AB: 828 NEW WORKING POSITIONS AND 9.1% INCREASE IN SALES Alfa Beta Group continued in the first quarter of 2010, as in the previous years, to invest extensively in its price competitiveness and to further develop its competitive advantage in providing the best quality products at the best retail prices. More than 3.500 products are currently sold at a price below 1 Euro. The Group continues to provide a wide assortment variety in all categories and other unique services to its customers (such as ?cash-back? and the ability to pay for various third party services, such as cable TV and other state utilities) in order to achieve customer satisfaction.
Moreover, in a period of a significant economic downturn, the Group further invested in growth and increased the number of personnel.
The Group strengthened its network with openings of new stores, renovations of existing stores, and the November 2009 acquisition of Greek unlisted retailer KORYFI SA ("KORYFI") in the region of Thrace. This acquisition strengthened even further its market presence in Northern Greece. As of 31 March 2010, the Group's sales network numbered 218 stores, consisting of 169 company-operated retail stores, 39 franchisee retail stores and 10 company-operated cash-and-carry stores.
As a result of growth, the Group increased the number of employees from 8.829 at the end of the first quarter of 2009 to 9.657 at the end of the first quarter of 2010.
The Consolidated financial figures reported for the quarterly accounts are as follows:
"ALFA BETA" VASSILOPOULOS S.A. 01.01.2010 -31.03.2010 01.01.2009 -31.03.2009
Deviation
Consolidated Results (in thousand EUR)
Revenue 378.516 347.060 9.06%
Gross Profit 85.928 77.410 11.00%
On Revenues 22.70% 22.30%
Operating Expenses 81.250 72.908 11.44%
On Revenues 21.47% 21.01%
EBITDA 14.636 12.921 13.27%
On Revenues 3.87% 3.72%
Operating Profit 6.317 5.979 5.65%
On Revenues 1.67% 1.72%
Profit before Tax 4.816 4.364 10.36%
On Revenues 1.27% 1.26%
Profit after Tax & Minority Rights 2.896 2.149 34.76%
On Revenues 0.77% 0.62%
The March 2010 quarterly consolidated interim financial statements include for the first time the financial statements of KORYFI.
Revenues amounted to 378,5 million EUR in the first quarter of 2010 compared with 347,1 million EUR in the first quarter of 2009, an increase of 9.1% due to the Group?s effective price and promotional policy, the continuous efforts in upgrading its store network, the contribution of new stores, as well as the acquisition of KORYFI.
Gross Profit amounted to 85,9 million EUR in the first quarter of 2010 compared with 77,4 million EUR in the first quarter of 2009, an increase of 11.0%, reflecting higher volumes, increased private brand contribution, and improvements in purchasing and inventory management.
Operating Expenses reached 81,3 million EUR in the first quarter of 2010 compared with 72,9 million EUR in the first quarter of 2009, an increase of 11.4%. This increase primarily reflects investments for expanding and upgrading the store network, wage increases, and the full quarterly effect of the operations of the Koryfi stores, which were acquired in November 2009.
Profit before Tax, Financial, Investing Activities, Depreciation and Amortization, (EBITDA), amounted to 14,6 million EUR in the first quarter of 2010 compared with 12,9 million EUR in the first quarter of 2009, an increase of 13.3% mainly due to the increase in sales and the improved gross profit.
Likewise, Profit before Tax, Financial and Investing Activities, (Operating Profit), amounted to 6,3 million EUR in the first quarter of 2010 compared with 6,0 million EUR in the first quarter of 2009, an increase of 5.6%.
Profit before Tax amounted to 4,8 million EUR in the first quarter of 2010 compared with EUR 4,4 million EUR in the first quarter of 2009, an increase of 10.4%.
Finally, Net Profit amounted to 2,9 million EUR in the first quarter of 2010 compared with 2,1 million EUR in the first quarter of 2009.
Outlook for 2010
For the remaining year, the Group plans to accelerate its expansion by adding 10 - 15 new stores to its network including franchisees. One of the new company stores will be operated under the ?green store? concept, a unique concept for Greek and international standards.
"ALFA BETA" VASSILOPOULOS S.A.
"ALFA BETA" VASSILOPOULOS S.A., is a food retail company established in 1969 and member of the Belgian Delhaize Group since 1992. At the end of the first quarter 2010, the Group's sales network numbered 218 stores of which 169 are retail stores, 39 are franchisee retail stores and 10 are wholesale stores. and employed 9,657 people. In the first quarter 2010, Consolidated Turnover amounted to EUR 378,5 million and Consolidated Profit before tax to EUR 4,8 million. "ALFA BETA" VASSILOPOULOS S.A. is listed on the Athens Stock Exchange (BASIK) since 1990.