The turnover of PG NIKAS SA in the first half of 2017 increased by 8.2% compared to the corresponding period last year and amounted to € 22.484 thousand compared to € 20.779 thousand.
During the same period, the Company increased its share of the overall Delicates Market, which remained stable, from 13.8% to 16.9% in volumes and from 14.9% to 15.2% in value and is Leader in categories of parizian and parisian. (NIELSEN YTD June 2017)
An increase of 10.3% was recorded in gross profits of € 6.574 thousand compared to € 5.962 thousand in the first half of 2016, with gross profit margin accounting for 29.24% of turnover compared to 28.69% in 2016, showing an improvement of half a percentage point, despite the increase in the pigmeat market in the first half of 2017.
EBITDA amounted to € 6.4 thousand against losses of € 1,702 thousand in 2016 and improved by € 1,708 thousand. In the first half of 2016, extraordinary and non-recurring expenses amounting to € 1,830 thousand are included in the provision impairment of receivables from the Marinopoulos Group. Excluding these expenses EBITDA is down by € 122 thousand.
EBIT results in losses of € 575 thousand. against losses of € 2.595 thousand in the first half of 2016, improved by € 2.020. The results for the first six months of 2016 include the aforementioned extraordinary and non-recurring expenses amounting to € 1.830 thousand. Excluding these, the results before tax, financial and investment results show an improvement of € 190 thousand.
Earnings before tax (EBT) amounted to € 21,801 thousand in the first half of 2017 against losses of € 4,830 thousand in 2016.
If one of the above results excludes extraordinary and non recurring results, ie from 2016 the aforementioned expense of € 1.830 thousand, and from 2017 income of € 23.618 thousand relating to the write-off of loan and interest capital, pre-tax results (EBT) are formed to losses of € 1,817 thousand in the first half of 2017 against losses of € 3,000 thousand in 2016, showing an improvement of € 1,182 thousand
The improvement in the company's EBT results compared to those in 2016 was mainly due to the implementation of the Investment and Restructuring Agreement, which led to a reduction in total borrowing and parallel capital enhancement through the increase of the share capital by cash.
Equity increased significantly in the first half of 2017 and stood at € -6.0m. on 30/06/2017 from € -54.0m. on 31/12/2016.
By capitalizing the Convertible Bonds amounting to € 12m, which will take place according to the provisions of the Investment and Restructuring Agreement by the end of 2017, the company's equity will become positive.
The company's strategy
The strategy of PG NIKAS SA, based also on its new capital structure, remains stable and aims at:
- Continuous improvement of products with emphasis on innovation and quality, offering the consumer high quality and nutritional products that meet the modern needs
- In further strengthening the relationship of trust with our consumers by investing in new innovative product categories.
- To strengthen our distribution in the small retail and sales channel in Greece
- Enhanced extroversion through the presence of our products in markets outside Greece.
- The simplification of the structures aiming at the more efficient and effective operation of the Company
- Making more effective use of the Company's available resources and upgrading control and information systems
- The continuous development of our activities alongside respect for people, society and the environment.
Group Growth
Consolidated turnover increased by 5.1% and amounted to € 23.147 thousand in the first half of 2017 compared to € 22.015 thousand in the corresponding period last year. The Group's sales and total results are mainly influenced by the activity of parent company PGNIKAS SA as a result of the Group's ceasing activities in Bulgaria and the sale of the facilities there.
The gross profit of the Group amounted to € 7,085 thousand compared to € 6,465 thousand for the same period last year, increased by 9,6%, while the gross profit margin amounted to 30,61% of the consolidated turnover against 29,37% in 2016 showing an increase of 1.2 percentage points.
Total consolidated EBITDA stood at € 119.5 th. compared to losses of € 1.428 in 2016 and increased by € 1.548 thousand. In the first half of 2016 results are included extraordinary and non-recurring expenses amounting to € 1.830 thousand related to the provision for impairment of receivables by Marinopoulos Group. Excluding these expenses EBITDA is down by € 282 thousand.
EBIT results in losses of € 684 thousand. against losses of € 2.621 thousand in the first half of 2016, improved by € 1.937. The results for the first half of 2016 include the aforementioned extraordinary and non-recurring expenses of € 1.830 thousand. Excluding these, the results before tax, financial and investment results show an improvement of € 107 thousand.
Pre-tax earnings (EBT) amounted to € 20,914 thousand in the first half of 2017 against losses of € 5,297 thousand in 2016.
If the above results exclude extraordinary and non-recurring results, ie from 2016 the aforementioned expense of € 1,830 thousand, and from 2017 income of € 22,992 thousand concerning the write-off of loan and interest capital, pre-tax results (EBT) are formed at losses of € 2.078 thousand in the first half of 2017 against losses of € 3.467 thousand in 2016, showing an improvement of € 1.388 thousand.
The improvement in the Group's EBT results compared with those in 2016 was mainly due to the implementation of the Investment and Restructuring Agreement, which led to a reduction in total borrowing and parallel capital support through the parent company's Share Capital Increase , with cash.
Equity increased significantly in the first half of 2017 and stood at € -8.1m. on 30/06/2017 from € -54.6m. on 31/12/2016
With the capitalization of Convertible Bonds of € 12m, which will be carried out in accordance with the Investment and Restructuring Agreement by the end of 2017, the Group's equity will become positive.
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