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Avenir: Consolidated Financial Results 1st Quarter 2011


Avenir Group is presenting its consolidated financial results for the period 01/01/2011-31/03/2011 according to the International Financial Reporting Standards. 

Consolidated turnover for the 1st Quarter 2011 reached € 38.921.273 versus €33.867.872 for last years 1st quarter results. Groups Gross profit reached €2.605.449 versus €4.371.119 for last years respective period results. 

EBITDA for the Group reached €308.563 versus €1.577.066 for last years 1st quarter results. 

EBIT for the Groups four main activities reached €532.421 whereas net profits for the Group present losses of €88.328 versus profit €1.341.504 for last years 1st quarter results. 

The financial results, apart from the Groups consolidated turnover, declined due to the broad restructuring of offering of products in the Cypriot network. This restructuring will attribute positively to the Groups results after the 2nd quarter of 2011. 

Furthermore, it is noted that management expenses reached €1.013.798 showing significant decrease (36%) versus €1.584.902 for last years respective period. This decrease is totally harmonized with the managements effort, which in the context of reforming the company and the Group is aiming to focus in Fixed Odd Bets and online gaming and gambling. 

Furthermore, the Group is planning to launch, in 2011, brand new products and services, thus, continuing its effective and successful business strategy which initiated in September 2009 with its expansion in the field of Casino in Vessels, travelling in international waters from and to Greece. 

In the context of the newly regulated international legal framework regarding Betting and Gambling, the Group is also preparing for its business expansion abroad. 

The Groups management is devoted to the accomplishment of 2011 business goals in order to create added value for the shareholders and net profitability for the Group.

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