The intense efforts to internationalize the Group of Kleemann during the last recent years have started to prove fruitful since the second quarter of the year ended with profits, while the six month period showed significantly better financial figures than the first quarter of 2012.
Despite the "freezing" of the Greek market, the Group has betted on its extroversion, thus achieving in the first half of the year a presence in 76 countries, versus 65 and 59 during the same period in 2011 and 2010 respectively. The percentage of exports amounts to 74%, the clientele has grown by 46%, while the value of sales originating from new customers increased to 15% of total turnover. The Group's turnover amounted to 38.2 million euros from 44.2 million euros in the corresponding period of last year, reduced by 13.6%.
Regarding the financial figures, the Group has achieved an excellent capital structure, since cash flow from operating activities was positive and amounted to 6.9 million compared to 3.7 million in the six month period of last year, while net bank loans amount to merely 7.2 million euros. At the same time, the gross margin of the Group was reduced because of rising raw material prices –an expected event based on market conditions- and the intensification of efforts to penetrate into new foreign markets. Similarly affected is the net margin, but it also includes high provisions for doubtful debtors of 1.6 million euros, high non-recurring costs of approximately 0.5 million euros incurred for the development and support of representative offices abroad, loss of 524 thousand euros coming from the newly created subsidiaries in the United Kingdom and China, and finally aggravated by 487 thousand euros for exchange differences from the Turkish subsidiary. Group EBITDA was 0.8 million euros against 3.4 million in 2011, and the loss after tax and minority rights was -1.6 million euros from profit of 0.5 million euros in 2011.
According to the company's management, the main target for the second half of 2012 is the proper functioning and development of the two new production units in China and Serbia, which will improve the Group's production capacity, the entry into new foreign markets and the improved performance in existing markets.
In this context, the management looks forward to improved financial results in the second half of 2012, while the cash will continue to be maintained at high levels. The positive operating cash flow of the Group provide it with the opportunity to more than cover its operating needs as well as to finance its geographical and product development.