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KRI KRI

EXTRACT FROM THE ANNUAL REPORT OF THE BOARD OF DIRECTORS OF KRI-KRI MILK INDUSTRY S.A.

FOR THE PERIOD OF 1 JANUARY 2017 UNTIL 31 DECEMBER 2017

KRI-KRI MILK INDUSTRY S.A. operates in the dairy industry. Our main business activities is the production of icecream and yogurt. Our distribution network is panhellenic and comprises of super market chains and small points of sale. We export our products to more than 24 countries abroad. The headquarters and the production facilities are located in Serres, Northern Greece and a secondary distribution centre is located in Aspropirgos region of Attica, Greece.

Ι. PERFORMANCE AND FINANCIAL POSITION

SALES

Company’s turnover amounted €79.246k against €66.570k (increased by +19,0%). Ice-cream sales present an increase of 9,1% amounting €21.615k against €19.817k of 2016. Yogurt sales present an increase of +23,3% amounting €57.450k against €46.598k of 2016. Finally, exports were 30,4% of total sales presenting an increase of +53,6%.

 

PROFITABILITY

Company’s profit before tax amounted €9.891k against €8.162k of 2016 (+21,2% increase). The net profit after tax amounted €7.337k against €6.236k of 2016 (+17,6% increase). EBITDA amounted €12.450k against €10.990k of 2016 (+13,3% increase).

 It is noted that an amount of € 1.531.000 was accounted for the results of the previous year, under the terms of the consolidation agreement of the companies of the MARINOPOULOS group.

 LOANS

Management seeks to maintain a small exposure to debt. At 31/12/2017, the balance of Company’s loans amounts to €10.400k, while net debt is close to zero.

 

ΙΙ. IMPORTANT EVENTS OF CURRENT FINANCIAL YEAR

OUR POSITION IN THE MARKET

In Ice-cream sector, we continued to grow our arithmetic distribution, proceeded with the launch of new products and successfully implemented promotional trade policies. So, we managed to achieve a significant increase in sales of branded products, while increasing our share. In yogurt, our sales continue to increase. We reinforce our portfolio with new products, while developing our customer base with promotion strategies. In this context, we have relaunched our strained yogurt products under the brand “My authentic Greek Yogurt”, while also communicating their qualitative upgrading. Overseas, yogurt sales are booming. This result comes from expanding current collaborations, but also from the utilization of the Greek yogurt dynamics in the markets of the West. Europe where we have a presence.

 

INVESTMENTS

For the upgrading of the yogurt factory, we implement investment projects with a total budget of €18 million, with implementation deadline until the end of 2018. For these projects, the Company has submitted applications for their inclusion in the development law n. 4399/2016.

 

SAFETY, ENVIRONMENT, CORPORATE SOCIAL RESPONSIBILITY

Safety in the workplace, environmental protection, harmonious co-existence with the local community and ongoing staff training continue to be non-negotiable goals, linked to the operation of the company. Also, specific actions are carried out within the framework of the Corporate Social Responsibility program.

 

STRATEGIES

 In the ice cream industry, our main focus is to improve the sectoral operating result. At the same time, we are promoting the growth of numerical distribution, with emphasis on tourist areas. In the dairy industry, with a modern factory with high production capacity and constantly investing in mechanical equipment that upgrades the quality of our products, which allows for low processing costs, we aim to increase sales. In this direction, we actively promote the competitive advantages of our products (such as the use of 100% milk that was generated within the same day for the production of yogurts), while also strengthening our export orientation, responding to the increased demand for Greek yoghurt in foreign markets.

DIVIDEND POLICY

  1. The KRI-KRI Dividend Policy promotes the distribution of an increased dividend each year, as profit margins allow. The Tactical General Meeting of the Shareholders has decided to the distribution of dividends for the financial year 2016 of gross value €0,09 For the financial year 2017, the Board of Directors decided to propose to the Tactical General Meeting of the Shareholders the distribution of dividend of gross value €0,115 per share. The distribution is dependent to the decision of the Tactical General Meeting of the Shareholders.
Kri Kri S.A.
Kri Kri's high standard production plant is located in Northern Greece, in the middle of the fertile valley of Struma and just 3 km from the town of Serres. Having a history since 1954, Kri Kri S.A. produces ice cream and yogurt from 100% Greek milk from Serres and has earned Greek and foreign consumers.
Contact & Support
Kri Kri S.A.
Milk Industry
3rd km Nat. Road of Serres-Drama
62 125 Serres
Tel.: +30 23210 68300
Fax.: +30 23210 68311
Email: info@krikri.gr
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