2004
23/11/2004 -
Financial Results
3rd
Quarter 04
Overall improvement despite continuous price increases in
raw material
|
PETZETAKIS GROUP 9 month results to September 2004 |
|
·
Consolidated Sales of
158
mil an increase of
9.2% |
|
·
EBITDA 18
mil
an
increase of
9.7% |
|
·
ΕΒΙΤ
at
10.8
mil an increase of
27.2% |
A.G.
PETZETAKIS S.A reported an overall improvement in its financial figures,
both at parent company and group level.
In
particular, Petzetakis Group recorded consolidated turnover of 158.2
mil
Euros versus
144.9
mil euros in 2003, corresponding to an increase of 9.2%. Gross Profit
was negatively affected by spiralling raw material prices
that
led to lower gross margin (24.3% from 24.8% in 2003). Its worth noting
that this negative effect was mainly seen at the parent company level
due to high levels of order backlog throughout the year.
EBITDA
reached
18
mil
euros
an
increase
of
9.7% -
from
16.4
mil
euros in 2003, improving marginally the EBIDTA margin to 11.4% from
11.3% in 2003. Operating and Administrative expenses were lower as a
percentage over sales (18.4%
over
20.1% in the previous year).
This has helped to counterbalance the lost margin from the raw material.
EBIT reached 10.8 mil euros compared to 8.5mil in 2003 an increase of
27.2%. Earnings before taxes and after minority interest reached 5.5 mil
Euros versus 3.5 mil euros in 2003. This marketable improvement of 53.7
% was partly due to the 100% consolidation (from 51%) of the Portuguese
subsidiary, Heliflex Petzetakis Tubos; a move that lowered minority
interest.
The
parent
company,
A.G.PETZETAKIS
S.A.
reported
turnover
of
54.7
mil
euros
an increase of
22.1% compared to 44.8 mil euros in 2003. On the same note, the company
presented an increase in pre-tax profit that reached
1.8 mil
euros
compared to
0.39 mil
euros
in
the previous year.
Mr.
George Petzetakis, Chairman and CEO, comments: Even
though group figures are in line with the objectives and target-figures
set for the year 2004, it should be noted that they have been
substantially burdened by continuous price-increases for raw materials.
The group has succeeded significant operational improvements that
reflect the fundamental and continuous efforts by the company towards: (i)
improving its competitive base through better utilisation of its
resources and (ii) developing value-added products that have good
prospects in the market and offer greater profit margins.
