CODE: Κ4-02-021

Kifissia 31/10/2019

Announcement announcing the Financial Statements for the first nine months of 2019

PAPERPACK SA continues its profitable course in the nine month period from 1/1/2019 to 30/09/2019. More specifically:

The Company's turnover amounted to € 14,156 thousand compared to € 12,469 thousand in the corresponding period of the previous year, increasing by 13,53%.

The gross margin stood at 30.67% versus 26.36% in the corresponding period of the previous year.

Operating profit (EBITDA) of the Company stood at € 3.378 thousand versus € 1.756 thousand in the corresponding period of the previous year. The significant increase is mainly due to the increase in turnover but also to the adoption of IFRS 16 from 1/1/2019. The relevant analysis of the impact of IFRS 16 on the Financial Statements is detailed in note 5.4 of the Published Semiannual Financial Statements.

Earnings before taxes amounted to € 1,930 thousand versus € 986 thousand in the corresponding period last year.

Earnings after tax amounted to € 1.358 thousand versus € 650 thousand in the corresponding period of the previous year.

The number of employees of the Company as at 30/09/2019 was 161 while at 30/09/2018 it was 163.

Basic earnings per share stood at € 0.3436 versus € 0.1644 in the corresponding period last year.

The Company reported positive cash flows of € 3,446 thousand against positive cash flows of € 864 thousand and its cash holdings amounted to € 2,093 thousand versus € 2,375 thousand in the corresponding period of the previous year. The increase in operating flows is mainly due to the decrease in inventories, receivables and liabilities but also to the increase in profits.

The Bank's bank lending excluding operating lease liabilities due to the application of IFRS 16, decreased by € 1,638 thousand compared to 31/12/2018.

Download here the pdf