Growth profits continues. Sales increase by 12% EBITDA increase by 37% Profits Before Tax increase by 60%
Earnings Before Taxes, Interest Depreciation and Amortization (EBITDA) increased by 37.4% and amounted to euro 32.7 mn over the same period. The significant increase derives mainly from the 3-year plan already running aiming to cost reduction through the enterprise's operations redesign. Specifically, operating expenses amounted to euro 52.7 mn against euro 54.7 mn achieving a fall of euro 2 mn and they stand at 16.6% on sales compared to 19.3% in 2002. In addition, consolidated profits before taxes increased by 60.3% and reached ? 23.7 mn over euro 24.8 mn.
It must be noted that the group's results have been affected significantly by the dividend received from Hellenic Duty Free Shops for the fiscal year 2002, amounting euro 5.05 mn.
Figures for the parent company GERMANOS S.A. achieved similar rates of growth. Specifically, sales reached euro 264.9 mn an increase of 7.9%, while Earnings Before Taxes, Interest Depreciation and Amortization (EBITDA), amounted to euro 30.1 mn an increase of 39.9%. Profits before taxes of the parent company GERMANOS S.A. amounted to euro 24.2 mn achieving an increase of 42.2%.