Consolidated Q2 sales reached euro 470.2m, recording 7.2% growth over Q2 08;
Consolidated Q2 gross profit reached euro 176.2m, growing by 22.3% over Q2 08;
Consolidated Q2 EBITDA reached euro 30.7m;
Q2 net profit after minority interests of euro 21.6m
Consolidated 1H sales reached euro 861.6m, recording 8.5% growth over 1H 08;
Consolidated 1H gross profit reached euro 297.7m, growing by 19.8% over 1H 08;
Consolidated 1H EBITDA reached euro 46.5m;
1H net profit after minority interests of euro 4.2m.
Marfin Investment Group (MIG) announced today its 1H 2009 results. The Group reported results for the first half with a consolidated profit after tax and minority interest of euro 4.2m. At the parent Company level, MIG recorded profits of euro 13.5m, while Net Asset Value (NAV) stood at euro 3.6bn (NAV per share of euro 4.82). At the same time, cost containment efforts at the Company level are already contributing to improved results with operating expenses being reduced by 55.1% to euro 13.1m vs. euro 29.1m during the same period last year. 17.9% of the NAV is related to MIG's net cash (euro 645.2m), underlying a particularly healthy and robust cash position in these difficult times. MIG's stronger performance during the second quarter has bolstered the traditionally weaker first quarter, resulting in a strong first half of 2009. During the second quarter, MIG as a group recorded 7.2% growth in sales over the same period in the previous year, while gross profit grew by 22.3%. MIG's subsidiaries and related companies are showing promising growth and performing in line with their business plans, on track to deliver strong and profitable performance for the year.
Commenting on the 1H results, Dennis Malamatinas, Marfin Investment Group's Chief Executive Officer stated:
"Amidst the difficult global conditions, we are encouraged by our strong second quarter, which has offset the seasonality inherent during the first quarter in some of our companies - resulting in a promising first half of 2009. Our Group sales have increased by 8.5% over last year, while our gross profit has increased by 19.8%. The majority of our subsidiary and related companies have shown strong growth and healthy increases in net income. The companies are continuing to enhance their market positions, invest in new products and markets, and maintain healthy balance sheets, operating strongly when compared to most of their peers. Our businesses which traditionally experience high levels of seasonality in the first half of the year are performing at or above expectations and exhibit strong operational performance vis-a-vis their competition. This positions MIG's subsidiaries and related companies favourably for the future and ensures positive long-term prospects for its shareholders. We are looking forward to a strong third quarter, which is also traditionally a strong quarter for our more cyclical, seasonal businesses. As we envisioned after the first quarter results, we firmly believe that MIG will be in a position to achieve a level of profitability that will enable us to reward those investors that take a longer-term view on MIG's position."
Contacts:
Investor Relations: +30 210 350 4000, +44 207 054 9280
About MIG: Marfin Investment Group Holdings S.A. is an international investment holding company based in Greece and throughout Southeastern Europe. MIG is quoted on the Athens stock exchange with a market capitalisation of approximately euro 2.2 billion, and has a portfolio of leading companies in mainly defensive sectors across the SEE region, grouped into Food & Dairy, Transportation, Healthcare, Financial Institutions, IT/Telecoms, and Private Equity sectors. As a diversified group MIG has a truly global presence - with almost 35% of its sales outside Greece, a presence in 40 countries, and more than 22 business segments overall. In July 2007, MIG raised euro 5.2 billion via a rights issue and global offering, which was the largest rights issue by an investment company in global history at the time.