Comments on 9 months 2020 Financial Results, and information on the COVID 19 effects
KRI-KRI Milk Industry SA has released its interim financial statements for the period ended 30.09.2020.
Turnover amounted €102.75m against €92.94m of 2019 (an increase of +10.6%).
Basic profitability measures were as follows:
- Gross profit amounted €35.17m against €34.78m of 2019,
- EBITDA amounted €21.38m against €19.92m of 2019,
- Profit before tax amounted €18.52m against €17.29m of 2019,
- Net profit after tax amounted €14.03m against €12.45m of 2019.
In the third quarter, from 1/7-30/9, the basic figures of the income statement were as follows:
- Turnover amounted €36.83m against €35.54m of Q3-2019.
- ΕΒΙΤ amounted €6.6m against €6.85m of Q3-2019.
- EBITDA amounted €7,57m against €7.69m of Q3-2019.
In the domestic ice-cream market, sales reached €21.03m from €21.92m. The Greek ice cream market was hit hard from the lockdown, in response to COVID-19 pandemic. The period that followed presented clear signs of recovery, with sales presenting only a slight decline of -4.1%. The Kri Kri brand is ranked in the 2nd position of the Greek ice cream market, with a share in volume of 14.9% (NIELSEN data August 2020).
In the yogurt market of Greece, sales amounted €38.4m, increased by +10.7%. This performance can be attributed to the 1.7% increase of the market size, the strengthening of our branded yogurts market share, as well as the increase in sales of private label products. Branded yogurts market share reached 16.6%, maintaining the 2nd position (IRI data in volume, September 2020).
In overseas markets, yogurt exports continue surging (+26.4% year-on-year). Export sales account for more than €37.9m, which represents 50% of total yogurt sales.
Finally, total CAPEX in plant, machinery and buildings reached €6.2m in nine month 2020. Despite the difficult situation caused by the COVID-19 pandemic, KRI-KRI's healthy balance sheet and high liquidity allows the seamless implementation of our CAPEX plan.
KRI-KRI's management is cautious about the situation and developments in the economic environment.
At this juncture, the yogurt segment proved to be particularly resilient, as it is considered basic food. From the data so far, our yogurt sales have not been adversely affected. Therefore, for the rest of the fiscal year, sales are expected to grow at a similar pace.
On the other hand, the ice cream segment appears more vulnerable. This is because it is associated with spontaneous consumption, while it is also affected by tourist flows. However, the emerging trend of increased ice-cream consumption at home, via the supermarket channel, helped mitigating the negative effects of the COVID-19 pandemic.
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