Presentation of Jumbo to the Association of Greek Institutional Investors

The Annual Analysts Presentation took place today 06/10/2010 at the head office of the Association of Greek Institutional Investors in Athens, according to the company’s financial calendar. The company’s management referred to the Group’s activities, to the financial results of the period July 2009-June 2010 as well as to the outlook of the company.
 

On June 30, 2010 the Group operated 45 Jumbo stores of which 19 are in Attica, 22 in Greek province, 2 in Cyprus and 2 in Bulgaria. During the last financial year Jumbo expanded its network with the opening of the second store in Bulgaria placed at the city of Plovdiv.
 

On the current financial year June 2010-July 2011 the company is going to open six new hyper stores. In August 2010 the company started the operation of one more store in Sofia while up to December will open three stores in Greece, one in Cyprus and one more in Bulgaria.
 

During the financial year 2009/2010 Group sales were increased by 4,17% y-o-y at €487,33m as a result of the increased productivity and efficiency of the Jumbo store’s network and the new store opening in Bulgaria
 

Despite the difficult macroeconomic environment during the fiscal year 2009/2010, the gross margin remained on high levels to 54.09%. EBITDA increased by 3,66% at € 144,73m while profits before taxes increased by 5,24% at € 129,73. Net profits decreased by 17,23% at € 79,24m. The significant decline of the company’s profit after taxes and extraordinary tax contribution is attributed to the fact that due to the restriction arising from IFRS provisions, the results of the current financial year were burdened with the total amount of € 20.731ths which applies for the two extraordinary tax contributions, of the law 3808/10-12-2009 and the law 3845/6-5-2010.
 

The management of Jumbo SA will propose at the shareholders General Meeting the distribution of €0,189 dividend per share.
 

Furthermore the company’s management referred to the first quarter sales. Despite the bad current macroeconomic environment and the effect that had in September’s sales the truck driver’s strike, the sales in the first quarter of the current financial year July 2010-June 2011 came almost at last year’s levels. The management estimates that for the current financial year sales will increase by 2% while the strategic decision not to proceed in the increase of its prices due to the VAT increase to 23% in combination with the inflationary pressures in Asia is expected to affect negatively the gross profit margin by 6 percentage points.
 


The corporate presentation is available on the company’s website www.jumbo.gr