|
2003
 15/12/2003 -
Return
to the profits with a sustainable competitive edge.
A.G.PETZETAKIS reported
a significant improvement at its financial figures for the year 2003,
both at a group and at a parent company level.
A.G.PETZETAKIS completed
a successful restructuring plan with notable achievements. Consolidated
turnover
recorded a
3.4% increase, amounting
to €184.2 mil vs €178 mil in 2002. The more efficient utilization
of resources in the groups’ production units led to an increase
of Gross Profit to €48.3mil, compared to €43.3mil in 2003.
Furthermore, the management’s commitment in a strict cost-cutting
programme resulted in an EBITDA of €20.6 mil vs €12.4mil
for 2002, enhancing the EBITDA margin to 11.2% from 6.9% a year ago.
The repayment of bank debt led to the reduction in interest payments
by €2 mil. All the above allowed the complete turn-around for
the group results, driving Operational Income to €4 mil overturning
losses of €8.2mil in 2002. Earnings before Taxes were boosted
to €4.3mil from €8.5mil loss in 2002.
Equally, the parent company recorded good results for the year. In
2003, sales posted a small increase of 1.02%, reaching €57.3mil.
Management’s efforts to improve the competitiveness of the
company in the Greek market and the continuous reduction of costs
led to a decrease of 30.2% in operating expenses in relation to the
previous year. Operating Income reached €1.2mil confirming management
commitments. Increased income from group subsidiaries of €4.1mil
coupled with lower interest expense, led to Earning before Taxes
of €0.9mil, reversing losses of €13.6mil in 2002.
Strategic action taken
during 2003 has formed a solid foundation for the group’s international production operations, sharpening its
global competitive edge. For the current year, group’s management
is focused on growing sales profitably while maintaining a competitive
operational base. Our objective is to continuously improve figures,
reaching the levels that truly correspond to the Group’s market
presence and potential.
Back
Click on the links (above) to learn more. For previous year
releases please
contact us.
|
