F.G. Europe S.A. Reports Consolidated and Parent Earnings Results for Fiscal 2014
On consolidated basis, total sales were reduced, in correspondence with the sales of the parent company, by 26.6%, amounting to EUR 72.72 million from EUR 99.10 million in 2013, clearly influenced by the decline in revenues from the energy sector (EUR 7.0 million from EUR 11.39 million in 2013). Despite the decrease in the operating expenses by 3.4%, the increase in the parent company's financial expenses contributed to the formation of negative results before and after tax to EUR 8.2 million and EUR 4.8 million, respectively. The group's financial figures were affected further by the decline in the revenues from the energy sector, due to: the credit note (EUR 1.14 million 10% on the revenues in 2013) issued by LAGIE S.A., according to the provisions of Law 4254/2014; the reduction, from April 1, 2014, of invoice price of produced energy to LAGIE S.A. by 3.28% and unusually low wind capacity during 2014 that resulted in reduction in revenues by 26.0%. The reduction in the sales of the fiscal year 2014 to 23.0%, compared to 2013 resulted in losses of EUR 2.15 million against profit of EUR 2.93 million in 2013.