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Emperia's Q4 2011 results

Emperia Group generated PLN 6.3 billion in 2011 revenue from sales, up 6.8% compared with the same period last year. EBITDA reached PLN 205.8 million, down 3.95%, while net profit amounted to PLN 702.3 million, which included the transaction to sell the distribution business to Eurocash S.A. and was an increase of more than 600%.

 

Significant events in Q4 2011 included the signing of an arrangement and changes to the investment agreement between Eurocash S.A. and Emperia Holding S.A. and subsidiary P1 Sp. z o.o. on 21 December 2011. Under the transaction, Eurocash S.A. acquired the following companies from the distribution group Tradis: Tradis Sp. z o.o., DEF sp. z o.o., Ambra Sp. z o.o., Detal Koncept Sp. z o.o., Euro Sklep SA, Drogerie Koliber Sp. z o. o., Partnerski Serwis Detaliczny SA, Gama Serwis Sp. z o.o., Lewiatan Holding SA, along with other PSH Lewiatan companies, where Emperia held shares. The value of the transaction was PLN 1 095 575 885.

 

During the fourth quarter, Emperia Holding S.A. continued the process to find an investor for its retail segment, which was commenced in June 2011. The contemplated transaction covers the following store chains: Stokrotka, Delima, Społem Tychy and Maro Markety, which together comprise 240 locations. As a result of the arrangement with Eurocash S.A. and having eliminated the risk connected with this dispute, Emperia's retail segment garnered the interest of additional investors, who have now been included in the sale process. Analysing the new offers allowed contemplating new scenarios for the transaction, considering possibilities other than the sale of 100% of shares in the retail companies for cash.

 

In December 2011, Emperia Holding S.A.'s Extraordinary General Meeting adopted a corrected Incentive Scheme for 2010-2012, alongside amendments to the Company's Articles of Association, granting minority shareholders the right to sell their shares in the case of a change-of-control event (the acquisition of more than 33% of voting rights).

 

Emperia continues to buy back its own shares. The Company spent PLN 40 million on the first buy-back programme, commenced in September 2010, purchasing 402 344 shares, entitling to 402 344 (2.662%) votes at the general meeting and constituting 2.662% of share capital. In October, Emperia's Supervisory Board allocated a further PLN 25 million to the buy-back programme. From the commencement of the programme, the company acquired 210 039 shares, entitling to 210 039 votes (1.39%) at the general meeting and constituting 1.39% of share capital.

 

Emperia held a total of 612 383 shares in the Issuer, entitling to 612 383 (4.051%) votes at the general meeting and constituting 4.051% of the share capital.

 

Stokrotka Sp. z o.o., which is the key company in the retail segment, continued its organic growth. During the fourt quarter, Stokrotka launched seven supermarkets (in Elbląg, Poniatowa, Słupsk, Siedlce, Prusz Gdański, Sanok and Goworowo) and one Delima, in Toruń.

 

Additional information: Lilianna Bonecka, +48 502 004 004, lilianna.bonecka@emperia.pl

 

Information about Emperia Group:

 

Emperia is one of Poland’s largest and most dynamic retail groups. It operates in the retail, property management and development and IT segments. With operations spanning the country, Emperia has been a vital fixture of the Polish market since 1990. It employs over 6 500 people. The Group's operations are coordinated by the WSE-listed Emperia Holding S.A.

The retail segment comprises supermarkets located in residential developments, mini-centres and shopping galleries. Typical locations range from 200 to 1 400 sqm and feature 4 000 - 10 000 assortment items, including groceries, beauty products, household cleaners and alcoholic beverages, as well as fresh products: baked goods, hams, fruits and vegetables. The stores also feature local products, made in the regions where the chain is present.

 

Stokrotka - a key company in Emperia's retail segment - is one of the most dynamically growing retail chains in Poland. Number of Stokrotka/Delima stores in the segment (as at 1 March 2011):

·   Stokrotka – 189

·   Delima – 9

 

Emperia is currently in the process of selecting an investor for the retail segment.

 

The property segment manages Emperia Group's property assets. The segment invests exclusively in facilities such as supermarkets, cash&carry locations, distribution centres and mini shopping galleries. It manages Emperia's properties, procures new locations and executes development projects.

 

Emperia Group has received a number of awards and recognitions, including the "Pearl of Polish Equity Market 2009," placing 7th in the ranking by the business daily Parkiet. In the Financial Gazette's list of the "500 Largest Companies in Poland," Emperia came in at 30th, while placing 39th in Puls Biznesu's ranking "Stock Market Companies of the Year 2009." Emperia is ranked 36th in Rzeczpospolita's "500 List" and 31st in the Polityka 500 ranking for 2009. The Group placed 2nd in the TOP 50 FMCG retail ranking and 3rd in the list of the 50 best companies in Polish retail, run by Detal Dzisiaj. In 2010, Tradis, Emperia Group's distribution company, received an award from Polish buyers - the "Golden Receipt" in the category "FMCG distribution leader." The Stokrotka chain received the Client's Golden Laurel award in the category "Domestic supermarket chain."

 

www.emperia.pl