Hatzioannou Holdings - Year End Results For 2003
Athens, Greece (ots) - Hatzioannou Holdings, the leading European group in the second skin manufacturing and retailing, announced its year-end 2003 consolidated results.
The group financial results reflect the consolidation that took place during the last two years in order to focus on its 3 core business segments and to strengthen further the retail outlook both in Greece (through SPRIDER) and in the UK (through VIRGIN ware).
In fact, today VIRGIN ware today opens its 12th store across the UK, in Guildford.
- Total revenues reached EUR122.3 million in 2003, a decrease of 6.4% over the same period last year, reflecting primarily the sale of subsidiary business units, such as Ergo, Iliofin and Apple Boxer, that contributed in total EUR30.5 million in 2002. On the other hand, S&R the group's distribution arm in Germany was included for the first time in the group's accounts.Furthermore, on a like basis, the group revenues increased by 3.1%.
- EBITDA increased by 8.8% in 2003 from EUR 25.0 million to EUR 27.2 million, as a result of a strategic shift to the core business that provide also higher margins.
- Earnings before tax after minorities increased by EUR 1.9 million, or 20.2%, from EUR 9.5 million in 2002 to EUR 11.4 million in 2003.
- Return on equity was improved by 5% to 19% versus 14% in 2002.
- Total net debt was reduced by EUR 29.5 million to EUR 48.7 million, as a result of the sale of three subsidiaries and increased operating cash flow.
- VIRGIN ware, the UK subsidiary, will be consolidated for the first time in 2004.
Hatzioannou shares are listed on the Athens Stock Exchange
(Reuters: HADr.AT), (Bloomberg: HATZK GA).
The full report is available for download: