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KORRES Q1 2008 Results

ATHENS, May 13 /PRNewswire-FirstCall/ --

- Significant Increase by 31,6% in Sales and 10,3 % in Net

Profitability for KORRES Natural Products Group

- Increase by 31,6% of the Consolidated Sales to EUR 11,3m in the First

Quarter of 2008 (from EUR 8,6m in the Corresponding Quarter of 2007)

- Increased by 12,7% of the Consolidated EBITDA to EUR 2,6m (from EUR

2,3m in the Respective Period of 2007)

- Net Profits (EAT) Increased by 10,3% to EUR 1,5m (from EUR 1,4m in

the First Quarter of 2007)

In the first quarter of 2008, KORRES Natural Products Group sales, increased by 31,6% to EUR 11,3m from EUR 8,6m in the corresponding quarter of 2007, driven by increased sales in most product categories. In particular, significant rise of 70,9% has been presented by the face category driven by an important increase in sales in the international markets ,and as well as the body category (+18,8%) with the development of body care products and of Kings & Queens that have been launched in the market in the second half of 2007. Further more, double digit growth of 11,1% has been presented also by the hair products.

The Group, continuing its dynamic expansion in the international markets, increased its participation of the international sales in the total turnover to 26,6% from 11,5% in the corresponding quarter of 2007.

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached EUR 2,6m from EUR 2,3m in the first quarter of 2007, enhanced by 12, 7%, and the net profit after taxes amounted EUR 1,5m from EUR 1,4m, presenting an increase of 10, 3%, a result of the increased operating profitability and the reduced efficient tax rate by 2 percentage points.

The Group continued also in the first quarter of 2008 to reinforce its presence in the international markets and to enhance its brand awareness with the opening of 3 new KORRES stores in Paris, in Neuchatel and La Chaux de Fonds in Swiss, reaching 17 stores in total abroad while if we incorporate the 2 in Greece, the network is coming up to 19 stores. Group's target for 2008 is to double the number of KORRES stores with the opening of 20 new through the local distributors while at the same time the group will continue to promote KORRES Natural Products through the selective distribution network and Kings & Queens through the semi selective distribution.

In line with the strategic partnerships that the Group maintains and in context with its major growth targets of creating new innovative products by systematically exploiting the Greek Flora, proceeded in the first quarter of 2008, to further enhancement of its corporation with Chios Mastiha Growers Association , by acquiring 5,13% of MEDITERRA, which is the exclusive distributor of Chios Mastiha.

Finally, Group's strategy for 2008 will continue to be the development and promotion of the existing brand KORRES Natural Products as well as the new brand 'Kings & Queens' both in Greece and abroad, focusing its interest mainly on the markets of UK, France, Germany, Spain, US and also China and Russia.

KORRES Natural Products is a rapidly developing Greek company with the aim to utilize its extensive scientific resources for the creation of beneficial and safe products.

The company today offers a complete skin and hair care range, make-up, sun care products and herbal preparations.

Utilizing the experience with 3000 homeopathic remedies, the company today offers more than 500 skin and hair care products and herbal preparations.

The company has already presence in 28 countries at 1,250 POS globally with a goal to become an international brand.

For more information please contact the Head of Group Investor Relations, Ms Athina Lagou, on +30-226-205-4651, or email

SOURCE KORRES Natural Products Group
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