2003

06/07/2003 - Half year results confirm Group's strategic choices.

Group Management
Sales €97,8 mil – increase of 5,4%
Earnings before taxes at €4 mil.
A.G. PETZETAKIS S.A.
Operational Expenses Deduction by 31%
EBITDA at €4,9 mil - 79% increase
Earnings before taxes at €0,4 mil versus losses of €1,4 mil

A.G.PETZETAKIS reported significant improvement at the total of its financial figures for the half-year 2003, both at a group and at a parent company level.

A.G.PETZETAKIS successfully continued its restructuring program with significant achievements in the process. Consolidated turnover presented a 5,4% increased and reached €97,8 mil (after the incorporation of the sales of VECHRO in December 2002). Earnings before income reached €4 mil – a fact that can be attributed to the profitable contribution of the total of the groups operations in Europe, Africa and U.S.A.

With respective improvement rates, the parent company’s financial figures moved at an upward trend. During the 2nd Quarter of 2003, sales presented a small boost but for the total of the half-year they are still behind the respective 2002 half-year by 11,4%. Operational expenses marked a decline of 31% confirming management’s commitments. EBITDA reached €4,9mil, presenting a 79% increase for the half-year and improving thus EBITDA margin by 8% at 15,7%. Earning before taxes reached €0,4 mil. Turning around losses of €1,4 mil in 2002.

The profitable half-year result was followed by a very significant improvement to the total of the qualitative figures of A.G.PETZETAKIS’ balance sheet. Group cash flows were substantially improved and total liabilities declined by €39,1 mil at €166 mil. from €205mil at the respective half-year of 2002.

Group restructuring extends beyond the profitable result for the half-year and the reinforcement of the qualitative figures. It focuses on the continuous and sustainable confirmation that A.G.PETZETAKIS is a highly competitive plastic pipe systems manufacturer in S. Europe and Africa and the most powerful supplier in the global market for flexible hoses.

Back

Click on the links (above) to learn more. For previous year releases please contact us.