SOURCE: Eurodrip

Eurodrip

March 24, 2010 13:17 ET

Eurodrip's Profitability Increase and Significantly Positive Cash Flows From Operating Activities for the Full Year 2009

ATHENS, GREECE--(Marketwire - March 24, 2010) - For the FY 2009, Eurodrip (ATHEX: EDRIP) posted Consolidated Earnings Before Tax of EUR 3.030 million (5.1% on sales) an increase of 42.6% compared to 2008, (EBT 2008 : EUR 2.124 million (3.4% on sales)).

Consolidated Turnover of EUR 59.437 million was 3.6% down to 2008, due to deflated PE Raw material prices. Volume sales posted a strong 18.2% surge to past year.

Consolidated Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to EUR 7.817 million (13.2% on sales) vis a vis EUR 7.383 million (12% on sales) for the FY 2008, an increase of 5.9%.

The company recorded a healthy cash flow growth. Cash flow from operating activities amounted to EUR 7 million compared to negative cash flow (-EUR 2 million) in 2008. The Group's net bank debt decreased by EUR 1.8 million or 6.1%.

Financial results of the parent company, characterized by profitability improvement and significant positive cash flow from operating activities:

  • Earnings before Tax reached EUR 1.220 million (4.5% on sales) compared to EUR 1.212 million (3.9% on sales) for 2008, posting an increase of 0.6%.
  • Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to EUR 3.299 million (12.2% on sales) compared to EUR 3.508 million (11.2% on sales) for 2008, decrease of 6%.
  • Turnover amounted to EUR 27.107 million versus EUR 31.239 million in 2008, decreased by 13.2%

Eurodrip S.A. is subsidiary of Global Capital Investors II fund, with Global Finance, the leading Private Equity firm in South East Europe, being the consultant.

The Financial Statements will be posted on the Company's website (www.eurodrip.gr).

Contact Information

  • Company Contact:
    Marianna Hamakou
    Financial Analyst & IR Officer
    ir@eurodrip.gr
    +30 2262054800
    Eurodrip Irrigation Systems
    55kmh National Road Athens - Lamia
    P.O. Box 34, 320 11 Inofyta