FOURLIS S.A.
Presentation to the Association of Greek Institutional Investors
In accordance with the 2010 Financial Calendar, on February 24th 2010, Mr. Vassilis Fourlis, Executive Chairman, presented to the Association of Greek Institutional Investors the FY09 financial results of the Group.
Fourlis Group, during the course of 2009, increased sales and profitability in both retail activities (IKEA and INTERSPORT), while the wholesale of electrical and electronics activity remained profitable, despite top line and bottom line negative results in Romania. Group Sales were € 751,72 million in 2009 compared to € 784,45 million in 2008.
Net Profit at € 31,62 million (€ 55,06 million FY08). Net Profit FY09 is after deducting the extraordinary tax € 5,89 million, while Net Profit of 2008 includes the after tax non recurring capital gain (€ 17,96 mio) from the sale of DSGI SOUTH-EAST EUROPE A.E.Β.Ε. (P. KOTSOVOLOS A.E.B.E.). Thus the Adjusted Net Profit for 2009 was € 37,51 million compared to € 37,10 million in 2008.
FY09 EBITDA at € 72,91 million including € 5,49 million pre-opening expenses for the new IKEA stores, while FY08 EBITDA € 101,73 million included the non recurring capital gain (€ 23,39 mio) from the sale of DSGI SOUTH-EAST EUROPE A.E.Β.Ε. (P. KOTSOVOLOS A.E.B.E.) and € 6,33 million pre-opening expenses for the opening of the new IKEA stores. It is worth mentioning that due to the strong FCF, the Group reduced the Net Debt by € 83,8 million (€ 57,7 million as at 31 Dec. 2010 compared to € 141,5 million as at 31 Dec. 2009).
EPS € 0,62 (FY08: € 1,08). Fourlis Group management will propose to the Annual General Shareholders Meeting dividend payment of € 0,25 per share, following the one third (1/3) of net profits dividend distribution policy, without taking into consideration the extraordinary tax.
Retail Home Furnishings division (IKEA), during the course of 2009 realized 0,3% y-o-y increase in sales to € 335,11 million and 11,4% increase in Profit Before Taxes to € 43,13 million (FY08 € 38,71 million). The first IKEA Greek provincial store opened in October 2009 in Larissa city.
Retail Sporting Goods division (INTERSPORT), during the course of 2009 realized 9,7% y-o-y increase in sales to € 80,34 million and € 6,05 million Profit Before Taxes (FY08 € 6,50 million). Profitability was affected from Romanian activity. Today there are 48 Intersport stores compared to 41 stores the same period last year.
Wholesale of electrical and electronics division, realized 10,8% y-o-y decline in sales to € 336,27 million and € 4,69 million Profit before Taxes compared to € 8,73 million Profit Before Tax for the same period in 2008. The reduction in Sales and Profits is attributed to the activity in Romania.
Finally, Mr. Fourlis announced that Fourlis Group and Samsung Electronics have mutually agreed to discontinue their partnership in Greece and Romania at the end of 2010. Especially for Romania and the Mobile Phones in Greece (Euroelectronics S.A.) the partnership is discontinued on 1/7/2010.
Both Groups will cooperate closely to ensure a smooth and successful transition for all their Stakeholders.
Fourlis Group, during the course of 2009, increased sales and profitability in both retail activities (IKEA and INTERSPORT), while the wholesale of electrical and electronics activity remained profitable, despite top line and bottom line negative results in Romania. Group Sales were € 751,72 million in 2009 compared to € 784,45 million in 2008.
Net Profit at € 31,62 million (€ 55,06 million FY08). Net Profit FY09 is after deducting the extraordinary tax € 5,89 million, while Net Profit of 2008 includes the after tax non recurring capital gain (€ 17,96 mio) from the sale of DSGI SOUTH-EAST EUROPE A.E.Β.Ε. (P. KOTSOVOLOS A.E.B.E.). Thus the Adjusted Net Profit for 2009 was € 37,51 million compared to € 37,10 million in 2008.
FY09 EBITDA at € 72,91 million including € 5,49 million pre-opening expenses for the new IKEA stores, while FY08 EBITDA € 101,73 million included the non recurring capital gain (€ 23,39 mio) from the sale of DSGI SOUTH-EAST EUROPE A.E.Β.Ε. (P. KOTSOVOLOS A.E.B.E.) and € 6,33 million pre-opening expenses for the opening of the new IKEA stores. It is worth mentioning that due to the strong FCF, the Group reduced the Net Debt by € 83,8 million (€ 57,7 million as at 31 Dec. 2010 compared to € 141,5 million as at 31 Dec. 2009).
EPS € 0,62 (FY08: € 1,08). Fourlis Group management will propose to the Annual General Shareholders Meeting dividend payment of € 0,25 per share, following the one third (1/3) of net profits dividend distribution policy, without taking into consideration the extraordinary tax.
Retail Home Furnishings division (IKEA), during the course of 2009 realized 0,3% y-o-y increase in sales to € 335,11 million and 11,4% increase in Profit Before Taxes to € 43,13 million (FY08 € 38,71 million). The first IKEA Greek provincial store opened in October 2009 in Larissa city.
Retail Sporting Goods division (INTERSPORT), during the course of 2009 realized 9,7% y-o-y increase in sales to € 80,34 million and € 6,05 million Profit Before Taxes (FY08 € 6,50 million). Profitability was affected from Romanian activity. Today there are 48 Intersport stores compared to 41 stores the same period last year.
Wholesale of electrical and electronics division, realized 10,8% y-o-y decline in sales to € 336,27 million and € 4,69 million Profit before Taxes compared to € 8,73 million Profit Before Tax for the same period in 2008. The reduction in Sales and Profits is attributed to the activity in Romania.
Finally, Mr. Fourlis announced that Fourlis Group and Samsung Electronics have mutually agreed to discontinue their partnership in Greece and Romania at the end of 2010. Especially for Romania and the Mobile Phones in Greece (Euroelectronics S.A.) the partnership is discontinued on 1/7/2010.
Both Groups will cooperate closely to ensure a smooth and successful transition for all their Stakeholders.