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Denim sales rise at Hellenic Fabrics

Mar '07
The year 2006 was a transitional and difficult one for the denim manufacturers internationally, due to a global, but cyclical, downward trend in demand. Nevertheless, since the beginning of 2007, there are signs of upturn concerning the demand of these products.

The Group of “HELLENIC FABRICS S.A.” has faced similar unfavorable conditions, thus directly affecting its financial figures. However, company's data for the first quarter of 2007 shows an increase in denim sales compared to previous year's period.

In addition, last year's cotton harvest in Greece was characterized by the most unfavorable weather conditions of the last twenty years, which resulted both in a cotton quality degradation as well as a production decrease of almost 40%. This fact had a negative impact on the efficiency and the financial results of the two cottonginning plants, as well as the Group's turnover.

Based on the consolidated financial statements for the fiscal year 01.01.2006-31.12.2006, turnover amounted to €84.17 mln, in comparison to €88.21 mln of the previous year. Profit before tax, interest and depreciation (EBITDA) amounted to €8.66 mln, decreased by 44.14%, while profit before tax amounted to €0.21 mln compared to €7.34 mln. Moreover, net profit after tax and minority rights decreased from €5.02 mln in 2005 to €0.11 mln in 2006.

Total equity amounted to €85.65 mln from €86.24 mln in 2005, shaping the “Debtequity” ratio to 1,12, compared to 1.00 in 2005. Moreover, “Earnings per share” ratio amounted to €0.01 from €0.38 in 2005. Finally, “Price to book value” ratio (P/BV) amounted to 0.46, while the ratio “Price to book sales” amounted to 0.49. Liquidity increased to 2.18 compared to 1.64 in 2005. The Group continues to hold an excellent capital structure and strong cash flow as the trade working capital remained at €57.42 mln and total loans amounted to €50.48 mln.

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