Financial Statements For Fiscal Year 2018
Press release
KRI-KRI Milk Industry has released its annual financial statements for the fiscal year 2018.
Turnover amounted €94.23m against €79.25m of 2017 (an increase of +18.9%). Basic profitability measures were as follows:
- Ebitda amounted €17.29m against €12.45m of 2017,
- Profit before tax amounted €14.24m against €9.89m of 2017,
- Net profit after tax amounted €10.12m against €7.34m of 2017.
In the ice-cream market of Greece, KRI-KRI strengthened its position, increasing sales by +9.8%. The dynamic marketing plan, the increase of points of sale (reaching 16,000 across Greece), and the new ice-creams launches, significantly contributed to such a performance. Brand “Kri-Kri” ranks at the 2nd position of the market, with a volume market share of 15.4% (Nielsen data, Dec. 2018).
In the yogurt market of Greece, KRI-KRI maintains the 2nd position, achieving a rise of +8.3% in sales. In this sector, our focus is on the large product segment of strained yogurt. We continued supporting sales, with a strong communication plan. In addition, we strengthened our position at the most dynamic product segments of functional yogurts and kids yogurts. At the latter, Kri-Kri holds a leading position, with a volume market share of 38.6%. Overall, Kri-Kri's volume market share reached 15.2%, from 14.2% last year (IRI data, Dec. 2018).
Finally, our exports reached 36.3% of total turnover, increased by +41.7% year-on-year. This is, mainly, a result of effective utilization of the Greek yogurt dynamics in the markets of UK and Italy and, also, sales of ice-cream in the UK market.
For the upgrading of the yogurt factory and ice-cream production lines, we implement investment projects. Projects of total budget of €18m were initially approved for a state subsidy, under the law 4399/16. In 2018, total capex reached €8m.
For the fiscal year 2018, the Board of Directors decided to propose to the Annual General Meeting the distribution of gross dividend of €0.150 per share (2017: €0.115 per share). This distribution is subject to approval by the Annual General Meeting.