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Space Hellas Group: Ιncrease in profits before taxes in 2013, despite the decrease in turnover
27-03-2014
According to the consolidated Space Hellas financial statements for the year 2013, the consolidated earnings before taxes showed an increase reaching € 689 thousand compared to € 456 thousand in 2012, while consolidated turnover showed a decrease and reached € 41 mil. in 2013 compared to € 48.5 mil. in 2012.

The aforementioned decrease in turnover affected both gross profits which decreased to € 13.3 mil. in 2013 from € 14.5 mil. in 2012, as well as EBITDA which fell to € 4 million in 2013 compared to €4.6 in 2012.

The increase in EBITDA as a percentage to turnover (9.8%in 2013 compared to 9,5% in 2012) in conjunction with the decrease in operating costs, absorbed the consequences of the decrease in turnover and led to the increase of  profits before taxes. Profits after taxes showed a decrease to € 31 thousand in 2013 compared to €318 thousand in 2012, as a result of a taxes rise.

At the same time, the company continued its pattern of lowering short-term liabilities and especially short-term loans that reached € 11.3 million in 2013 compared to €14.5 million in 2012. In total, short and long-term loans fell to € 20 million in 2013 compared to € 22.7 million in 2013.

Operating cash flows remained positive and reached €267 thousand while cash flows from financing activities impressed the decrease in debts and reached, in a consolidated basis, €-2.7 million.

For the parent company, turnover amounted to € 38.7 mil. in 2013 compared to € 47.5 mil. in 2012, while EBITDA reached € 3.5 mil. in 2013 compared to € 4.4 mil. in 2012. Finally, profits before taxes for the parent company reached €161 thousand compared to 387 thousand in 2012 while the relative profits after taxes in 2013 amounted to losses of €359 thousand as compared to profits of €207 thousand in 2012.

As a general estimate for 2014, it is expected that the Group will experience an increase in turnover as well as further improvement in fundamental financial figures.

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