KRI-KRI Milk Industry has released its financial statements for the fiscal year 2012. Group turnover amounted € 59.299 th. against € 47.907 th. of 2011 (a rise of 23,8%), whereas the profitability measures were as follows:

-      Ebitda amounted € 7.644 th. against € 5.170 th. of 2011,

-      Profit before tax amounted € 5.813 th. against € 2.350 th. of 2011,

-      Net profit after tax, attributable to parent's shareholders amounted € 5.226 th. against € 2.217 th. of 2011 (a 136% increase)

-      Finally, total comprehensive income after tax attributable to parent's shareholders amounted € 5.113 th. against € 2.218 th. of 2011

On a corporate level, KRIKRI turnover reached € 57.828 th. against € 46.564 th. of 2011. Respectively, profit before tax reached € 5.041 th. against € 3.287 th. of 2011.

As far as sales is concerned, KRIKRI group achieved a 23,8% increase (€ 59.299 th. against € 47.907 th). Group's ice cream sales posted a 7,0% increase reaching € 23.363 th. against € 21.838 th. of the previous year. After the recent developments in the Greek ice-cream sector, KRI-KRI stands the only Greek ice-cream company with panhellenic distribution, a fact that allows to take advantage of the turn of Greek consumers to Greek-made products. In addition, the brand building of our main ice-cream brands (MASTER and RODEO) through advertising, combined with the use of the strategic collaboration with MARS and ION, decisively contributed to boost ice-cream sales. Finally, there was a positive weather effect during the summer months of high demand. Group's dairy products sales posted a 38,2% increase reaching € 35.759 th. against € 25.868 th. of the previous year, showing growth in all markets. Key role to this development played our competitive yogurt pricing strategy, the achieving of new contracts for private label yogurt production and the strong increase in demand for Greek yogurt in foreign markets.

Finally, the Group's sales abroad amounted to 19.3% of total sales, slightly below the target geographical dispersion of 20%. The export activity of KRI-KRI is spread to more than 10 countries in Europe, including Denmark, Germany and Italy, and the Middle East. Recently KRI-KRI, continuing the expansion of its presence in foreign markets, was introduced in the Netherlands, listing its yogurt in “Albert Heijn”,a local large retail chain.

KRI-KRI's management seeks to maintain low exposure to debt funds. To finance its investment program, the company has issued two long-term non-convertible bond loans. In 31/12/2012, the balance of outstanding loans of the Group amounted to € 2.951 thousand, while net debt is zero.

In relation to dividend payment for the fiscal year 2012, the Board of Directors decided to propose to the General Meeting not to distribute dividend. This decision relates to tax purposes and enhancing company's liquidity in a difficult economic environment.

KRI-KRI's management is cautious on the situation and developments in the economic environment. The current economic crisis creates additional uncertainty on the effect that limited consumers' liquidity will have on demand. For 2013, the management aims to pursue all the necessary policies that will ensure adequate liquidity, preserve profitability and increase KRI-KRI's market share.