KORRES / FY 2014 FINANCIAL RESULTS

• +29% GROWTH IN CONSOLIDATED SALES
• +108% GROWTH IN EXPORT SALES
• +16% INCREASE IN ADJUSTED EBITDA
• 8,4M EURO OPERATING CASH FLOW

Substantial consolidated sales increase for Korres Group in 2014 combined with double digit growth in operating profitability and strong operating cash flow.

FY2014 Group's consolidated sales increased by 29%-at 50,6m euro from 39,2m euro in 2013, as a result of its exceptional positive trend in all strategic markets.

The Group doubled (+108%) its international markets sales. This was the result of its successful performance in the US as well as the strong performance in key markets in Europe. In key markets in Europe such as Germany, UK, Spain, France and Scandinavia average sales growth was 49%.

Sales in Greece continued to grow by 2%, within a difficult economic environment, incorporating the results of its consistent positioning of innovative natural products, as well as of its intensive brand communication and promotional plan in all strategic product categories.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), excluding the extraordinary restructuring cost impact, increased by 16% at 8,1m euro in 2014 from 7,0m euro in 2013, as a result of sales growth and overall Group consistent positive performance.

Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding the restructuring cost impact, increased by +27%, reaching 5,1m euro from 4,0m euro in 2013.

Strong operating cash flow at 8,4m euro in 2014 from 7,7m euro, reflecting the results of operating profitability improvement and the management focus for working capital rationalization. At the same time, the Group realized further net debt reduction.

Net after tax and minority results, significantly improved, at -1,9m euro from -4,5m euro in 2013. Excluding the above extraordinary restructuring cost, net results after tax and minority would have been positive.

In 2015 the Group is targeting further growth through higher percentage of international sales on total Group Sales. Key drivers will be the dynamic presence in North America and in key countries in Europe. Penetration in Latin America, within the framework of its strategic partnership with AVON, will be its major new market entry in 2015, targeting an extended customer basis which adopts the values and philosophy of Korres in a sizeable and exceptional dynamic market.

Finally, Greece as Korres No1 market remains within Group's major focus. The Group will continue to target further market share increase, with innovative products and consistent support to pharmacy. 

For more information:

INVESTOR RELATIONS / Athina Lagou / Τ: (+30) 213 018 8905, E: athina.lagou@korres.com

PUBLIC RELATIONS / George Anthoulakis / T (+30) 2130 188835 / E george.anthoulakis@korres.com