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Sfakianakis: Press Release

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During the first semester the economic crisis in the Greek Economy which had a negative impact on the level of confidence of the Greek consumer and the further reduction of its purchasing power, a fact which has greatly affected the car market recording new historically low levels of sales.
 
Total car registrations in the first semester of 2011 amounted to 55,275 units, presenting a decrease of 43.9% compared to the corresponding semester of 2010. SUZUKI in the first semester of 2011 made 1,618 car registrations with a market share of 2.9%.
 
Total motorcycle registrations in the first semester of 2011 amounted to 24,845 units, presenting a decrease of 26.1% compared to the registrations of the first semester of 2010. SUZUKI made 657 motorcycle registrations with a market share of 2.6%.
 
Group’s turnover for the first semester of 2011 amounted to € 125.4 mil., presenting a decrease of 33.7% compared to the sales of € 189.0 mil. of the first semester of 2010. Respectively, Company’s turnover for the first semester of 2011 amounted to € 101.3 mil., presenting a decrease of 37.3% compared to the sales of 161.6 mil. of the first semester of 2010.

Gross profit for the first semester of 2011 amounted to € 29.4 mil. for the Group and € 11.9 mil. for the Company compared to the corresponding figures of 2010 which amounted to € 43.2 mil. for the Group and to € 24.7 mil. for the Company, presenting a decrease of 31.9% for the Group and 51.8% for the Company.
 
Loss before tax for the first semester of 2011 amounted to € 13.8 mil. for the Group and € 10.8 mil. for the Company.
 
Group’s management continuing its efforts to reduce cost achieved a reduction of total operating expenses for the Group by € 8.4 mil. Group’s total operating expenses on 30.06.2011 amounted to € 40.0 mil. corresponding to a reduction of 17.4% compared to € 48.4 mil. on 30.06.2010. In total, Group’s expenses in the last two years have been reduced by 28.3%. from € 55.8 mil. on 30.06.2009.
 
Cash flow from operating activities for the Group is positive € 26.7 mil. as a result of the reduction of stock and the collection of receivables.
 
Group’s net bank loans have been reduced by € 37.2 mil. that is 11.2% from € 331.8 mil. on 30.06.2010 to € 294.6 mil. on 30.06.2011.
 
Groups management aiming to further reduce operating cost and increase the productivity, has proceeded to the reduction of selling points, to the operational merger of similar activities of Group’s companies as well as to the renewal of its managers.
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