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2005
 22/02/2005 -
Annual Financial Results for
the year 2004 -
Improvement of Financial Figures in spite of the continuous price
increases in Raw Materials.
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A.G. PETZETAKIS GROUP in headlines |
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Consolidated sales of
€206,2
mil – an increase of
11,9% |
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EBITDA of
€22,4
mil – an increase
of 9,2% |
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ÅÂÉÔ
of
€13,0 mil –
an increase of
13,4% |
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PBT €5,6
mil – an increase
of 29% |
In particular, Petzetakis Group posted turnover that
exceeds for the 1st time the 200
mil euro mark, namely
206.2
mil euro, against sales of
184.2 mil euro in 2003 –
representing an increase of 11.9%. Gross Income was negatively affected
by the continuous
increases in the prices of raw materials – an increase of 6.2% - that
reduced gross margin to 24.9% from 26.2% in 2003.
EBITDA
reached
22.4
mil euro
– an increase of
9.2% - from
20.5 mil euro in 2003.
Furthermore, operational and administrative expenses were controlled as
a percentage over sales (18.9%
over
20.9% in the previous year).
This counterbalanced the margin erosion from continuous raw materials
price hikes. EBIT reached 13 mil euro, against 11.5 mil euro in 2003 –
an increase of 13.4%. Earnings before taxes were improved further,
corresponding to a 29% increase to 5.6 mil euro, against 4.3 mil euro in
2003. Earnings after tax and minority interest reached 3.6 mil Euros
against 2.3 mil euro corresponding to an increase of 55.4 %.
The
parent company,
A.G.
PETZETAKIS S.A.,
after continuously securing higher market share in the Greek market,
reported a turnover of
69.1 mil euro – an
increase of 20.7%
compared to 57.3 mil euro in 2003. The company
presented an increase in net earnings
before taxes to 1.37 mil
euro compared to
0.87 mil euros
in the previous year. The steady
improvement of the Group’s operating profitability is also matched by
the continuous effort to enhance the company’s cash flow; as a result,
bank debt of 10 mil euro is repaid on an annual base.
Mr.
George Petzetakis, Chairman and Managing Director, comments on the 2004
results: “Our broad geographic presence combined with focused industrial
operation are key advantages that help the group to continuously improve
its
competitive base and boost profitability levels, ahead of
temporary regional or market segment related cycles.”
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