PRESS RELEASE
PRESS RELEASE
AS Η1 2016 Interim Results
ATHEX: ASCO
Reuters: ASCr.AT
The purpose of the current Press Release is to present AS Company 's (hereafter as the “Company”) Key Financial Figures, in order to highlight the major trends and prospects for the current year.
Despite the continuous uncertainty in the Greek Market, H1 2016 Sales Turnover increased by 2.05% as compared to that of H1 2015. Both Wholesale and Retail Sales reported increases of 6.49% (9.02 mil. euro as to 8.47 mil. euro of H1 2015) and 21,28% (0.54 mil. euro as to 0.45 mil. euro of H1 2015) respectively. On the contrary, Export Sales Turnover presented a decrease of 32.91% (0.89 mil. euro versus 1.33 mil. euro).
Pre Tax Profit decreased by 9.9% and amounted to 1.383 mill. euro as compared to 1.535 mill. euro of H1 2015, while Net Profit (Profits after Tax) decreased by 18.1% to 984 thousand euro. The fall in profitability is mainly attributed to the decrease of Gross Profit Margin by 5.7% resulting from the increased cost of imported goods and to the implementation of new commercial policy by the Company.
Earnings before Tax, Interest and Depreciation (EBITDA) decreased by 14.6% and amounted to 1.628 mill. euro as compared to 1.907 mill. euro of H1 2015.
More specifically, AS Company 's key financials in H1 2016 as compared to those of H1 2015 had as follows:
|
|
30.06.2016 in mil. euro |
30.06.2015 in mil. euro |
% |
|
Sales Turnover |
10.,46 |
10.25 |
+2.0% |
|
Gross Profit |
4.86 |
5.35 |
-9.3% |
|
ΕΒΙΤ |
1.44 |
1.72 |
-16.2% |
|
EBITDA |
1.63 |
1.91 |
-14.6% |
|
Pre Tax Profit |
1.38 |
1.53 |
-9.9% |
|
Net Profit |
0.98 |
1.20 |
-18.1% |
|
EPS (in ¤ cents) |
3.75 |
4.58 |
-18.1% |
The Ordinary Shareholders' General Assembly convened on 23.6.2016 decided: a.to increase the par value of the Company' s shares from 0.34 euro to 0.68 euro resulting to a reverse spilt with the exchange of 2 old shares of 0.34 euro par value with 1 new share of 0.68 euro par value and then b. to reduce the Company' s share capital by 393,780.60 euro with a cash payment of 0.03 euro per share ending to a new par value per share of 0.65 euro.The Company' s Net Debt on 30.06.2016, taking into account short-term investments in financial products, was still negative and amounted to -5.22 mil. euro as compared to -4.54 mil. euro on 31.12.2015. Liabilities to Equity Ratio was 2.51 times, reflecting the Company' s capital adequacy.
AS Company Cyprus Ltd, 100% subsidiary of our Company, established on May 5th, 2016 has commenced its trading activities in September 2016.
For further clarifications or information regarding the present release you may refer to Ms Sonia Strikou, Head of Investor Relations, tel: + 30 2310-572000.