Greek Government affects the Group?s current fiscal year results. However, the Company and the Group?s financial results for the whole fiscal year 2009, especially amidst the current market conditions due to the financial crisis, and considering also the financial results for the nine-month period ended September 30, 2009, are expected to be satisfactory.
During the presentation, speakers highlighted the satisfactory performance due to the positive Group?s financial results for the nine-month period of 2009 and the data of market.
In brief, mention was made to the following:
Group's total revenue amounted to euro 101.560m for the nine-month period ended September 30, 2009, as opposed to euro 126.289m in the previous corresponding period of 2008, decreased by 19.58%.
Revenue from sales of energy sector for the Group rose to euro 2.921m, as opposed to euro 0.97m in the previous nine-month period of 2008, representing a spectacular increase of 200% (revenues from the operation of the two under acquisition wind parks are not included)
F.G. EUROPE's sales of durable consumer products, for the nine-month period ended September 30, 2009, amounted to euro 94.18m, approaching the sales of the corresponding period of 2007 (amounts euro 98.95m), posting a decrease of 15% compared to those of the corresponding period of 2008 (amounts euro 111.21m), representing a percentage of 96% of the total company's sales.
Sales of air-conditioners in 2009 decreased by 13%, amounting to euro 85.97m against euro 98.74m in the previous nine-month period of 2008.
Exports of air-conditioners for the nine-month period ended September 30, 2009, amounted to euro 31.26m against euro 33.56m in the previous corresponding period of 2008, posting a decrease of 7%.
Sales of air-conditioners in the Greek market amounted to euro 54.71m against euro 65.18m in the previous nine-month period of 2008, decreased by 16% Sales of ESKIMO durable consumer goods amounted to euro 2.38m in 2009 as opposed to euro 4.48m in 2008, representing a decrease of 47%
Sales of SHARP products:
Sales of LCD TV's and consumer electronics decreased by 27% (euro 3.51m in 2009 against euro 4.80m in 2008).
Sales of refrigerators and microwave ovens amounted to euro 2.32m against euro 3.19m in 2008, representing a decrease of 27%
Earnings before Interest, Tax, Depreciation and Amortization ΕBITDA dropped to the level of euro 18.20m against euro 25.41m received for the previous nine-month period ended September 30, 2008, posting a decrease of 28.38%.
Operating profit margin accounted to 17.92% against 20.12% for the nine-month period ended September 30, 2008, decreased by 2,20 units.
Group's Net Profit after taxes and Minority Interests significantly increased against the 1st semester (presenting a decrease of 44,11%), dropped to euro 10.933m in 2009 against euro 15.862m as at 30/09/08, presenting a decrease of 31.07%.
Moreover mention was made to:
The important increase of the Group's Own Equity by 31.55% with a view to realizing investments in the energy sector. The Group's Own Equity, including minority interests, amounted at 30/09/2009 to euro 71.83m, against euro 54.60m at 31/12/2008.
Group's total debt dropped to euro 120.451m. at 30/09/2009 from euro 189.473 m at 31/12/2008, posting a decrease of 36.42%. Said decrease of the total debt is actually due to the 45,49% decrease of Parental's company debt.
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 launch of operations of a 10 MW, wholly owned Wind Park in Kilkis, Greece, on May, 2009 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 noted that subsidiary RF Energy has agreed to purchase three wind parks with a total capacity of 34MW (currently undergoing licensing process). Also, subject to completion of the initial agreement the company has entered to purchase two wind parks with a total capacity of 42MW (operating since November 2008), the Group's total installed capacity from wind farms and small hydroelectric power plants will amount to 70.6MW.
Management estimates that the Group's financial results for the 4th Quarter 2009 will be negative, particularly in case the once-off special levy imposed by the Greek Government affects the Group?s current fiscal year results. However, the Company and the Group?s financial results for the whole fiscal year 2009, especially amidst the current market conditions due to the financial crisis, and considering also the financial results for the nine-month period ended September 30, 2009, are expected to be satisfactory.