ELAIS-UNILEVER S.A. announced its Q1 2006 financial results prepared in accordance with International Financial Reporting Standards (I.F.R.S.).
Company sales and market shares marked a positive course for the first quarter 2006. The 60%-increase in the price of olive oil raw materials for the period resulted in the decline of the olive oil market by 8%. This price movement impacted both on sales and profitability, given the company?s decision not to fully recover the increased costs of raw materials, which would be reflected in end product prices, in order to maintain its leading position in the olive oil market.
More specifically, company turnover for the first quarter of 2006 amounted to 65.1 mil. Euro over 64.5 mil. Euro in the respective period last year. The increase posted in company sales is mainly attributed to the positive course drawn by several other product categories of ELAIS-UNILEVER, such as margarines and savoury products.
Company's gross profit for the first quarter of 2006 amounted to 26 mil. Euro over 27.3 mil. Euro in the respective period last year, while the gross profit margin amounted to 39.9% of turnover.
Profit before tax amounted to 11 mil. Euro over 11.9 mil. Euro in the first quarter of 2005. Finally, earnings after tax for the first quarter of 2006 stood at 7.5 mil. Euro over 7.8 mil. Euro in the respective period last year.
Based on the financial performance in a market faced with high olive oil prices, the management of ELAIS -UNILEVER views the company?s organic growth as satisfactory. This view is confirmed by the fact that the rest of the company?s product categories contributed to the company?s performance, especially those which are supported by a strong innovation program of new products (margarines, tea and savoury products)
The basis of the company's strategic choices for the year 2006 remains the increase of investments in new innovative vitality products, which will enrich the range of dietary choices for the Greek family, always marked by the quality of ELAIS-UNILEVER.