Continuing impressive rates of growth: 20% increase in turnover, 30.1% increase in EBITDA, 15.3% increase in earnings per share (EPS)

All of GERMANOS' financial figures, both on a consolidated basis as well as those of the parent company, achieved impressive rates of growth in 2002.

On a consolidated basis, turnover amounted to euro 606.6 million, marking a 20% increase over 2001, indicating the continual increase in market share in all the geographical regions the Group is actively engaged in.

Earnings before Taxes, Interest and Depreciation (EBITDA) amounted to euro 65.3 million, over euro 50.2 million in 2001, showing an increase of 30.1%. The EBITDA margin achieved a parallel increase, which is attributable to Management's efforts to reduce operating expenses as a percentage of sales. Thus this percentage decreased to 17.9% against 21.7% which it had been in 2001. The basic factors contributing to this improvement were the efficient use of Human Resources, the introduction of new information systems as well as the modern Logistic Center in the Avlona region that came into operation.

Profits before Taxes and after minority rights, presented an impressive increase of 10.1% and reached euro 45.9 million over euro 41.7 million in 2001.

Finally, Earnings per Share (EPS) increased by 15.3% and stood at euro 0.865 per share against euro 0.75 in 2001. It should be emphasised that T.C.M. (GERMANOS Chain of stores in Poland) which was acquired in the previous year and the company N.G. Systems which is actively engaged in the integrated telecommunications, tele information and Internet solutions sector were included in consolidations for the first time in 2002. Furthermore, the company MULTIRAMA which was sold in June 2002 was not included in consolidations.

The financial figures of the parent company GERMANOS S.A. achieved the same rates of growth throughout 2002. The parent company's Turnover increased by 25% reaching euro 516.7 million, Earnings before Taxes, Interest and Depreciation (EBITDA) amounted to euro 61 million, showing an increase of 28.7%, and finally, Profits before Taxes increased by 14.5% reaching euro 49.13 million.

Dividend policy shall remain as high as last year. Management shall therefore propose a dividend of euro 0.38 per share to the Annual General Meeting which means a 3.5% yield at the current levels of share prices.


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