EBIDTA of 5,007 thousand after the first half of 2013
The first half of 2013 had two different sides. In the first quarter a few percent drop in sales occurred and therefore the achieved results were lowerer than expected . The Board evaluated the second quarter as positive - in all spring months planned increases in sales were recorded in major all-year categories. The total result of the first half year is positive but obviously lower than in 2012, mainly due to high comparison base which included one-times sales of EURO products.
In the first half of 2013 INTERSPORT Polska SA generated net sales of PLN 109,694 thousand , a decrease of 12.2% in comparison to the analogous period in 2012 when sales, including licensed products of UEFA EURO 2012, reached the level of PLN 124,929 thousand.
In the first half of 2013, the Company gained a gross profit of PLN 262 thousand compared to gross profit of PLN 5,152 thousand in the same period last year. The first quarter of this year, when the Company’ revenue was 8.1% lower and gross income 49.6% lower than in the first quarter of 2012, had a negative impact on the results after the first half year. The increase of sale by 6.6 % in comparable stores in the second quarter of 2013 had a positive impact on the result of the first half of the year.
In the first half of 2013, the Company reduced costs on operations by PLN 2,878 thousand compared to the same period of 2012, among the others in the raw materials and power energy items . This was a direct result of the contracts that were subject to renegotiations at the end of 2012 contracts. In effect, costs of utilities in 2013 decreased.
In the discussed period the Company reduced the level of inventory by 16 %, primarily due to lower stocks of winter goods and improved inventory management .
As part of the planned financial policy, in the covered with the report, the Board of INTERSPORT Poland SA started cooperation Bank Zachodni WBK SA which granted the Company with long and medium-term products to refinance the entire debt with Raiffeisen Bank Polska SA. In effect, short-term liabilities to other entities due to credits and loans as of 30.06.2013 amounted to PLN 13,635.5 thousand and decreased by 17.3 % compared to the first half of 2012.
The Company continues to optimize the sales area of the whole network by:
(1) changing the location and area of stores in CH Borek in Wrocław and CH Zakopianka in Krakow which will reduce costs of business run in these locations;
(2) the planned opening of a new store in 2013 in CH Gallery Bronowice in Krakow
THE BOARD OF INTERSPORT Polska S.A.