May 14, 2008 Sales for Vivartia Group during the first quarter of the year 2008 reached €289,7M vs €245,9M during the respective period of the year 2007, recording an increase of 17,8%. The increase in sales is the result of the growth in operations of all of the Group’s divisions both in the domestic as well as the international markets.
The Group’s consolidated first quarter EBITDA reached €28,5M showing a slight increase compared to the budget vs €34,2M for the first quarter of last year.
A main factor that affected the Group’s profitability during the first quarter of 2008 was the dramatic increase of the raw materials’ cost which however is expected to be normalized during the next quarters. In addition, the Group incurred increased sales and marketing expenses that supported the recorded growth as well as one-off administrative expenses. Finally, the Group’s profitability during last year’s first quarter was positively affected by favorable foreign currency rates mainly from the Romanian and the Egyptian operations.
The Group’s net financial expenses were increased to €6,5M vs €2,2Μ due to the significant decrease of income from derivatives.
As a result, the Group’s consolidated earnings before taxes reached €7,3M vs €18,2Μ during the first quarter of the year 2007 while the estimated earnings per share are €0,02.
Vivartia Group results for the first quarter of the year 2008 are in line with the Group’s announced business plan that forecasts for the year 2008 sales of €1,45Β and EBITDA of €217Μ.
The Group’s significant organic growth combined with the recent acquisition of Nonni’s Acquisition Company in the U.S. market and the strategic alliance with the Everest Group form a sound basis for continuing the successful implementation of the Group’s 5 years business plan.
