Sales of 60.97 million euros, with an increase of 11.83% showed Loulis Mills at group level in the first half of this year compared to the first half of 2021, while at company level sales amounted to 54.25 million euros with an increase of 13%. Cost of sales increased by 17.63% for the group and by 19.09% for the company.
This increase in the cost of sales for the Group and the Company is mainly due to the increase in the acquisition cost of raw materials and ancillary materials in the domestic and global market as well as to the general increase in production costs.
The gross profit amounted to 9.92 million euros for the group and 8.69 million euros for the company reduced by 10.8% in both cases due to the general increase in the cost of production materials and the maintenance of sales prices. at the same levels.
The net profit for the period increased for the group to 1.44 million euros from 0.95 million euros in the first half of last year while for the company it amounted to 1.35 million euros from 1.12 million euros respectively. Earnings before taxes, financial and investment results (EBIT) were limited to 1.65 million euros for the group (from 2.7 million euros in the corresponding period last year) and to 1.45 million euros for the company (from 2 , EUR 6 million respectively). The EBIT margin was 2.71% for the group from 4.97% and for the company at 2.68% from 5.45% respectively.
Earnings before taxes, financial, investment results and depreciation (EBITDA) of the group amounted to 4.2 million euros from 5.15 million euros in the previous year and for the company amounted to 3.77 million euros from 4.8 million million respectively. The EBITDA margin decreased for the group to 6.9% from 9.45% and for the company to 6.95% from 10.08% respectively.
How to deal with instability in raw material prices
Regarding the prices of the raw materials it uses for the production of its products, the group states that it is exposed to the risk of fluctuations, noting that the fluctuations of the prices of the raw materials in recent years, as well as the general economic crisis lead to the conclusion that this instability will continue .
“Therefore, the exposure to this risk is assessed as increased and for this reason the management of the group takes the appropriate measures, in order to limit the exposure to this risk through special agreements with its suppliers and with the use of derivative financial products and on the other hand to adjust in time and accordingly the pricing and commercial policy of the group “.
The prospects for 2021 are positive
The projected course for the second half of 2021 depends to a large extent on the continuing uncertainty in the domestic market as well as on the duration and intensity of the “Covid-19” pandemic, which, however, gradually began to decline after the removal of the lockdown. , the easing of travel restrictions and the acceleration of vaccinations of the population, is mentioned in the financial report for the first half of the year.
“The possibility of adopting new, stricter restrictive measures in travel could negatively affect the financial performance of the Group, reducing turnover, temporarily limiting the ability to recover receivables and affecting the supply chain,” it said.
“In any case and based on current data, the outlook remains positive and the management estimates that the second half of 2021 will show improved operating profitability compared to the first half of 2021 and the corresponding second half of last year.”
Investments in Bulgaria
On April 12, 2021, 100.00% indirect subsidiary of the Company under the name “LOULIS MEL-BULGARIA EAD” started the works for the construction of cereal silos, with a capacity of 7,000 tons, on a privately owned plot located in the industrial zone of Bozhurishte in Bulgaria. The cost of the investment has been budgeted at 2.8 million euros.
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