ELMEC SPORT A.B.E.T.E.
Consolidated Financial Results of 6M 2009(IFRS)
Consolidated sales at EUR 121.5 mn(+6.7%)
EBITDA at EUR 10.2 (-16%)
EAT & Minorities at 5.5 (+70.3%)
Consolidated sales for the six months period of 2009 advanced by 6.7% to EUR 121.5 million from EUR 113.9 million in 2008 respective period. Consolidated EBITDA came in at EUR 10.2 million in the six months period of 2009 from EUR 12.2 million in 2008 respective period posting a deceleration of 16%, affected mainly by the Romanian operations due to the depreciation of RON vs EUR and not to mention the decrease in consumer spending. FX losses affected the expenses and stood at EUR 2 million in the 6M 2009 from EUR 0.6 million in the 6M 2008
Consolidated EBT came in at EUR 8 million from EUR 6.4 million in 2008, posting an increase of 25%. Recall that during the 1st quarter of 2009 our group recorded as financial income a one-off gain of EUR 5.2 million. The consolidated EATAM (Earnings after taxes and minorities) during 6M 2009 reached EUR 5.5 million from EUR 3.2 million in 2008, increased by almost 71% Divisional breakdown
In the department stores arm, for the 6M of 2009, sales advanced by 24% to EUR 67.6 million from 54.3 million EUR in 2008 respective period. In the retail arm, sales in 6M 2009 declined by 5% yoy to EUR 31.3 million. As far as the wholesale arm is concerned, sales in 6M 2009 decreased by 13% yoy to EUR 18.3 million. Gym equipment sales declined to EUR 1.4 million, motorcycle sales declined by 4% yoy to EUR 2.6 and other sales stood at EUR 0.5 million. Mr G.Koutsolioutsos, Chairman of Elmec Sport, stated:
Since the beginning of the year Elmec is facing an unfavorable financial environment, due to the financial crisis that started in fall of 2008. Despite these, as usual Elmec delivered consolidated sales up by 7% almost. During the last years, Elmec has managed to grow through opening of new points of sale and through the new department store attica inside the Golden Hall mall. The diversification of the activities, are helping and has helped Elmec, even in the today?s difficult environment. It is worth noticing the increase in sales in our two Factory Outlets, an outcome of the shift of consumers in smart-shopping i.e. in famous brands of previous season. On the other hand, the decrease in gross profits is due to our operations in Romania whose local currency has devaluated since the beginning of the year, however we see signs of stabilization.
EBITDA at EUR 10.2 (-16%)
EAT & Minorities at 5.5 (+70.3%)
Consolidated sales for the six months period of 2009 advanced by 6.7% to EUR 121.5 million from EUR 113.9 million in 2008 respective period. Consolidated EBITDA came in at EUR 10.2 million in the six months period of 2009 from EUR 12.2 million in 2008 respective period posting a deceleration of 16%, affected mainly by the Romanian operations due to the depreciation of RON vs EUR and not to mention the decrease in consumer spending. FX losses affected the expenses and stood at EUR 2 million in the 6M 2009 from EUR 0.6 million in the 6M 2008
Consolidated EBT came in at EUR 8 million from EUR 6.4 million in 2008, posting an increase of 25%. Recall that during the 1st quarter of 2009 our group recorded as financial income a one-off gain of EUR 5.2 million. The consolidated EATAM (Earnings after taxes and minorities) during 6M 2009 reached EUR 5.5 million from EUR 3.2 million in 2008, increased by almost 71% Divisional breakdown
In the department stores arm, for the 6M of 2009, sales advanced by 24% to EUR 67.6 million from 54.3 million EUR in 2008 respective period. In the retail arm, sales in 6M 2009 declined by 5% yoy to EUR 31.3 million. As far as the wholesale arm is concerned, sales in 6M 2009 decreased by 13% yoy to EUR 18.3 million. Gym equipment sales declined to EUR 1.4 million, motorcycle sales declined by 4% yoy to EUR 2.6 and other sales stood at EUR 0.5 million. Mr G.Koutsolioutsos, Chairman of Elmec Sport, stated:
Since the beginning of the year Elmec is facing an unfavorable financial environment, due to the financial crisis that started in fall of 2008. Despite these, as usual Elmec delivered consolidated sales up by 7% almost. During the last years, Elmec has managed to grow through opening of new points of sale and through the new department store attica inside the Golden Hall mall. The diversification of the activities, are helping and has helped Elmec, even in the today?s difficult environment. It is worth noticing the increase in sales in our two Factory Outlets, an outcome of the shift of consumers in smart-shopping i.e. in famous brands of previous season. On the other hand, the decrease in gross profits is due to our operations in Romania whose local currency has devaluated since the beginning of the year, however we see signs of stabilization.