Consolidated profit before tax amounted to 5.80 mil euros decreased by 40,2%, while earnings before interest, tax and amortization (EBITDA) reached 8.95 mln euros , compared to 12.89 mln euros in 2009. Profit after tax and non controlling interests amounted to 2.28 mln euros, down by 55.9% compared with 2009.
Taking into account the negative international economic climate combined with a more prudent company policy, the parent company proceeded to burden its financial statements with increased provisions for doubtful debtors amounting to 2.9 mln euros in relation to 2.2 mln euros in 2009, while for the group the respective figures amounted to 3,5 mln euros in 2010 from 2,6 mln euros in 2009. At the same time, the financial statements of the parent company, have been aggravated with 350.000 euros due to the impairment of the subsidiary "Moda Lift S.A.", while the results after taxes have been burdened by extraordinary tax contribution, which was imposed on profitable companies based on L.3808/2009, amounting to approximately 921.000 euros for the group and approximately 728.000 euros for the parent company. Without the deduction of the aforementioned amounts, the profit after taxes of the group would amount to 8,0 mln euros while the parent company's would amount to 5,0 mln euros.
Amidst an adverse economic climate, the company and the group achieved the increase of its cash by 4,2 mln euros and 5,1 mln euros respectively, allowing them to take further actions to improve their position in the market. Cash flow from operating activities of the Group amounted to inflow of 10,3 mln euros and the Company's to inflow of 6,8 mln euros. The positive operating cash flows enabled the Group to reduce the cost of bank loan interest by approximately 500.000 euros and thus to achieve a reduction of its total financing costs by approximately 310.000 euros in comparison to 2009. The management of Kleemann, expects that liquidity improvement will continue unabated in 2011. The group is in a position to cover its operating needs and moreover to finance its geographic as well as product growth.
BETTING IN EXTRAVERSION
The strategic growth of Kleemann, in 2011 as well, will be mainly focused in the further enhancement of its extraversion.
Despite the intense economic developments, the group continues its positive course in the international markets and adapts its strategy to market conditions, establishing subsidiaries and representative offices and achieving the increase of the geographic dispersion of its clientele.
More specifically, in 2010 occurred:
- The founding and commencement of activity of the subsidiary: "HONG KONG ELEVATOR SYSTEMS LIMITED" in Hong-Kong, aiming at the penetration of the wider area of Southeast Asia and Oceania.
- The acquisition of total control of the subsidiary company "KLEEMANN LIFTOVI D.o.o." in Serbia, after the withdrawal of the second shareholder GROSSI ENGINEERING D.o.o., holder of 40% of the share capital of the subsidiary, in March 2011.
- The decision for founding a subsidiary company named "KLEEMANN LIFTS U.K. L.T.D.", based in Oxford.
- The creation of representative offices in Germany and Russia.
It should be noted that the company increased last year its total number of customers by 37% in comparison with 2009, while approximately 18% of the value of exports in 2010 was comprised of new clientele.