31/05/2010
Press Release
Results Announcement for the first quarter 2010
Aristovoulos G. Petzetakis S.A.
The Company Hellenic Plastics and Rubber Industry, Aristovoulos
G. Petzetakis S.A. announces its financial results for the first quarter of
2010.
Turnover on a parent company level decreased by 21% at 5.9 mil.
from 7.5 mil. in 2009. Gross profit decreased by 83% at .2 mil. from 1.3
mil. in 2009. The EBITDA
reached
-1.0 mil. versus
130 thousand in 2009
. Losses before taxation were increased by 52%
reaching 2.6 mil. from
1.7
mil.
in 2009
,
whereas losses after taxation increased by
45%
at
2.6 mil.
from
1.8 mil.
in 2009.
On a consolidated level, sales
increased by 1%
reaching
26.2 mil. from
25.9 mil. in
2009.
Gross profit decreased by 7% at 4.7
mil. from
5.3 mil.
in 2009.
EBITDA were reduced to -1.0 mil. from 89 thousand in 2009
. Losses
before taxation increased by 56%
at
4.2
mil.
from
2.7
mil.
in 2009
.
Losses after taxation increased by 69% at
5.4 mil. from 3.2 mil.
in 2009.
Losses for the group in the first quarter expanded although sales
were on the same level mainly due to worse performance of the operations
primarily in Greece and Italy and to a lesser extent in Spain (net income for
the period were also affected by
1.0 mil
extraordinary provision made by the affiliate of northern Greece
for tax audit for the period 2004-06).
Despite the difficult circumstances in the market place (soft demand combined
with raw material increase)overall and especially in Greece ,management
attributes the deterioration of results entirely on the delay of its
refinancing project which if materialized on time it would have enabled the
company to service its increased order backlog and simultaneously reduce input
costs. The Italian subsidiary was also heavily affected from this delay.
The South African affiliate delivered positive EBITDA versus
negative in the last year on the same sales level in Rand that been a strong
evidence of its steady turnaround. (group sales have benefited by the 20%
revaluation of Rand versus Euro).
In addition, sales of the affiliate in Germany had a significant
improvement versus prior year (+10%) as the local company has increased its
market share mainly due to the introduction of new products for industrial use
that group has developed recently .
The Group has a 35 % increase order backlog versus last year
while is in the final stage of negotiations in order to conclude significant
contracts in the infrastructure sector in the very near term.
Regarding the agreement for the debt restructuring and capital
increase, the Company announces that the extensive legal due diligence of the
company and its affiliates has been completed from the new investor. Following
this, the transfer of bonds owned by foreign bondholders to the new investor
will be materialized until the end of June and immediately after the Board of
directors of the Company will convene in order to set a date for the
shareholders assembly in order to decide the share capital increase.
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