Sports Club Gloria
Romania
More specifically, consolidated turnover amounted to 23.17 mil. euros relative to 26.99 mil. euros, showing a decrease of 14,1%. This is due to the stabilization in sales in foreign markets coming from the effort to penetrate into new markets and the emphasis put on producing and trading new products. Specifically, products like MaisonLIFT, traction lifts (complete lift systems), escalators and KleemannPARK (parking systems) increased their sales value by 34%. It is worth noting that during the first quarter of 2009, the downward trend in the Greek elevator sector was estimated to be 40%, while the fall in Group domestic turnover was limited to 23,3%.
In addition, earnings before tax, interest, depreciation and amortization (EBITDA) decreased by 32,7%, from 4.64 mil. euros to 3.12 mil. euros. Gross profit reduced by 23,1% from 9.25 mil. euros to 7.12 mil. euros. Earnings before tax amounted to 2.17 mil. euros from 3.55 mil. euros of the corresponding period of last year showing a decrease by 38,8%. Earnings after tax and minority rights decreased by 45,9%, from 2.31 mil. euros to 1.25 mil. euros.
The Group continues to have a satisfactory capital structure and positive operating cash flow, since its trade working capital was maintained at 86.49 mil. euros and the total net borrowing reduced by 2.61 mil. euros reaching the amount of 30.26 mil. euros.
The capital expenditure of the period that amounts to 678 thous. euros, mainly concerns the completion of the multi level testing tower and aims to increase the production capacity, the improvement in infrastructures and to develop the technological know-how on new innovative products.
The management team regards that during this difficult year, the comparative advantages of the Group relative to its competition and the strong ties it has developed with its customers, will help maintain the financial figures at a satisfactory level.
