01/04/2010
Press Release
Results Announcement for year 2009
Aristovoulos G. Petzetakis S.A.
The Company Hellenic Plastics and Rubber Industry, Aristovoulos G. Petzetakis
S.A. announces its annual financial results for 2009
Turnover on a parent company level decreased by 26% at 32.0 mil. from 43.3
mil. in the 2008. Gross profit decreased by 15% at 3.7 mil. from 4.3 mil.
in 2008. The EBITDA
reached
-1.2 mil. versus
-1.5 mil. in 2008
. Losses before taxation were reduced by 69%
reaching -7.7 mil. from
- 24.8
mil.
in 2008
,
whereas losses after taxation decreased by
68%
at
- 8.1 mil.
from -
25.0 mil.
in 2008.
On a consolidated level, sales
reduced by
29%
reaching
111.5 mil. from
156.1
mil. in
2008.
Gross profit decreased by
26%
at
20.0 mil. from
27.0
mil.
in 2008.
EBITDA were reduced to -3.6 mil. from .6
mil.
in 2008 . Losses
before taxation decreased by 30%
at
15.8
mil.
from
22.4
mil.
in 2008
.
Losses after taxation reduced by 30%
at
16.1 mil. from 22.9 mil.
in 2008.
The year 2009 was an extremely difficult for the whole sector on a global
level, whereas demand decreased significantly and prices of raw materials have
increased in the second half of the year. Within this context the Company
managed to:
1) On a parent
level to have marginal improvement in EBITDA despite the significant decline in
sales ( due to a)an improvement by 7% of contribution margin b)to a reduction
of
1.6
million of administration and sales costs )and at the same time there was
reduction of 69% of net losses due to lower financial costs and positive
exchange differences.
2)
On a group level the unprecedented decline of sales in all affiliates due to the
international crisis resulted to negative EBITDA although there was a) an
improvement by 5% of contribution margin versus initial plan of 3 % b) a
reduction of production, administration and sales overheads by
3.4 million versus initial plan of 4.4 million ( variance due to
restructuring and renovation costs of branches and factories in the fourth
quarter)
With regards, to the capital strengthening of the company, management wishes to
announce that after extensive negotiations with a foreign investment fund the
agreement will be finalised within April and after that it will proceed with
detailed announcements.
The agreement concerns the restructuring of debt as well as the strengthening
with new capital for the group and is expected to be completed within the second
quarter of 2010.
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