Sarantopoulos: Sales decreased by 20.82% in the nine months

The financial figures of Sarantopoulos Cylindrical Mills deteriorated both in the nine months and in the third quarter of the current year.

Specifically, the sales of the Company amounted to Euro 12,020,856.52 in the period 01.01.2021 – 30.09.2021 and to Euro 4,183,200.12 during the DG quarter 2021, compared to Euro 15,105,498.83 and Euro 5,320,506 , 65 in the respective periods of the previous year 2020, showing a decrease of 20.42% and 21.37% respectively.

Respectively, the sales of the Group amounted to Euro 11,961,671.87 in the period 01.01.2021 – 30.09.2021 and to Euro 4,171,400.06 during the DG quarter 2020, compared to Euro 15,107,137.53 and Euro 5,329,573, 27 in the respective periods of the previous year 2020, showing a decrease of 20.82% and 21.73% respectively.

The profits / losses before taxes and interest (EBIT) of the Company amounted to Euro -1,059,260.32 in the period 01.01.2021 – 30.09.2021 and to Euro -528,484.74 during the DG quarter 2021, against Euro -290,082, 97 and Euro -526,143.49 in the respective periods of the previous year 2020, showing a decrease of 265.16% and 0.45% respectively.

The profit / loss before taxes and interest (EBIT) of the Group amounted to Euro -1.148.947,32 in the period 01.01.2021 – 30.09.2021 and to Euro -475.509.43 during the DG quarter 2021, against Euro -325.930, 31 and Euro -553,414.89 in the respective periods of the previous year 2020, showing a decrease of 252.51% and an increase of 14.08% respectively.

Earnings before interest, taxes, depreciation, amortization and investment results (EBITDA) of the Company amounted to Euro -425,649.17 in the period 01.01.2021 – 30.09.2021 and to Euro -315.657,22 during the DG quarter 2021, against Euro 299,312, 10 and Euro -328,092.28 in the respective periods of the previous year 2020, showing a decrease of 242.21% and an increase of 3.79% respectively.

Earnings before interest, taxes, depreciation, amortization and investment results (EBITDA) of the Group amounted to Euro -613,882.49 in the period 01.01.2021 – 30.09.2021 and to Euro -354.416.78 during the DG quarter 2021, against Euro 198.803, 06 and Euro -355,363.68 in the respective periods of the previous year 2020, showing a decrease of 408.79% and an increase of 0.27% respectively.

The total Borrowing of the Company on 30.09.2021 amounted to Euro 12,162,119.86, compared to Euro 12,708,352.07 on 31.12.2020. The total Borrowing of the Group on 30.09.2021 amounted to Euro 14,259,955.84, compared to Euro 14,810,945.19 on 31.12.2020.

The cash of the Company amounted to Euro 220,612.52 on 30.09.2021 and Euro 231,750.50 on 31.12.2020. Respectively, the cash of the Group amounted to Euro 308,688.81 on 30.09.2021 and Euro 272.583.29 on 31.12.2020.

Finally, the own funds of the Company amounted to Euro 4,132,940.60 on 30.09.2021 and to Euro 3,242,672.24 on 31.12.2020 and of the Group to Euro 8,748,663.41 on 30.09.2021 and to Euro 2,376,876 , 04 on 31.12.2020. Note that:

The Management in the current year decided to make a change in accounting policy regarding the valuation of the Group’s real estate.

Specifically, it proceeded to the adoption of a Fair Value model for Own Used and Investment Real Estate, in order to capture the real value of the asset in the Group’s Equity. For this reason, it commissioned an independent appraiser to determine the fair value of the property with an initial revaluation date of 1/1/2021.

From the change in accounting policy:

For the company

Own real estate

Increase in the value of privately owned real estate by the amount of 3,248,530.01, equity by 2,533,853.41 and deferred tax by 714,676.60

Investment properties

Increase in the value of investment properties by the amount of 598,162.58, equity by the amount of 469,495.64 and deferred tax by the amount of 128,666.94.

For the Group

Own real estate

Increase in the value of the privately owned real estate by the amount of 10,325,095.71, of the own funds by the amount of 8,053,574.66 (fair value reserve 3,637,797.66 and minority rights 4,415,777.00) and the deferred tax by the amount of 2,271,521.05.

Investment properties

Increase in the value of investment properties by the amount of 598,162.58, equity by the amount of 469,495.64 and deferred tax by the amount of 128,666.94.

Impact of the COVID-19 pandemic

The COVID-19 coronavirus pandemic continues to affect global and Greek economic activity, without the possibility of reliable forecasting of future developments.

From the first moment of the COVID-19 pandemic, the Company’s Management adapted the Business Continuity Plan to the new data, taking into account the relevant protocols of the competent Authorities and since then it has been continuously monitoring its implementation.

During the third quarter of 2021, the gradual opening of tourism, which had closed due to COVID-19, began. The opening of tourism took place, but with a long delay and the recovery of tourist traffic did not cover the losses of the first half of 2021.

The significant increase in the price of cereals, as well as the increase in production costs and transport costs due to the international energy crisis, created turmoil in the flour market and led to increased competition and squeezing of margins.

In the last quarter of the current year, the severity of the 4th wave of the pandemic intensified and the restrictive measures that affect, among others, tourism and catering increased, a fact which, in combination with the energy crisis, will have a negative impact on the Administration. and in 2022 which will be intensified by the continuing increase in international grain prices.

Nevertheless, the Management estimates that the positive Cash Flows of Operating Activities, the storage and the existing sufficient bank credits, enable the treatment of any additional liquidity need and to continue the activity of the Company smoothly.