ELKO Group unaudited consolidated financial statem

Riga, 2017-02-18 05:30 CET (GLOBE NEWSWIRE) -- ELKO Grupa AS

1–12/2016 highlights:

• Revenue 1,460  mUSD ( 1,319  mEUR), up by 1 5 .5% y-o-y
• Gross profitability 3. 8 %
• Gross profit 55 mUSD ( 50  mEUR)
• Net profit 8.5 mUSD ( 7.7  mEUR)

In 2016 ELKO Group has achieved revenue growth by 1 5.5% year-on-year, thanks to focus on growth segments and progress strengthening a position in the market.

Growth in revenue is observed in all markets:

CEE - up by 29%, reaching 496 mUSD (448 mEUR)

CIS - up by 11%, reaching 856 mUSD (773 mEUR)

Baltics - up by 2%, reaching 108 mUSD (98 mEUR)

Supporting the growth, ELKO Group has increased investments in human resources, thereby administrative and distribution expenses are higher comparing to prior year reaching 6 mUSD (5 mEUR).

Higher financing costs explained with high Russian ruble financing costs, increase of cost on loans from European banks as well as by effect of high yield bond issuance.

ELKO Group finished the year with 8.5 mUSD ( 7.7 mEUR) of net profit, due to above mentioned that is decrease comparing to exceptionally high net profit of 21.8 mUSD (19.7 mEUR) in 2015.

About ELKO Group

ELKO Group was founded in 1993 and is one of the largest IT product wholesalers and IT solutions and services distributors in Eastern Europe, now also actively expanding to Central Asian market. ELKO represents more than 120 IT vendors and sells their goods to more than 6500 retailers, local computer producers and system integrators. ELKO offers more than 20 000 product titles from the most famous vendors - Acer, Apple, Asus, Dell, HGST, Intel, Kingston, Lenovo, Microsoft, Seagate, Supermicro, Western Digital and others. At the moment, more than 700 people are employed with ELKO. ELKO Group belongs to several legal entities and investment fund Amber Trust.

Further information: http://www.elkogroup.com

         Janis Kirsis          Head of Treasury          ELKO Grupa AS                    4, Toma Street          Riga, LV - 1003, Latvia          Phone: + 371 6709 2357          e-mail: janis.kirsis@elkogroup.com