ATHEX: PLAT
Reuters: THRr.AT
Bloomberg: PLAT GA
The purpose of the current release is to present the Group’s financial results for the 1st half of the year 2015 and to highlight the basic factors that contributed to such.
The positive course of the Group results continued in the second quarter of 2015. The product mix improvement was the basic factor behind the maintenance of the strong profit margins, whereas the EUR/USD exchange rate had a smaller effect on the results. The increase in raw material prices during the second quarter of the current year mediated the positive effect.
More specifically, the basic financial figures of the Group during the first half of 2015 as compared to the corresponding period of 2014, settled as follows:
Consolidated Turnover |
€ 145.1 mil. versus € 137.3 mil. in 1st half 2014 |
(+5.6%) |
Cons. Gross Profit |
€ 30.8 mil. versus € 25.9 mil. in 1st half 2014 |
(+18.8%) |
Cons. ΕΒΙΤ |
€ 10.9 mil. versus € 6.5 mil. in 1st half 2014 |
(+67.0%) |
Cons. EBITDA |
€ 15.8 mil. versus € 10.8 mil. in 1st half 2014 |
(+45.7%) |
Cons. EBT |
€ 7.5 mil. versus € 4.3 mil. in 1st half 2014 |
(+77.4%) |
Cons. EATAM |
€ 5.7 mil. versus € 3.2 mil. in 1st half 2014 |
(+81.9%) |
Basic Earnings per share (in €) |
0.13 versus 0.07 in 1st half 2014 |
(+84.5%) |
The Net Bank Debt on 30.06.2015 amounted to € 38.4 million versus € 32.7 million on 31.12.2014 due to the prepayments made in the first half of the year for the purchase of machinery equipment in the context of the planned investments for the fiscal year 2015. The “Net Bank Debt to Equity” ratio remained unchanged at 0.3.
It is noted that the implementation of the Group’s investment plan, amounting to € 30 million, which commenced at the beginning of 2015 continues at normal pace in accordance with the initial plan. The largest part of the above investments is implemented by the Greek subsidiaries of the Group and mainly refers to the purchase of new production lines concerning products that will address the international markets. The new production lines are expected to commence operations in the first half of 2016.
With regard to the course of Group’s results in the second half of 2015, the turnover and operating profit of the third quarter continue to follow the uptrend recorded in the previous two quarters compared to the corresponding periods of 2014. Given the strong export orientation of the Group (83% of turnover is generated abroad), the instability in the international economic environment and to a lesser degree the uncertainty prevailing due to the political and economic developments in Greece make especially difficult any attempt to safely estimate the results of the Group for the fourth quarter of the current year.
Specifically with regard to the uncertain macroeconomic conditions in Greece and the capital controls imposed through the relevant Act of Legislative Content on 28.06.2015, it is noted that the above developments did not have any negative effect on the Group’s sales in the Greek market until today (Greek sales represent only 17% of the total turnover). However at the current stage it is difficult to estimate any future effect on the results due to the imposed capital controls.
For further clarifications or information regarding the present release you may refer to Ms Ioanna Karathanasi, Head of Investor Relations, tel: + 30 210-9875081.