|
1. Introduction
The diversification strategy started last year by
Azkoyen, as well as the product range renewal policy,
has led to a positive change in trends in both turnover
and Pre-Tax Profits.
The above diversification strategy, plus the solid
bases and leadership position which Azkoyen continues
to maintain, will encourage an acceleration in the
improvement of its turnover and margins in the coming
quarters, an improvement based mainly on the growth
of new business lines. The economic reactivation, which
may predictably occur in the second half of the year,
would strengthen the expected growth.
2. Development of Turnover
The Group’s turnover, close to 25.5 million
euros, grew by 1.9% compared with the last quarter
of 2002:
The change in the trend described in the Introduction
has been based on growths of 19.5% in the sales of
drink and snack vending machines, 18% in the Methods
of Payment and 5.2% for Coffee and Marketed Products.
Cigarette vending machines saw a decrease of 12% compared
with the last quarter of 2002.
| Line |
Turnover
in thousands of euros |
Variation |
| |
4t
02 |
1t
03 |
|
| Catering
and vending |
11.657 |
11.015 |
-6% |
| Methods
of payment |
3.356 |
3.944 |
18% |
| Coffee
and marketed products |
10.011 |
10.534 |
5% |
| Total |
25.024 |
25.493 |
2% |
|
3. Pre-Tax Profits
As a result of the improvement in turnover, a change
in the Pre-Tax Profit trends has also begun and the
negative trend of the last quarter of 2002 has been
curtailed.
| |
(Thousands of euros) |
| |
1t 02 |
2t 02 |
3t 02 |
4t 02 |
1t 03 |
| Pre-tax profits, discounting the results of previous years |
4.149 |
80 |
(3.114) |
(6.476) |
(4.596) |
|
The progression of sales of new lines of business during the coming quarters,
as well as the rationalisation of costs and the continuation of measures adopted
last year, will favour improvements in the Group’s results.
4. Investments
Investments made during the quarter came to 1.6 million euros, while R+D costs
reached 1.8 million euros. Both investments and R+D costs have focused on renewing
the product range and the development of new lines of business.
5. Evaluation of the development of the business
With this first report covering the first quarter of 2003, Azkoyen is tackling
the commitment adopted last year to provide regular and complete information
about the development of our business during 2003.
The strategic redesign being carried out, Azkoyen’s strong position
in the European market, our capacity and technological flexibility, as well
as the Group’s financial solidity and solvency, place Azkoyen in an excellent
position for increasing turnover and business margins over the coming quarters
and years.
|
