Press Release-Comments on 1Q 2012 Financial Results
The ongoing economic crisis and the instability in the political scene had a negative impact on the level of confidence of the Greek consumer and led to further reduction of its purchasing power, which greatly affected the car market recording new historical low levels of sales.
In particular, total car registrations in the first semester of 2012 amounted to 17,179 units presenting a decrease of 32.0% compared to the relevant period of 2011 which amounted to 25,267 units. SUZUKI in the first semester of 2012 made 712 car registrations which represent a market share of 4.1% and is ranked in the 10th position among car importers.
Group's turnover in the first semester of 2012 amounted to € 44.6 mil., presenting a decrease of 19.3% compared to the turnover of € 55.3 mil. of the relevant period of 2011. Respectively, Company's turnover in the first semester of 2012 amounted to € 36.0 mil. presenting a decrease of 24.1% compared to the turnover of 47.4 mil. of the relevant period of 2011.
Gross profit for the first semester of 2012 amounted to € 8.8 mil. for the Group and € 2.8 mil. for the Company while the first semester of 2011 gross profit was € 12.8 mil. for the Group and € 5.7 for the Company.
Operating profit (EBITDA) for the first semester of 2012 amounted to € -1.3 mil for the Group and to € -3.2 mil. for the Company. Loss before tax for the first semester of 2012 amounted to € 10.3 mil. for the Group and € 7.7 for the Company.
Cash flow from operating activities at Group level remains positive € 12.4 mil. and improved by € 1.6 mil. compared to 201 as a result of the reduction of the level of stock and the successful management of receivables.
Group's management effort for further reduction of operating expenses is continuous and had as a result in the first semester their decrease at Group level by € 1.7 mil. Total Group's operating expenses on 31.03.2012 amounted to € 16.6 mil. presenting a decrease of 9.3% compared to € 18.3 mil. on 31.03.2011.
Group's total bank loans have been reduced by € 31.1 mil. that is 9.3% from € 334.9 mil. on 31.03.2011 to € 303.8 mil. on 31.03.2012, while net bank loans for the Group amounted to € 278.6 mil. on 31.03.2012.
Athens 29/05/2012
The Board of Directors