Amid an exceptionally difficult macroeconomic environment both in Greece and abroad, YALCO - CONSTANTINOU S.A. managed to adjust immediately and record positive results for one more year, significantly strengthening its corporate structure at all levels.


YALCO managed to benefit from synergies, increasing its productivity levels and promptly improving its results. At the same time, YALCO created the necessary corporate structure which will enable it to maintain its leading position in the Greek market and will guarantee the continuous growth of its financials in the future.


In particular, the parent company improved its profit before & after tax by 9.2% and 8.9% respectively to Euro 1.6 million and Euro 1.2 million - despite a 6.7% decrease in sales (to Euro 42.1 million). At consolidated level, sales decreased 12.7% to Euro 57.7 million leading to losses of Euro 2.0 million before tax and losses of Euro 2.6 million after tax. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to Euro 4.1 million for the parent company and Euro 1.4 million for the group.


Furthermore, YALCO managed to reduce its debt by Euro 3.2 million at parent company level and by Euro 1.1 million at consolidated level.


Group losses are mainly attributed to the negative results of subsidiaries Yalco Hungary - where the national economy was severely influenced by the international crisis - and OMNISHOP which was in a restructuring phase during 2009.


YALCO management targets to conclude the restructuring of all group companies within 2010, so as to secure continued profitability for the group from 2011 onwards.



Despite the current difficult macro circumstance in our country as well as internationally, YALCO management is planning carefully the next day that will re-affirm the group?s leading position with better structures, improved productivity and strong basis for the dynamic growth of its financials.



The Management

30 March 2010