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Production of Hellenic's indigo denim fabrics higher in 2007
01 Apr '08
4 min read
• The annual results were charged by about 2 million Euro, due to sales of raw cotton in conditions of dropping of international prices in the biggest part of 2007, in comparison to those persisting in the end of 2006, when the cost of cotton purchases was formed.
• The last quarter of 2007 bears all actuarial variation method losses of the Group concerning the personnel pensioning cost, amounting to about 0.9 million Euro.
As a result of the above factors, consolidated profit before tax, interest and depreciation (EBITDA) amounted to 0.76 million Euro, while loss before tax to 8.55 million against profit 0.21 million in the same period of 2006. Also, net profit after tax and minority rights decreased from 0.11 million Euro in 2006 to –7.21 million in 2007.
Depreciation in 2007 amounted to 6.25 million Euro. Shareholders' equity amounted to 77.73 million euro from 85.65 million in 2006, forming the “debt-equity” ratio to 0.89 against 1.12 in 2006. Furthermore, the “basic earnings per share” were formed to –0.53 Euro against 0.06 Euro in 2006. Finally the “price to book value” ratio (P/BV) amounted to 0.36, while the “share price per sales” to 0.35.
Profit before tax, interest and depreciation (EBITDA) of the parent company amounted to 0.24 million Euro against 5.89 million in 2006, while loss before tax to 5.97 million Euro against profit before tax 0.12 million in 2006. Loss after tax amounted to 5.57 million euro against profit after tax 0.14 million last year.
HELLENIC FABRICS S.A. remains among the three biggest manufacturers of denim fabrics in Europe. The year 2008 started with an increase in sales of denim fabrics in quantity and price. In addition, the Group's needs in raw materials are covered till the end of the year, safeguarding the company from the intense fluctuations observed lately in world commodities exchanges, like that of raw cotton.
The Group, giving great emphasis in the energy issue as a measure of reinforcing its competitiveness, is going to start soon all necessary procedures, through its subsidiary HELLENIC ENERGY S.A., in order to acquire the required license for steam and electric energy co-production in its main factory, where denim fabrics are produced.
Regarding its participation by 25% to the company BIODIESEL S.A., together with the Groups ELPE and VIOCHALKO and the company PRISMA PARTICIPATIONS, the necessary procedures for the installation of a production unit of biodiesel in Kalochori, Thessaloniki, are under way.
The Management of HELLENIC FABRICS S.A. Group applies a program that includes specific actions for the improvement of its efficiency, aiming at its turnaround to profitability soon.
• The last quarter of 2007 bears all actuarial variation method losses of the Group concerning the personnel pensioning cost, amounting to about 0.9 million Euro.
As a result of the above factors, consolidated profit before tax, interest and depreciation (EBITDA) amounted to 0.76 million Euro, while loss before tax to 8.55 million against profit 0.21 million in the same period of 2006. Also, net profit after tax and minority rights decreased from 0.11 million Euro in 2006 to –7.21 million in 2007.
Depreciation in 2007 amounted to 6.25 million Euro. Shareholders' equity amounted to 77.73 million euro from 85.65 million in 2006, forming the “debt-equity” ratio to 0.89 against 1.12 in 2006. Furthermore, the “basic earnings per share” were formed to –0.53 Euro against 0.06 Euro in 2006. Finally the “price to book value” ratio (P/BV) amounted to 0.36, while the “share price per sales” to 0.35.
Profit before tax, interest and depreciation (EBITDA) of the parent company amounted to 0.24 million Euro against 5.89 million in 2006, while loss before tax to 5.97 million Euro against profit before tax 0.12 million in 2006. Loss after tax amounted to 5.57 million euro against profit after tax 0.14 million last year.
HELLENIC FABRICS S.A. remains among the three biggest manufacturers of denim fabrics in Europe. The year 2008 started with an increase in sales of denim fabrics in quantity and price. In addition, the Group's needs in raw materials are covered till the end of the year, safeguarding the company from the intense fluctuations observed lately in world commodities exchanges, like that of raw cotton.
The Group, giving great emphasis in the energy issue as a measure of reinforcing its competitiveness, is going to start soon all necessary procedures, through its subsidiary HELLENIC ENERGY S.A., in order to acquire the required license for steam and electric energy co-production in its main factory, where denim fabrics are produced.
Regarding its participation by 25% to the company BIODIESEL S.A., together with the Groups ELPE and VIOCHALKO and the company PRISMA PARTICIPATIONS, the necessary procedures for the installation of a production unit of biodiesel in Kalochori, Thessaloniki, are under way.
The Management of HELLENIC FABRICS S.A. Group applies a program that includes specific actions for the improvement of its efficiency, aiming at its turnaround to profitability soon.
Hellenic Fabrics S.A.
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