Information regarding the formation of the fundamental financial figures during the third quarter of the fiscal year 2021 and on a cumulative basis for the nine-month period

For the nine months of 2021 IKTINOS HELLAS SA recorded at parent company level:

  • Earnings before Interest, Taxes and Depreciation (EBITDA), which amounted to 6.6 million euros, compared to 4.8 million euros in the corresponding nine months of 2020, showing an increase of 38.4%. In the third quarter of 2021, Earnings before Interest, Taxes and Depreciation (EBITDA) amounted to 0.9 million euros, compared to 1.8 million euros in the corresponding third quarter of 2020.
  • Earnings before Interest and Taxes (EBIT) for the nine months of 2021, which amounted to 4.6 million euros, compared to 3.2 million euros for the corresponding nine months of 2020, showing an increase of 42.7%. In the third quarter of 2021, Earnings before Interest and Taxes (EBIT) amounted to 0.3 million euros, compared to 1.4 million euros in the corresponding third quarter of 2020.  
  • Turnover for the nine months of 2021, which amounted to 25.5 million euros, compared to 21.9 million euros in the corresponding nine months of 2020, recording an increase of 16.6%. In the third quarter of 2021, turnover amounted to 7.1 million euros, compared to 7.6 million euros in the corresponding third quarter of 2020.
  • Profits before taxes amounted to 3.0 million euros, compared to 1.8 million euros in the corresponding nine months of 2020, recording an increase of 67.2%. In the third quarter of 2021, the profit/loss account before taxes recorded 0.2 million euro losses, compared to 0.8 million euro profits in the corresponding third quarter of 2020.
  • The total net borrowing for the nine months of 2021 amounted to 38.5 million euros, compared to 40.6 million euros, recording a decrease of 2.1 million euros, compared to 31/12/2020.
  • In the nine months of 2021 the company proceeded with investments amounting to 0.7 million euros, compared to 2.4 million euros in the corresponding nine months of 2020.
  • Marble exports in the first nine months of 2021 amounted to 96% of the company's turnover.

Respectively, on a consolidated basis for the first nine months of 2021:

  • The EBITDA index amounted to 7.6 million euros, compared to 5.9 million euros in the corresponding first nine months of 2020, showing an increase of 29.6%. In the third quarter of 2021, EBITDA amounted to 1.0 million euros, compared to 2.3 million euros in the corresponding third quarter of 2020.
  • Earnings before Interest and Taxes (EBIT) for the nine months of 2021 amounted to 4.4 million euros, compared to 3.2 million euros for the corresponding nine months of 2020, showing an increase of 40.3%. In the third quarter of 2021, Earnings before Interest and Taxes (EBIT) amounted to 0.1 million euros, compared to 1.5 million euros in the corresponding third quarter of 2020.
  • Turnover amounted to 27.2 million euros, compared to 24.1 million euros in the previous period, showing an increase of 13.0%. In the third quarter of 2021, turnover amounted to 7.7 million euros, compared to 8.1 million euros in the corresponding third quarter of 2020.
  • Profits before taxes amounted to 2.8 million euros, compared to 1.7 million euros in the corresponding first nine months of 2020, showing an increase of 69.73%. In the third quarter of 2021, the profit-loss account before taxes recorded 0.4 million euro losses, compared to 0.9 million euro profits in the corresponding third quarter of 2020.
  • On a consolidated basis, the total Net borrowing for the nine months of 2021 amounted to 39.6 million euros, compared to 42.6 million euros, recording a decrease of 3.1 million euros, compared to 31/12 / 2020.

Consequences of the spreading of Covid – 19

The adverse effects of the pandemic were visible in all countries throughout the world and naturally in the marble industry. The reduction of exports of processed and raw marble in 2020, compared to 2019, reached 25% for Greece and especially for our company the reduction of turnover reached 19.70%. The discovery of the coronavirus vaccine led to better health conditions in all markets, resulting in the increase of the company’s sales. In particular, large projects which had  been suspended returned to the forefront, resulting in an increase in turnover by 16.6% in the first nine months of 2021, compared to the corresponding period of 2020.

However, the problems from the outbreak of the pandemic continue, as the fourth wave has forced many markets to reduce their activity and in many cases to shut down their markets completely. In particular, the Chinese market in which the company operates with more than 50% is still facing serious problems.

The Company’s Management constantly assesses the situation and possible effects of COVID-19 and takes all necessary measures to maintain the Company’s viability, as well as to minimize its impact on their activities in the current business and financial environment. The safety of employees and associates is the company’s absolute priority and for this purpose it takes all the necessary measures in this respect.

Impact of the energy crisis

Regarding the effects of the energy crisis, the impact of the large increases observed has had an upward effect on production costs and is expected to increase overall operating costs by 7-8%. Management closely monitors the developments in the energy market and estimates that it will reduce their impact, through the reduction of production costs, as a consequence of its investment program in the last three years.

One of the major problems of world trade and consequently of our industry is the constant increases in fares due to disruptions in the supply chain. The increase in shipping costs does not directly affect the company's costs, as the fare is borne by the customer, however it has an impact on the company's sales, as the total purchase cost increases for the customer.

Prospects - assessment for the development of activities during the fourth quarter of the fiscal year

Due to the current pandemic situation in the Chinese market and the unpredictable developments, both in the energy market and in the supply chain, the company is trying to reduce its risk from the dependence on this market and has focused its strategy on increasing dispersion, but also the sales of semi-processed and finished products, changing the sales mix with a 40% increase of these products in the first nine months of 2021, compared to the corresponding period of 2020, stabilizing at the same time the sales of raw material at 2020 levels.

The company is expected to be profitable for the 2021 fiscal year; however, the third quarter of 2021 did not follow the upward trend of the first half of the year, showing a downturn which is expected to continue in the last quarter of 2021.

IKTINOS HELLAS S.A.
Group of Companies

Athens Headquarters:
7 Likovrissis Str.,
PC 14452, Metamorfossis,
Athens – GREECE

Tel: +30 210 2826825
Fax: +30 210 2856342

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Iktinos Hellas SA - Investors Relations