NEOCHIMIKI INDUSTRIAL AND COMMERCIAL S.A.
FY 2007 Consolidated Financial Results.
NEOCHIMIKI L.V. LAVRENTIADIS S.A. Group announced its financial results for the fiscal year 2007, in accordance with the International Financial Reporting Standards.
Consolidated turnover from continuing operations stood at Euro 469.8 mil. over Euro 249.9 mil. in 2006, marking an increase of 88%. This increase resulted from a) the Group's organic growth both in Greece and abroad, β) the consolidation of INTERCHEM HELLAS S.A., SINTRA S.A., MONOCHEM S.A. and RNB, which were acquired within fiscal year 2007, c) the increased and more effective utilization of the Group's production facilities in Lavrio, Volos and Thiva, and d) the commencement of operations of the new logistics center in Aspropirgos and the three new logistics centers in Thessalonica.
In FY 2007, the group's turnover generated by the Greek companies of the group stood at Euro 418.7 mil. over Euro 205.5 mil. last year, posting an increase of 103%, while the Group's sales turnover its foreign subsidiaries posted an increase of 15% and amounted Euro 51.1 mil. over Euro 44.4 mil. in 2006.
Consolidated gross profits, from continuing operations, amounted in fiscal year 2007 Euro 137.6 mil. over Euro 54.8 mil. last year, posting an increase of 151%, while gross profit margin stood at 29,3% over 21,9% in 2006.
Group EBITDA, from continuing operations, stood at Euro 83.3 mil. over Euro 32.9 mil. in 2006 marking an increase of 153.3%, while profits before taxes from continuing operations posted an increase of 180.1% and amounted to Euro 58.9 mil. Finally, profits after taxes and minority rights stood at Euro 123.4 mil., increased by 27.2% over fiscal year 2006.
Please note, that profits after taxes and minority rights for the fiscal year 2007 include profits from discontinued (sold) operations totaling Euro 80.7 mil., while 2006 profits after taxes and minority rights include profits from discontinued (sold) operations of the amount of Euro 87.2 mil. After the subtraction of the above figures, the Group's organic net profits after taxes amounted Euro 44.8 mil. in 2007 over Euro 16.1 mil. last year, increased by 178%.
The abovementioned financial figures substantiate the Management's investment choices and depict the expansion and restructuring strategy implemented within the fiscal year. Please note that within 2007 a series of Group's subsidiaries mergers were concluded in order to achieve a more flexible structure, while at the same time a series of successful acquisitions were completed including MONOCHEM S.A. and SINTRA S.A. in Greece and RAFINERIJA NAFTE BEOGRAD (RNB) in Serbia.
The Company's Management deems that the dynamic expansion course marked in 2007 is expected to continue in the current fiscal year. As regards the business developments, it has already been decided that the companies LAMDA S.A., PETROSOL S.A., NEOCHIMIKI INTERNATIONAL S.A., and MONOCHEM S.A. will merge with NEOCHIMIKI L.V. LAVRENTIADIS S.A. with the aim of a more effective and flexible corporate structure. Moreover, in January 2008 concluded the acquisition of the Serbian company IHP PRAHOVO and its subsidiaries, as well as the acquisition from the Group of a 40% stake in ASTRON CHEMICALS S.A.
Based on the above, the company's Management will propose to the Annual General Shareholders Meeting the distribution of a significantly increased dividend for the fiscal year 2007, amounting to Euro 0.26 per share over Euro 0.03 per share that was distributed in the fiscal year 2006.
As regards the financial results for the fiscal year 2008, consolidated turnover is expected to stand at Euro 600 mil., increased by 28% over 2007. This increase will come both from the aforementioned acquisitions and the dynamic growth of the Group's operations in the fields of fertilizers, polymers, paints - lacquers and base oils. Furthermore, EBITDA is expected to stand at Euro 100 mil., increased by 20% and profits after taxes and minority rights will amount to Euro 60 mil. increased by 35%.
It is noted that the above Group financial targets do not constitute Management forecasts or evaluations and are not part of the business plan. These financial targets exclusively aim at presenting the growth trend of the Group's operations and results. Neochimiki's Management is monitoring the developments and trends that are taking place in the markets in which it is active, as well as in the broader macroeconomic environment of the countries in which it is present, and in the event that the present, or other, developments substantially amend its financial targets, as these are mentioned above, it will inform its investors in a timely manner, as has always been the practice.
Consolidated turnover from continuing operations stood at Euro 469.8 mil. over Euro 249.9 mil. in 2006, marking an increase of 88%. This increase resulted from a) the Group's organic growth both in Greece and abroad, β) the consolidation of INTERCHEM HELLAS S.A., SINTRA S.A., MONOCHEM S.A. and RNB, which were acquired within fiscal year 2007, c) the increased and more effective utilization of the Group's production facilities in Lavrio, Volos and Thiva, and d) the commencement of operations of the new logistics center in Aspropirgos and the three new logistics centers in Thessalonica.
In FY 2007, the group's turnover generated by the Greek companies of the group stood at Euro 418.7 mil. over Euro 205.5 mil. last year, posting an increase of 103%, while the Group's sales turnover its foreign subsidiaries posted an increase of 15% and amounted Euro 51.1 mil. over Euro 44.4 mil. in 2006.
Consolidated gross profits, from continuing operations, amounted in fiscal year 2007 Euro 137.6 mil. over Euro 54.8 mil. last year, posting an increase of 151%, while gross profit margin stood at 29,3% over 21,9% in 2006.
Group EBITDA, from continuing operations, stood at Euro 83.3 mil. over Euro 32.9 mil. in 2006 marking an increase of 153.3%, while profits before taxes from continuing operations posted an increase of 180.1% and amounted to Euro 58.9 mil. Finally, profits after taxes and minority rights stood at Euro 123.4 mil., increased by 27.2% over fiscal year 2006.
Please note, that profits after taxes and minority rights for the fiscal year 2007 include profits from discontinued (sold) operations totaling Euro 80.7 mil., while 2006 profits after taxes and minority rights include profits from discontinued (sold) operations of the amount of Euro 87.2 mil. After the subtraction of the above figures, the Group's organic net profits after taxes amounted Euro 44.8 mil. in 2007 over Euro 16.1 mil. last year, increased by 178%.
The abovementioned financial figures substantiate the Management's investment choices and depict the expansion and restructuring strategy implemented within the fiscal year. Please note that within 2007 a series of Group's subsidiaries mergers were concluded in order to achieve a more flexible structure, while at the same time a series of successful acquisitions were completed including MONOCHEM S.A. and SINTRA S.A. in Greece and RAFINERIJA NAFTE BEOGRAD (RNB) in Serbia.
The Company's Management deems that the dynamic expansion course marked in 2007 is expected to continue in the current fiscal year. As regards the business developments, it has already been decided that the companies LAMDA S.A., PETROSOL S.A., NEOCHIMIKI INTERNATIONAL S.A., and MONOCHEM S.A. will merge with NEOCHIMIKI L.V. LAVRENTIADIS S.A. with the aim of a more effective and flexible corporate structure. Moreover, in January 2008 concluded the acquisition of the Serbian company IHP PRAHOVO and its subsidiaries, as well as the acquisition from the Group of a 40% stake in ASTRON CHEMICALS S.A.
Based on the above, the company's Management will propose to the Annual General Shareholders Meeting the distribution of a significantly increased dividend for the fiscal year 2007, amounting to Euro 0.26 per share over Euro 0.03 per share that was distributed in the fiscal year 2006.
As regards the financial results for the fiscal year 2008, consolidated turnover is expected to stand at Euro 600 mil., increased by 28% over 2007. This increase will come both from the aforementioned acquisitions and the dynamic growth of the Group's operations in the fields of fertilizers, polymers, paints - lacquers and base oils. Furthermore, EBITDA is expected to stand at Euro 100 mil., increased by 20% and profits after taxes and minority rights will amount to Euro 60 mil. increased by 35%.
It is noted that the above Group financial targets do not constitute Management forecasts or evaluations and are not part of the business plan. These financial targets exclusively aim at presenting the growth trend of the Group's operations and results. Neochimiki's Management is monitoring the developments and trends that are taking place in the markets in which it is active, as well as in the broader macroeconomic environment of the countries in which it is present, and in the event that the present, or other, developments substantially amend its financial targets, as these are mentioned above, it will inform its investors in a timely manner, as has always been the practice.