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ELMEC SPORT S.A.
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Announcement
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August 29, 2008 Consolidated Sales at euro 114 million (+27%) -EBITDA at euro 12.2 million (+31%) Consolidated Results The consolidated Sales of Elmec Sport in the first half of 2008 reached euro 114 million from euro 90 million in the respective semester of 2007, an increase of almost 27% .Earnings before interest, taxes, depreciation and amortization (EBITDA) reached euro 12.2 million from euro 9.3 million, posting an increase of 31% with the respective margin reaching to 10.7% from 10.3% Consolidated Earnings before taxes (EBT) reached euro 6.4 million from euro 4.1 million in the respective semester of 2007, posting an increase of 56.2%.Net Earnings after Taxes and Minorities reached euro 3.2 million from euro 1.8 million, increased by 80% The increase in sales derives from i)the positive performance of the department store 'attica' ii) the contribution of the wholesale activity of Converse in Greek and Cypriot market and by the increase demand for Nike products in Romania and Bulgaria. Operating expenses reached to 35.6% of the consolidated sales from 37.8% posting a decrease from the previous semester. Elmec Sport stand-alone Elmec Sport stand-alone sales for 1st half of 2008 reached euro 44.4 million from euro 32.2 million in the respective half of 2007, an increase of 38% mainly driven by the Converse wholesale activity that did not existed in the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached euro 1.3 million from losses euro 147 thousands. Consolidated Earnings before taxes (EBT) reached euro 1.9 million from losses euro 390 thousand in the respective half of 2007. Operating expenses reached to 37% of the sales from 40% posting a decrease from the previous semester. The management of Elmec Sport remains at the forecasted figures for the year end 2008 as it has been communicated, ie a) Consolidated Sales will reach euro 245-250 million and for parent company will reach euro 90-95 million b) Consolidated AAETDA will reach euro 26-27 million and for parent company will reach euro 5.5-6 million. The aforementioned figures are subject to change after the entrance of Lapin in the Group and only after the approval of the Competition Committee. Lapin's pro forma sales for the year end 2007 were euro 53 mil, EBITDA euro 11.5 mil and EBT euro 10 mil.
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