Group Income and Financial Condition - 2015
Review
Group sales increased by 21% to €80.2 m (€ 66.4 m in 2014). The markets served by the Group developed in 2015 better than originally estimated and as a result sales increased more than planned.
Group ΕΒΙTDA rose to €5.3m compared to €4.0 in 2014.
Earnings before income tax were €1.2m (€1.9m in 2014), while earnings after income tax and minority rights were €0.6m (€1.4m 2014).
Profits were burdened with €1.820.000 of which €1.156.000 was VAT tax that was pedantically imposed after a Tax Inspection for fiscal years 2008-2012 and €664.000 were losses arising from revaluation of Group's Investments in Property.
Total bank borrowing was at the same level as last year at €22.7m, while net debt decreased by 56% to €4.1m (€9.4 m in 2014). Cash and cash equivalents increased by 40% to €18.6m as at 31.12.2015 compared to €13.3m in 2014.
Equity amounted to €30.8m (€32.1m in 2014).
Free cash flow rose to €4.8m (€2.6m in 2104).
The capital adequacy ratio (Equity as a percentage of Total Assets without Cash and Cash Equivalents) also improved to 60.5% (55.4% in 2014).
The Board of Directors will propose a capital return of € 0.10 per share.
Summary Consolidated Profit & Loss Statement (in € 000).
1 Jan - 31 Dec
|
|
2015 |
2014 |
|
Total Sales |
80,292 |
66,558 |
|
Indent Sales |
94 |
131 |
|
Invoiced Sales |
80,198 |
66,427 |
|
Gross Profit |
14,705 |
12,659 |
|
Other Income |
1,744 |
1,640 |
|
Administrative, Selling & Marketing Expense |
(11,355) |
(10,826) |
|
Other Expenses |
(748) |
(352) |
|
Operating Profit |
4,346 |
3,121 |
|
Losses from Revaluation of Investment Property |
(664) |
0 |
|
Other Taxes |
(1,156) |
0 |
|
Net Financial Income (Expense) |
(1,308) |
(1,231) |
|
Depreciation included in Operating Cost |
953 |
896 |
|
Net Profit before Income Tax |
1,218 |
1,890 |
|
Income Taxes |
(627) |
(465) |
|
Net Profit after Income Tax |
591 |
1,425 |
|
Minority Interests |
0 |
0 |
|
Net Profit After Income Tax & Minority Interests |
591 |
1,425 |
|
Earnings per Share |
0.08 |
0.21 |
Summary Balance Sheet Items before Profit Distribution (in € 000)
|
|
31/12/2015 |
31/12/2014 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash & Cash Equivalents |
18,597 |
13,312 |
|
Accounts Receivable |
13,233 |
14,824 |
|
Inventories |
6,111 |
8,301 |
|
Other Receivables |
1,949 |
1,840 |
|
|
|
|
|
Non Current Assets |
|
|
|
Intangible Assets |
1,853 |
2,091 |
|
Tangible Assets |
24,909 |
27,265 |
|
Long term Accounts Receivable |
1,201 |
1,882 |
|
Other Long Term Assets |
1,640 |
1,837 |
|
Total |
69,493 |
71,352 |
|
Liabilities |
|
|
|
Short Term Bank Debt |
15,920 |
12,881 |
|
Other Short Term Liabilities |
13,766 |
14,406 |
|
|
|
|
|
Long Term Bank Debt |
6,800 |
9,800 |
|
Other Long Term Liabilities |
2,214 |
2,115 |
|
|
|
|
|
Equity |
30,793 |
32,150 |
Petros Petropoulos AEBE was established in Thessaloniki in 1922. It manufactures, modifies, distributes and supports a wide range of automotive products including automobiles, trucks and buses, generating sets, diesel engines, boats, outboard engines, agricultural, earthmoving and industrial equipment, batteries and lubricants. The Company has a leading position in the Greek market in the sectors which it serves.
For further information, please contact Mrs. Athina Tsiaga, tel. 30 210 3499211