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INCREASED TURNOVER AND PROFITABILITY FOR THE GROUP OF KLEEMANN IN THE FIRST QUARTER OF 2014
INCREASED TURNOVER AND PROFITABILITY FOR THE GROUP OF KLEEMANN IN THE FIRST QUARTER OF 2014
The Group of Kleemann achieved improved gross and net profit figures in the first quarter of 2014. More specifically, the consolidated gross profit margin amounted to 34,0% from 29,8% in the corresponding period last year, while the net profit margin rose to 0,9% from loss of -3,7%.
Meanwhile, the turnover for the first quarter of 2014 increased by 7,3% compared to the corresponding period last year and amounted to 15,7 mln euros from 14,6 mln euros, with international sales being 79% of the total turnover. It is noted that the sales of the industry in the first quarter are traditionally lower during winter. Indicatively, in the first quarter of 2013 the Group's turnover amounted to 15% of the annual turnover.
Moreover, the Group’s capital structure continues to be excellent, with operating cash flows being positive and amounting to 3,4 mln euros from 1,3 mln euros in the corresponding period last year. As a result, cash available are higher than loans, and thus the Group’s net bank loans amounted to -6,1 mln euros from -4,9 mln euros at December 31, 2013. This performance confirms the stable financial position and self-sufficiency of the Group and ensures its unhindered operational growth. Equity to liabilities ratio remains very high amounting to 1,97, which confirms the Group’s limited exposure and its healthy financial course.
Based on the increased order intake, the management expects an improvement in its financial results for the rest of the year as well as maintaining its high level of liquidity. A key pillar in this will be the ongoing effort to expand its activities internationally and the penetration of new markets which present growth prospects.
