REVENUES +32.7%, EBIDTA +38.5%
EARNINGS BEFORE TAXES +40.7%
EARNINGS AFTER TAXES +67.4%
EARNINGS AFTER TAXES AND MINORITIES +15.5%
DIVIDEND ?0.10 per share (+25%)
In 2007 the Nireus Group continued the dynamic performance of the previous years and was established as one of the dominant exporters of Greece. The management of the Group achieved a strong increase in sales and profits by implementing its business plan.
More specifically, on the Group level:
- Sales amounted to 214.3 mi. versus euro 161.5 in 2006, posting a 32.7% increase over prior year.
- EBIDTA was 37.8 mi, representing a 38% rise above prior year
- Earnings Before Taxes increased by 40.7% to euro 20.4 mi.
- Earnings After Taxes amounted to euro 14.9 mi., posting an increase of 67.4%
- Finally, Earnings After Taxes and Minorities were euro 10.4 mi, a 15.5% rise over previous year.
The earnings of the Group have a euro 1.5 mi. variation from predictions - this is due to the lower than expected earnings of Marine Farms ASA.
On the company level, the full year results for 2007 amounted to:
Revenues of euro 184.1 versus euro 154.6 (+19.1%)
EBIDTA of euro 26 mi. versus euro 21.4 mi. (+21.5%)
Earnings Before Taxes of euro 13.7 mi. versus euro12.5 in 2006 (+9.6%)
Finally, Earnings after taxes remained stable at euro 9.8 mi.
DIVIDEND 2007
The Board of Directors will propose to the Annual Shareholders Meeting a dividend of euro 0.10 per share, 25% above last year.
GROUP HIGHLIGHTS FOR 2007
- Expansion through acquisitions in Greece ( Kego, Red Anchor ), Spain (Predomar) and Turkey ( Carbon ).
- Acquisition of substantial interest in the Norwegian fish farming company Marine Farms ASA.
- Launch of branded fish in cooperation with the supermarket chain AB Vassilopoulos (Delhaize Group)
- Beginning of operations for the Group's first Greek inland production unit for 10 gr. juveniles in Thesprotia,
- Divestment of the confectionary unit (Sarantis) in December.
- A share capital increase of euro 34.6 mi and a euro 19.9 mi. convertible bond issuance increased cash available for operations and expansion to ?52 mi.
COMMENT OF MR. ARISTIDES BELLES
On the occasion of the announcement of the Full Year Results for 2007, Mr. Aristides Belles, President and Managing Director of Nireus SA commented:
"Our results in 2007 continued the dynamic performance of the previous years. We achieved a strong increase in sales and profits. We expanded dynamically in Greece and abroad. We continued the research for the culture of new species. Finally, we adopted new technologies for the containment of cost and we will persist on this effort in the future.
2008 looks more challenging. The Group's numbers will continue their rising course. At the same time, despite the positive advance in the price of our product mix, the drop in the price of sea bream forces us to intensify our efforts in order to increase our sales volume and to further improve our productivity. Under the present conditions, we will attempt to reduce the effects from the constraints of the external factors and we will continue on building our long-term growth.
2008 also marks our group's 20th anniversary. For us, this is historical moment but also a reason to remember that NIREUS has grown because we give priority to the needs of our customers and our shareholders. We are determined to follow the same values and the same principles in the coming years."
Nireus is the largest producer of Mediterranean aquaculture globally. The Group has operations in 3 countries and exports to over 30 countries. Nireus shares are listed on the Athens Exchange (ATHEX: ΝΗΡ).