February 11, 2004
In the frame of continuous briefing of the investment public and in collaboration with the Union of Institutional Investors, the presentation of company S.D.CONSTANTINOY and SON S.A. "YALCO" took place, today Wednesday 11/02/2004 in offices of the Union.
The presentation was performed by the Chairman and Managing Director Mr Demetre Constantinou, as well as the Company?s Finacial Director Mr George Makris.
Presenting the results for the fiscal year 2003 , Mr. Constantinou reported that the results for 2003, were the first results that YALCO functioned after the absorption of VELLIFEST.
During this fiscal year the forecasts of administration concerning enlargement of results and economic sizes were confirmed, for both the mother company and its subsidiaries. Also with the aim of strengthening its export orientation, the company has founded a subsidiary company in Hungary with the name "YALCO HUNGARY" which is active in the same sector as the mother company ("YALCO") and will be active in Hungary as well as in the adjacent neighbouring countries.
In addition to the developments mentioned above, among the first priorities of the company during the running fiscal year is the replanning of operations logistics aiming at cost and qualitative improvement of services provided to customers, and the further strengthening of its Commercial Management.
More analytically Mr. Constantinou reported that the company at the running fiscal year of 2004 will also continue his developmental course and that the economic sizes and results will be improved with rate bigger than 10%.
More specifically, during the fiscal year 2004, the mother company is expected to present an increase in profits before taxes of 14%, and is estimated that they will be 3,3 million Euros against the 2,9 million Euros for the fiscal year of 2003 (prior to the depreciation of 1.379 regarding the surplus value of susidiaries), while sales are expected to reach the level of 42,5 million Euros against 38,8 million Euros for the fiscal period of 2003.
On a consolidated bases the results were equally positive for 2003 after the subsidiary company EXCEL A.E. became profitable recording profits before taxes of 380.000 Euros against the losses recorded for 2002. The consolidated turnover in 2003 amounted in 48 millions of Euros and the profits before taxes and rights of minority amounted in 3,2 million Euros. For the running fiscal year of 2004 an important improvement of sales and profits for the subsidiary company EXCEL A.E. are expected, while for OMNISHOP results on a breakeven level (point) are forecasted.
It should be noted that the mother company has already applied the International Accountant Models (I.F.R.S.) regarding the assessment of its holdings, by moving a sum 7,86 million Euros in a reserve fund account , decreasing share holder equity.
