Press release

KRI-KRI Milk Industry has released its annual financial statements for the fiscal year 2017.

Turnover amounted €79.25m against €66.57m of 2016 (an increase of +19%). Basic profitability measures were as follows:

-               Ebitda amounted €12.45m against €10.99m of 2016,

-               Profit before tax amounted €9.89m against €8.16m of 2016,

-               Net profit after tax amounted €7.34m against €6.24m of 2016.

In the ice-cream market of Greece, KRI-KRI strengthened its position, increasing sales by +8.2%. Key driver was the increase in the sales of branded “Kri-Kri” ice-cream (+19% y-o-y), that sets brand “Kri-Kri” to the 2^nd position, with a volume market share of 15% (Nielsen data, Dec. 2017). The dynamic marketing plan, the increase of points of sale (reaching 15,000 across Greece), and the new ice-creams launches, significantly contributed to such a performance.

In the yogurt market of Greece, KRI-KRI maintains the 2^nd position, achieving a rise of +8.4% in sales. In this sector, our focus is on expanding our consumer base at the large product segment of strained yogurt. On that respect, we recently relaunched the series of our strained yogurt products, with the support of a strong communication plan. In addition, we strengthened our position at the most dynamic product segments of functional yogurts and kids yogurts. At the latter, Kri-Kri holds a leading position, with a volume market share of 35% (IRI data, Dec. 2017).

Finally, yogurt exports continue to present high growth (+60.4% year-on-year). This is, mainly, a result of the expansion of our product range, to the UK super market chains. Hence, export sales account for more than 30% of total turnover.

For the upgrading of the yogurt factory and ice-cream production lines, we implement investment projects of a total budget of €18m. These are expected to finish by the end of 2018. We have applied for a state subsidy on these projects, under the law 4399/16.

For the fiscal year 2017, the Board of Directors decided to propose to the Annual General Meeting the distribution of gross dividend of €0.115 per share (2016: €0.09 per share). This distribution is subject to approval by the Annual General Meeting.