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Space Hellas Group: Ιncrease in profits before taxes in 2013, despite the decrease in turnover
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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