Netsiakos: Chicken prices “jumped” and profits increased sixfold! | News about the economy

In 2022 price Poultry Based on official ELSTAT measurements “Threw” about 20%. In the same period the company Netsiakos SA I was able to display six times as much Profits Compared to last year, as can be seen from the financial statements published by the company yesterday!

Coincidence or not, this is another case that has finally reignited the debate about corporate responsibilities in an inflationary cycle that is going well! Moreover, there is something that the Commission was keen to point out yesterday, with reference to this in Greece 50% of high inflation is responsible for corporate profitability. One of the highest rates in the European Union!

According to Nitsiakos’ financial statements signed by the President and CEO Mr. Costas Nitsiakos (Center image) The company’s sales reached 490.55 million euros from 402.74 million euros in 2021. Cost of sales increased (440.69 million euros from 372.29 million euros the previous year), but not by an amount that affectedDynamic increase in profitability Total profits reached 49.85 million euros, compared to 30.44 million euros in 2021.

Thus, pre-tax and interest results rose to €20.29 million, from €6.62 million in 2021, and net profits after tax increased six-fold, to €12.57 million, from €2.01 million!

The company also consolidates corporate results Hotel Projects “Th. Netsiakos SA” (which owns the 5-star Hotel Du Lac Conference & Spa in Ioannina and the Marilena Hotel in Corfu) and Food Master SA, generated revenues of 449.99 million euros (against 382.39 million euros in 2021) from industrial activity, 36.72 million euros (against 18.33 million EUR) from commercial activity and EUR 3.82 million (against EUR 2 million) from providing services.

also Geographical distribution of sales They were as follows: in the internal market 440.29 million euros, in the European Union 34.41 million euros, and in third countries 15.84 million euros.

As of December 31, 2022, the Company’s cash and cash equivalents were €3.14 million compared to €2.02 million a year ago, and total equity was approximately €56.52 million compared to €43.86 million.

During the same period, as can be seen from the financial statements, Netsiakos had €58.38 million of long-term liabilities (from €48.34 million in 2021) and €134.77 million of short-term liabilities (from €112.13 million). Total €193.16 million.

With regard to the company’s borrowing, the parent company and the combined companies have contracted as a whole 17 bank loans And 6 long-term bank loans, the balance of which amounted to approximately 62.85 million euros on 12/31/2022. In order to secure bonds and long-term bank loans totaling approximately €48.29 million, advance notices and mortgages were registered on the company’s properties totaling approximately €100 million, and the parent company and consolidated subsidiaries also entered into finance lease loans. Its balance on 12/31/2022 amounted to approximately 3.51 million euros.

In fiscal year 2022 average number of employees working It rose to 1039 people From 1014 which was a year ago. Accordingly, their fees plus other insurance and social fees amounted to 23.39 million euros for the company compared to 21.48 million euros in 2021.

“For 2023 and given the fact that the Greek economy continues to pass through A difficult period due to the energy crisis, Elements that are significantly reflected in consumer behavior, the company carefully monitors developments in its industry and will try to benefit from the experience gained, with the aim of achieving an increase in its market share and increasing its sales and profitability.” Company Management.

However, it should be noted that the affidavit contains a fair number of comments in the report accompanying the financial statements. His comments are as follows:

1. Trade receivables from customers and other receivables also include disputed and doubtful receivables, totaling approximately EUR 18,300,000, for which Impairment was carried out in the amount of EUR 6,871,201.06 About 7,700,000 euros less than requested. The non-performance of the required impairment constitutes a deviation from the accounting principles, provided by Greek Accounting Standards, and as a result, the value of business receivables from customers and equity shows an increase of EUR 7,700,000 and the consolidated results of closing and previous year increased by approximately EUR 155,000 and EUR 7,545,000 respectively.

2. The company did not adjust the provision Indemnity of employees from the service.

3. The tax liabilities of the subsidiary “FOOD MASTER SA” have not been examined for the years from 2017 to 2021. Therefore, the tax consequences for these years have not become final. The Parent Company as well as the consolidated companies have not made an assessment of the additional taxes and surcharges that may be imposed in a future tax audit and have not made an appropriate provision for this potential liability.

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