- Full-Year Results

On 31 August, PAVI Shopping Complex plc published its full-year results covering the financial year ended 30 April 2012. The results reveal yet another record revenue figure of €29.9 million representing a 3.6% rise over the previous twelve month turnover figure. The Directors attribute the continued growth in revenue to increasing popularity of the supermarket given its competitive prices and the amenities complementing the complex.

Cost of sales increased at a slower rate of 2.5% to €26.7 million leading to a gross profit of €3.15 million – up 14% from the previous financial year’s comparative. Similarly, other operating and administrative expenses also increased in line with the growth in business but again at a slower rate resulting in earnings before interest, tax, depreciation and amortisation (EBITDA) of €2.99 million giving a record EBITDA margin of 10% and a healthy interest cover of 3.8 times.

After accounting for a depreciation charge of €0.57 million (FY 2011: €0.6 million), the Company’s operating profit amounted to €2.42 million, up 18.1%  from the previous financial year.

The Company’s net interest payable dropped by 8.7% to €0.78 million due to the interest costs saved on the €1.3 million of outstanding bonds repurchased during the preceding twelve months.

Overall, the Company registered a record pre-tax profit of €1.64 million representing a 37.2% jump from the previous year’s comparable figure. After accounting for a tax charge of €0.57 million (FY 2011: €0.41 million), the net profit for the period under review grew by 36.3% to a record of €1.07 million.

The Company’s total assets were relatively unchanged at €20.8 million. This figure includes €0.31 million in financial investments which the Directors intend to pledge in favour of the bondholders. Net debt dropped by 10% to €10.69 million reflecting the continued reduction in the Company’s borrowings as well as an improved cash position. Compared to shareholders funds of €9.13 million, the Company’s gearing ratio works out at 55.3%.

Outlook

In the Annual Report, the Directors also disclosed that the performance since the start of the new financial year on 1 May 2012 continued to improve when compared to the same period in the previous year. As such, the Directors are confident that the Company’s results will continue to improve in the foreseeable future on the back of innovative ways of exceeding customer expectations.

Download a copy of the PAVI Shopping Complex plc 2012 Annual Report