The turnover amounted to 22,736,222 euros in 2021 compared to 23,767,475 euros in 2020, recording a small decrease of 4.3%. The decrease is mainly due to the restriction of activity at the company’s branch in Ioannina, where sales decreased by 20% after the sale of the company’s slaughterhouse there. Sales at the Athens branch decreased by 3.7%, while sales at the headquarters increased by 3%.
The cost of sales amounted to 21,473,441 euros in 2021 compared to 22,478,477 euros in 2020, also recording a corresponding decrease of 4.5%.
The gross results of the Company amounted to 1,262,781 euros in 2021 against 1,288,998 euros in 2020, showing a slight decrease of 2.0%. It is noted that the sales cost for the year 2020 was restated for comparability and better information purposes due to reclassification of depreciation amounting to 225,435 euros in the other operating expenses of the comparative period, which are related to fixed assets that were idle.
The gross profit margin shows an increase compared to the year 2020, but remains at relatively low levels, due to the lack of liquidity that limits the growth of the Company.
Administrative expenses amounted to 528,395 euros in 2021 compared to 567,348 euros in 2020, recording a decrease of 6.9%. The decrease is mainly due to the reduction of the remuneration of the administrative staff (-14%) by 33 thousand euros.
Selling expenses amounted to 1,442,802 euros in 2021 compared to 1,609,486 euros in 2020, recording a decrease of 10.4%. The decrease is due to the reduction of staff salaries by 97 thousand euros (-10%) and the reduction of other expenses other than depreciation by 66 thousand euros (-11%).
The reduction of administrative and disposal expenses compared to the year 2020 resulted in an improvement as a percentage of sales to 8.7% from 9.2% in 2020.
Financial expenses amounted to 1,622,661 euros in 2021 compared to 1,651,505 euros in 2020, recording a decrease of 1.7%. The financial expenses of the Company are high, due to the high interest rate on the loans guaranteed by the Greek government and the interest on arrears, as the total borrowing is overdue. Financial costs amounted to 7.1% of turnover.
Other operating expenses amounted to 1,895,193 euros in 2021 compared to 718,729 euros in 2020, an increase of 163.7%. The increase is mainly due to impairment losses of the self-used real estate amounting to 945,417 euros and to provisions for doubtful receivables amounting to 646,580 euros (compared to 428,114 euros in 2020).
The EBIT amounted to losses of 2,509,430 euros in 2021 against losses of 1,466,508 euros in 2020, recording a deterioration of 71.1% mainly due to impairment losses of privately owned real estate amounting to 945,417 euros.
Respectively, EBITDA amounted to losses of 921,531 euros in 2021 compared to losses of 811,739 euros in 2020, noting a deterioration for the reasons mentioned above.
The results before taxes amounted to losses amounting to 4,127,986 euros in 2021 compared to losses of 3,855,121 euros in 2020, recording an increase in losses of 7.1% which is mainly due to the impairment losses of privately owned real estate amounting to 945,417 euros.
The results after taxes for the year 2021 amounted to losses of 3,680,111 euros compared to losses of 3,551,125 euros in 2020, recording an increase of losses of 3.6%.
Source: Capital
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