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Hellenic Fabrics turnover up during third quarter

29
Nov '08
HELLENIC FABRICS Group's turnover during the nine-month period of 2008 presented an increase of 4.1% compared to the previous year and amounted to € 63.3 mln, in comparison to € 60.8 mln of the corresponding last year period.

The parent company's turnover amounted to € 51.4 mln in comparison to € 57.1 mln of the relevant nine-month period of 2007, reduced by 10% mainly attributed to lower denim fabric sales, because of the fall of their demand in the international market. It should be noted that more than 80% of the parent company's turnover are exports. The gross profit margin of the group amounted to € 6.7 mln (10.5%), in comparison to €7.2 mln (11.9%) in the relevant last year period because it was affected by the smaller contribution of its subsidiaries.

The gross profit margin of the parent company amounted to € 5.6 mln namely a percentage of 10.8% over its turnover, whereas the nine-month period of 2007 amounted to € 6.5 mln (11.4%).

Group EBITDA amounted to € 1,004.6 thous from € 1,972.8 thous in the relevant last year period mainly affected by the parent company's EBITDA, which is reduced in comparison with the last year and amounted in the nine-month period of 2008 to € -96.4 thous from € 1,789.4 thous of the relevant last year period.

Parent company's EBITDA was negatively affected mainly by exceptional expenses amounting to € 1.5 mln due to the reduction of personnel in context with the restructuring aiming at the increase of productivity and the exceptional cost for the development of synergies between the group's spinning mills.

Group financial results before taxes amounted to € -6.5 mln from € -4.3 mln of the relevant last year period, mainly attributed to the exceptional, one-off, aforementioned expenses as well as the operating losses of its subsidiaries.

The consolidated net results after taxes and minority rights amounted to € -5,7 mln in comparison to € -3,1 mln of the relevant nine-month period of 2007, while the net results after taxes for the parent company amounted to € -4,7 mln in comparison to € -2 mln of the relevant last year period.

Throughout the nine-month period, the company continued the implementation of activities aiming at the reduction of production and distribution cost. Moreover, a partly transfer of the production and staff of the parent company's spinning mill to the facilities of its subsidiary “KLOSTIRIA KILKIS S.A.” is underway for the achievement of better economies of scale.

The company expects to gradually return to profitability in the next two years, as the recovery and restructuring programs that have already been implemented will start fully rendering while the relevant exceptional recovery expenses, which aggravated the current fiscal year will cease incurring.

HELLENIC FABRICS


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