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ALFA-BETA VASSILOPOULOS S.A.
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Financial Results
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March 14, 2007 "ALFA-BETA" VASSILOPOULOS (Athens Stock Exchange: BASIK) announced today that Consolidated Turnover (Sales) amounted to 1,030.2 million EUR, from 908.0 million EUR in 2005, an increase by 13.5%, due to better sales in existing stores and new stores openings. For "ALFA-BETA" VASSILOPOULOS S.A., standalone Turnover (Sales) amounted to 1,000.9 million EURO from 880.3 million EURO in 2005, an increase by 13.7%. Consolidated Profit before Tax amounted to 30.4 million EUR from 22.1 million EUR in 2005, while for "ALFA-BETA" standalone Profit before Tax amounted to 27.6 million EURO compared to 20.5 million EUR in 2005. Considering the above developments as well as the Company's investment plan, the Board of Directors has decided to propose a dividend payment of 0.49 EUR per share, from 0.31 EUR per share in 2005. Our business in 2006: The Company's dedication to its values and the return on these values are evident in all Company's activities during 2006. Continuing the dynamic commercial policy of prior years, "ALFABETA" extended its product assortment, mainly by adding new private label products. Furthermore, it reinforced its value-for-money concept by adjusting the prices in 700 basic products, in addition to the similar pricing adjustments in 4,300 products already effected during 2005 & 2004. As regards its organic expansion, "ALFA-BETA" continued its development activity with the opening of thirteen new sales outlets of which five were supermarkets, two City stores and six franchise operations. In parallel, six existing stores were remodelled and upgraded. At the end of the year, the retail network of stores bearing the "ALFA-BETA" banner in Attica and the Provinces comprised 138 stores, of which 108 companyoperated and 30 operated by franchisees. Together with the 10 Cash-and-Carry sales points, the group sales network counted 148 stores on total, at the end of 2006. For 2007, "ALFA-BETA" VASSILOPOULOS plans an acceleration of its opening program. It will add 19 new stores to its network, including those of the franchise network, extending it to 167 stores. Consolidated Turnover, "broke the one billion euro barrier" and increased by 13.5% to 1,030.2 million EUR from 908.0 million EUR in 2005 due to better sales in existing stores especially the remodeled ones and new store openings. Consolidated Gross Profit increased by 14.5% from 197.7 million EUR in 2005 to 226.3 million EUR in 2006. This increase, higher than that of sales, confirms the success of the commercial policy as well as the effective inventory management of the group. Consolidated Operating Expenses increased by 11.3% from 177.0 million EUR in 2005 to 197.0 million EUR in 2006. This increase, which is lower than that of sales and of gross profit, reflects the Company's efforts to control operating costs and strengthen its competitiveness. Consolidated Operating Profit amounted to 32.8 million EUR against 24.2 million EUR in 2005, showing an increase by 36.0%, due to the increase in sales and gross profit while controlling operating expenses. For the same reason Consolidated Profit before Tax increased by 37.5 % and reached 30.4 million EUR from 22.1 million EUR in 2005. Consolidated Profit after Tax amounted to 20.0 million EUR against 12.3 million EUR in 2005.
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