events unfold during the Russian-Ukrainian conflict caused a devaluation in the ruble, resulting in the restriction of the purchasing power of Russian consumers (Russia is the main export destination for Greek γουνοποιίες)”. This points to Alexis Nikolaidis, Economic Research & Sectorial Studies Senior Analyst, on the occasion of the study of the IBHS S. a., which examines the specific industry.
At the same time, as is clear from the study, “several Greek enterprises operating reports in the UAE have been forced to close some of their stores, or to withdraw from this market, as the number of Russian tourists in the arab country has been reduced drastically. So, in mid-2015, in Dubai, operated 110 stores of Greek interests, compared with 150 two years ago. This negative climate has reduced to a large extent, the exports of the industry, while the sales of many businesses from the onset of the recession have been reduced at a rate of even 50%-60%.
Thus, exports of fur clothing, in 2015, amounted to just 125,55 million. euros, marking a sharp decline by 37%, compared with the previous year. Overall, during the last five years, exports showed a cumulative decline of 41%. The contraction in demand has lead most companies to a temporary interruption of their productive activities, as they have high stocks of finished goods, which in the existing conditions cannot be sold abroad. H production process has become difficult, due to the problem of access to raw material from abroad”.
The Kastoria Fur Association stresses that the Chinese buyers have a strong presence in the international auctions, acquiring significant amounts of competitors.
According to Maria ΜεταξογÎνη, ceo of IBHS, “possible economic recovery of Russia will stimulate the income of Greek companies, which need to exploit the already existing strong extroversion. Positive prospects arise, however, in China, which, despite the high γουνοποιητική of activity, is the largest importer of fur, internationally”.
Financial analysis of the industry
In the study of the IBHS analyzed the financial statements of 44 companies. The main conclusions obtained are summarized as follows:
– The turnover of the specimen, in 2014, it decreased by 22%, in the 138,52 million. euro.
– Its EBITDA decreased by 44.5% to 11,92 million. euro, while the pre-tax results amounted to losses of 1.27 million. euro gains 10,71 million. euros, the previous year.
– The margins of EBITDA and EBT decreased to 7.8% and 1.5%, respectively.
– The indicator Foreign to equity Capital has increased to 1.7 to 1.
– The Stocks were traded in the space of 10 months, while the Requirements are collected in seven months.
Source
A significant fall in the exports of fur
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