CH. ROKAS ABEE
Financial Results according to IFRS
The ROKAS Group releases on Tuesday 18 March 2008 its FY 2007 consolidated financial results according to International Financial Reporting Standards. The Group's turnover amounted to euro 44.7 mil., as opposed to euro 50.2 mil. in 2006, showing a decrease of 11%. This decrease is mainly attributed to the particularly high sales of Electromechanical Projects for the year 2006, which were not repeated during the current period and also due to the slight decrease of 3.7% in the net sales of Energy for 2007.
More specifically, Turnover of the Energy sector fell marginally to euro 38.1 mil. in 2007 as opposed to euro 39.5 mil. in 2006, and that is mainly attributed to the particularly favorable wind capacity of last year, which was not repeated in 2007, demostrating once more production's seasonality effects.
Furthermore, earnings before interest, tax, deprecation and amortisation (EBITDA) of the Group for 2007 amounted to euro 23.0 mil., as opposed to euro 31.8 mil. in 2006, decreased by 27.9%, earnings before interest and tax (EBIT) of the Group marked a decrease of 39.1% and stood at euro 14.2 mil. in 2007 as opposed to euro 23.3 mil., while earnings after tax and minority rights (EATAM) of the Group amounted to euro 11.6 mil. in 2007 as opposed to euro 16.0 mil. in 2006, decreased by 27.6%.
The main reason for the above changes was the fact that FY 2006 was positively impacted by extraordinary income while FY 2007 was negatively impacted by extraordinary expenses.
More specifically, during FY 2006 a euro 2.4 mil. deferred tax asset was recognised, while in FY 2007 the Group was burdened by reorganization expenses amounting to euro 1.3 mil. as well as impairments of inventory amounting to euro 1.0 mil.
Moreover, gross margins were also affected downwards by the intense competition present in the E/M sector.
Earnings per share (EPS) attributable to the Company's shareholders amounted to euro 0.49 in 2007 versus euro 0.67 for the respective period of 2006.
As far as the Parent Company is concerned, earnings before tax amounted to euro 9.0 mil. over euro 7.3 mil. in 2006, mainly due to the increase in inter-company transactions along with the increased dividend income from its Subsidiaries.
In spite of the aforementioned decrease in the Group's profitability, C.ROKAS SA, with the support of its main partner, the Spanish group Iberdrola SA, aims at further growing the Group's business activity and enhancing its financials.
For any further information please contact:
Mr. Christian Thomas, Chief Financial Officer and Investor Relations Officer,tel. +30 210-8774100, e-mail: cthomas@rokasgroup.gr
More specifically, Turnover of the Energy sector fell marginally to euro 38.1 mil. in 2007 as opposed to euro 39.5 mil. in 2006, and that is mainly attributed to the particularly favorable wind capacity of last year, which was not repeated in 2007, demostrating once more production's seasonality effects.
Furthermore, earnings before interest, tax, deprecation and amortisation (EBITDA) of the Group for 2007 amounted to euro 23.0 mil., as opposed to euro 31.8 mil. in 2006, decreased by 27.9%, earnings before interest and tax (EBIT) of the Group marked a decrease of 39.1% and stood at euro 14.2 mil. in 2007 as opposed to euro 23.3 mil., while earnings after tax and minority rights (EATAM) of the Group amounted to euro 11.6 mil. in 2007 as opposed to euro 16.0 mil. in 2006, decreased by 27.6%.
The main reason for the above changes was the fact that FY 2006 was positively impacted by extraordinary income while FY 2007 was negatively impacted by extraordinary expenses.
More specifically, during FY 2006 a euro 2.4 mil. deferred tax asset was recognised, while in FY 2007 the Group was burdened by reorganization expenses amounting to euro 1.3 mil. as well as impairments of inventory amounting to euro 1.0 mil.
Moreover, gross margins were also affected downwards by the intense competition present in the E/M sector.
Earnings per share (EPS) attributable to the Company's shareholders amounted to euro 0.49 in 2007 versus euro 0.67 for the respective period of 2006.
As far as the Parent Company is concerned, earnings before tax amounted to euro 9.0 mil. over euro 7.3 mil. in 2006, mainly due to the increase in inter-company transactions along with the increased dividend income from its Subsidiaries.
In spite of the aforementioned decrease in the Group's profitability, C.ROKAS SA, with the support of its main partner, the Spanish group Iberdrola SA, aims at further growing the Group's business activity and enhancing its financials.
For any further information please contact:
Mr. Christian Thomas, Chief Financial Officer and Investor Relations Officer,tel. +30 210-8774100, e-mail: cthomas@rokasgroup.gr