Plaisio announced a weak set of H1:16 results

28.09.2016 12:40

Plaisio announced a weak set of H1:16 results posting €0.9m net earnings vs €2.3m a year ago (-61.7% y-o-y). Margin erosion is attributed to unfavourable currency moves affecting negatively EBITDA by €1.8m in H1:16. Increased working capital needs also attributed to the launch of new store (2.500 sq. m) in Dafni on April.

Net cash at €21.5m vs €31.1m partly reduced from dividend payment of €1.8m

The following tables summarise results and segmental performance

Period 2015 2016 Y-o-Y
EUR thous. H1 H1 (%)
Sales 133,293 132,281 -0.8%
EBITDA 4,889 2,877 -41.2%
EBITDA Mrg 3.7%  2.2%  -149 bps 
Net Income 2,363 905 -61.7%
Net Mrg 1.8%  0.7%  -109 bps 

 

Segments:

 

H1: 16 Office Software/Hardware Telephony
Sales             45,271       65,764         20,503  
Y-o-Y (%) 3.2% -4.8% 5.5%
EBITDA               1,246         1,131              431  
Y-o-Y (%) -33.8% -46.1% -43.6%
Margin (%) 2.75% 1.72% 2.10%
(+/-) -154 bps -132 bps -183 bps
EBIT                  680            617              235  
Y-o-Y (%) -52.3% -60.9% -59.1%
Margin (%) 1.50% 0.94% 1.15%
(+/-) -175 bps -135 bps -181 bps

 

Manos Chatzidakis

Head of research

Beta Securities S.A.





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