Group Income and Financial Condition - 2013
Review
Group sales increased by 10% to million €55 million (€50 million in 2012).
The spiraling decline in markets served by theCompanywas slowed in 2013, with the exception of the pickup truck market which dropped by another 34% over 2012. Certain markets expanded, such as agricultural tractors (100%) and heavy-duty trucks (50%).
After tax profits form operations amounted to €0.613 εκ. The great improvement over 2012, (losses of €5.9 million, of which €3.4 million were losses from revaluation of investment property), is due both to increased sales and to the effective control of expenditures.
The Group's price-to-book value (P/BV) was 0.46 (closing price on 19/3/2014).
The capital adequacy ratio (Equity as a percentage of Total Assets without Cash and Cash Equivalents) remained at a high level of 51.4%
Τhe Board of Directors will propose that no dividend be paid for fiscal year 2013.
Summary Consolidated Profit & Loss Statement (in € 000).
1 Jan - 31 Dec
|
|
2013 |
2012 |
|
Total Sales |
55,367 |
50,181 |
|
Indent Sales |
306 |
111 |
|
Invoiced Sales |
55.061 |
50,070 |
|
Gross Profit |
10,485 |
9,518 |
|
Other Income |
1,369 |
1,629 |
|
Administrative, Selling & Marketing Expense |
(9,431) |
(12,297) |
|
Other Expenses |
(195) |
(255) |
|
Operating Profit |
2,229 |
(1,405) |
|
Losses from Revaluation of Investment Property |
0 |
(3,375) |
|
Net Financial Income (Expense) |
(1,519) |
(1,617) |
|
Depreciation included in Operating Cost |
847 |
1,533 |
|
Net Profit before Income Tax |
709 |
(6,397) |
|
Income Taxes |
(96) |
543 |
|
Net Profit after Income Tax |
613 |
(5,854) |
|
Minority Interests |
0 |
0 |
|
Net Profit After Income Tax & Minority Interests |
613 |
(5,854) |
|
Earnings per Share |
0.09 |
(0.84) |
Summary Balance Sheet Items before Profit Distribution (in € 000)
|
|
31/12/2013 |
31/12/2012 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash & Cash Equivalents |
14,149 |
8,551 |
|
Accounts Receivable |
14,805 |
19,181 |
|
Inventories |
9,123 |
10,287 |
|
Other Receivables |
1,701 |
2,047 |
|
|
|
|
|
Non Current Assets |
|
|
|
Intangible Assets |
2,448 |
2,152 |
|
Tangible Assets |
27,537 |
28,163 |
|
Long term Accounts Receivable |
2,411 |
3,526 |
|
Other Long Term Assets |
2,071 |
2,216 |
|
Total |
74,245 |
76,123 |
|
Liabilities |
|
|
|
Short Term Bank Debt |
8,737 |
14,043 |
|
Other Short Term Liabilities |
15,064 |
12,283 |
|
|
|
|
|
Long Term Bank Debt |
17,600 |
17,753 |
|
Other Long Term Liabilities |
1,960 |
1,348 |
|
|
|
|
|
Equity |
30,884 |
30,696 |
Petros Petropoulos AEBE was established in Thessaloniki in 1922. It manufactures, modifies, distributes and supports a wide range of automotive products including automobiles, trucks and buses, generating sets, diesel engines, boats, outboard engines, agricultural, earthmoving and industrial equipment, batteries and lubricants. The Company has a leading position in the Greek market in the sectors which it serves.
For further information, please contact Ms.Athina Tsiaga, tel. 30 210 3499211.