Source: Alfa Beta Group
March 10 2010 - Alfa Beta Group continued in 2009, as in the previous years, to invest extensively in its price competitiveness and to further develop its competitive advantage in the provision of the best quality products at the best retail prices. More than 3.500 products are currently sold at a price below 1 Euro. The Group continues to provide a wide assortment variety in all categories and other unique services to its customers (such as “cash-back” and the ability to pay for various third party services, such as cable TV and other state utilities) in order to achieve customer satisfaction. As a result, the Group reached in 2009 an average market share of 16.8%.
Moreover, in a period of a significant economic downturn, the Group further invested and increased the number of personnel while improving its profitability. The Group increased the number of employees from 8.821 in 2008 to 9.586 in 2009.
The Group strengthened its network with openings of new stores, renovations of existing stores, and the recent acquisition of Greek unlisted retailer KORYFI SA (“KORYFI”) in the region of Thrace. This acquisition strengthened even further its market presence in Northern Greece.
On 23 November 2009, the Group acquired 100% of the shares and voting rights of KORYFI. Eleven stores, of which two are owned property, and a distribution center were acquired for a consideration of 6.8 million EUR. One of the stores was closed by the end of 2009 and the other 10 stores will be converted to Alfa-Beta stores before the end of 2010.
As of 31 December 2009, the Group’s sales network numbered 216 stores of which 167 are retail stores, 39 are franchisee retail stores and 10 are wholesale stores.
The annual consolidated financial statements of the Group for the 2009 financial year include for the first time the financial statements of KORYFI. Also, the financial statements of the 2008 financial year include the financial results of the acquired company, HOLDING AND FOOD TRADING COMPANY SINGLE PARTNER LIMITED LIABILITY COMPANY & CO LIMITED PARTNERSHIP (“PLUS”), for the period 1 April 2008 to 31 December 2008.
For these reasons, the financial results of 2009 are not comparable to those of the prior financial year.
The Consolidated financial figures reported for the fiscal year are as follows:
| «ALFA BETA» VASSILOPOULOS S.A. |
| Consolidated Results (in thousand EUR) |
01.01.2009 -31.12.2009 |
01.01.2008 -31.12.2008 |
Deviation |
| Revenue |
1.473.130 |
1.337.074 |
10,18% |
| Gross Profit |
350.094 |
302.644 |
15,68% |
| On Revenues |
23,77% |
22,63% |
|
| Operating Expenses |
298.988 |
263.693 |
13,38% |
| On Revenues |
20,30% |
19,72% |
|
| EBITDA |
88.875 |
70.541 |
25,99% |
| On Revenues |
6,03% |
5,28% |
|
| Operating Profit |
58.928 |
46.038 |
28,00% |
| On Revenues |
4,00% |
3,44% |
|
| Profit before Tax |
52.160 |
40.983 |
27,27% |
| On Revenues |
3,54% |
3,07% |
|
| Profit after Tax & Minority Rights |
32.627 |
32.696 |
-0,21% |
| On Revenues |
2,21% |
2,45% |
|
Revenues amounted to 1,473.1 million EUR from 1,337.1 million EUR in 2008, an increase of 10,2% due to the Group’s effective price and promotional policy, the continuous efforts in upgrading its store network, the contribution of new stores, as well as the acquisitions of PLUS and KORYFI.
Gross Profit reached 350,1 million EUR in 2009 from 302,6 million EUR in 2008, an increase of 15.7%, reflecting higher volumes, increased private label contribution, and improvements in purchasing and inventory management.
Operating Expenses reached 299,0 million EUR from 263,7 million EUR in 2008, an increase of 13,4%. This increase primarily reflects the investments for expanding and upgrading the store network as well as the full year effect of the operations of the former PLUS stores.
Profit before Tax, Financial, Investing Activities, Depreciation and Amortization, (EBITDA), reached 88,9 million EUR from 70,5 million EUR in 2008, an increase of 26,0% mainly due to the increase in sales and the improved gross profit.
Likewise, Profit before Tax, Financial and Investing Activities, (Operating Profit), amounted to 58,9 million EUR compared with 46,0 million EUR in 2008, an increase of 28,0%.
Profit before Tax reached an amount of 52,2 million EUR compared to EUR 41,0 million EUR in 2008, an increase of 27,3%.
Finally, Net Profit reached 32.6 million EUR against 32.7 million EUR in 2008. Net Profit was affected by the special contribution tax, (Law 3808/2009) voted on 8 December 2009, and as a result the Group recorded a tax liability of 4 million EUR.
Considering the above developments, the Board of Directors has decided to propose a dividend payment of 1 EUR per share.
Outlook for 2010
For the current year, the Group plans to accelerate its expansion by adding 13 - 18 new stores to its network including franchisees. One of the new integrated stores will be operated under the “green store” concept, a unique concept for Greek and international standards.
«ALFA BETA» VASSILOPOULOS S.A.
«ALFA BETA» VASSILOPOULOS S.A., is a food retail company established in 1969 and member of the Belgian Delhaize Group since 1992. At the end of 2009, the Group’s sales network numbered 216 stores of which 167 are retail stores, 39 are franchisee retail stores and 10 are wholesale stores. and employed 9,586 people. In 2009, Consolidated Turnover amounted to EUR 1,473.1 million and Consolidated Profit before tax to EUR 52.2 million. «ALFA BETA» VASSILOPOULOS S.A. is listed on the Athens Stock Exchange (BASIK) since 1990.