NIREUS S.A.
Results for the first 3 months 31 March 2008
Stability in Sales - Growth in Organic Profits
The stability in sales, despite the drop in the price of seabream, with a parallel 24,7 % increase in the net income on the company level and a decrease in the earnings on the group level - because of the losses of Marine Farms - are the basic characteristics of the first quarter results of Nireus group. KEY FIGURES FOR THE GROUP IN 1st QUARTER 2008
- Sales of euro 39,4 mi., reduced by 5,4% compared with the corresponding period of 2007.
- EBIDTA of euro 9,1 mi., 8,4% above prior year.
- Net earnings euro 1,7 mi., reduced by 23,5% compared with the corresponding period of prior year.
ΚEY FIGURES FOR THE COMPANY IN 1st QUARTER 2008
- Sales of euro 34,5 mi., reduced by 9,1% compared with the corresponding period of 2007.
- EBIDTA of euro 6,7 mi., 18,8 % above prior year.
- Net earnings of euro 2,8 mi., 24,7% above prior year.
On the group level, net income was reduced despite the increase in earnings on the company because of the negative contribution of Marine Farms, in which the group holds a 30.2% interest.
Group sales were stable on a comparable basis - after the deduction of the sales contribution of the confectionaries that were sold last December. Biological sales of fish farming, aviculture and animal culture increased by 8,9% (euro 30,8 mi. versus euro 28,3 mi. last year). Merchandise sales were reduced by euro 5 mi. This was due to the drop in the price of seabream and the sale of the confectionaries.
EBIDTA showed a strong increase on both the group and the company level. This is due to a significant reduction in operating costs that was achieved despite the rise in the cost of raw materials and transport.
Mr. Aristides Belles, Chairman and Managing Director of Nireus, commented: "During the first quarter of 2008, sea bream prices continued to fall. This resulted in drastically reduced profit margins for the companies in our industry compared to last year?s corresponding period. Moreover, the general instability and uncertainty of the international markets affected demand adversely and increased the cost of certain factors, such as raw materials and transport.
In this hostile environment the Nireus group managed to maintain stable sales volume and to reduce operational costs, based on its accumulated know-how and the moves of debt restructuring. As a result, the reduction in net earnings was limited to 24%. The opening of new markets and the parallel efforts to further reduce costs strengthen the position of the group in the fish farming industry, whose long-term prospects remain excellent".
NIREUS SA is the largest producer of Mediterranean Aquaculture, with production facilities in 3 countries and exports to more than 30 countries. Nireus' shares are listed in the Athens Exchange (ASE Ticker: NHR)
The stability in sales, despite the drop in the price of seabream, with a parallel 24,7 % increase in the net income on the company level and a decrease in the earnings on the group level - because of the losses of Marine Farms - are the basic characteristics of the first quarter results of Nireus group. KEY FIGURES FOR THE GROUP IN 1st QUARTER 2008
- Sales of euro 39,4 mi., reduced by 5,4% compared with the corresponding period of 2007.
- EBIDTA of euro 9,1 mi., 8,4% above prior year.
- Net earnings euro 1,7 mi., reduced by 23,5% compared with the corresponding period of prior year.
ΚEY FIGURES FOR THE COMPANY IN 1st QUARTER 2008
- Sales of euro 34,5 mi., reduced by 9,1% compared with the corresponding period of 2007.
- EBIDTA of euro 6,7 mi., 18,8 % above prior year.
- Net earnings of euro 2,8 mi., 24,7% above prior year.
On the group level, net income was reduced despite the increase in earnings on the company because of the negative contribution of Marine Farms, in which the group holds a 30.2% interest.
Group sales were stable on a comparable basis - after the deduction of the sales contribution of the confectionaries that were sold last December. Biological sales of fish farming, aviculture and animal culture increased by 8,9% (euro 30,8 mi. versus euro 28,3 mi. last year). Merchandise sales were reduced by euro 5 mi. This was due to the drop in the price of seabream and the sale of the confectionaries.
EBIDTA showed a strong increase on both the group and the company level. This is due to a significant reduction in operating costs that was achieved despite the rise in the cost of raw materials and transport.
Mr. Aristides Belles, Chairman and Managing Director of Nireus, commented: "During the first quarter of 2008, sea bream prices continued to fall. This resulted in drastically reduced profit margins for the companies in our industry compared to last year?s corresponding period. Moreover, the general instability and uncertainty of the international markets affected demand adversely and increased the cost of certain factors, such as raw materials and transport.
In this hostile environment the Nireus group managed to maintain stable sales volume and to reduce operational costs, based on its accumulated know-how and the moves of debt restructuring. As a result, the reduction in net earnings was limited to 24%. The opening of new markets and the parallel efforts to further reduce costs strengthen the position of the group in the fish farming industry, whose long-term prospects remain excellent".
NIREUS SA is the largest producer of Mediterranean Aquaculture, with production facilities in 3 countries and exports to more than 30 countries. Nireus' shares are listed in the Athens Exchange (ASE Ticker: NHR)