The winners of the pandemic include Melissa Kikizas SA, which “managed to successfully manage market fluctuations and instability”, as typically stated in the financial report for 2020.
During the previous year the turnover of the group, which includes the subsidiaries Atlanta in Poland and Vlacha and Altiki in Greece, amounted to 73.9 million euros and the company to 69.6 million euros increased compared to 2019 by about 12.9% and 12.7% respectively, mainly due to the increase in sales volume and especially exports. It should be noted that the export activity of the company, which stars in pasta, but also has a strong presence in the tomato market, increased in the midst of a pandemic by 32% compared to the previous year.
The pre-tax profits of the group amounted to approximately 5.9 million euros and the company to approximately 5.1 million euros, showing a significant improvement compared to 2019.
2020 was also the year that the complex of Neos Mylos and the Wheat Storage Silos at its factory in Larissa was fully operational, created in 2019. This development ensured self-sufficiency in raw material, fully verticalizing the production with the corresponding positive impact. in the company’s cost lists.
Dividend of 1.5 million euros
For the year 2020, it was proposed to distribute a dividend of 1,500,009.60 euros from 400,203.87 euros in the year 2019, while at the end of August 2020, it was decided to increase by 2.79 million euros the share capital of the company with tax-free capitalization reserves, which at the end of 2020 amounted to EUR 5 million.
Mediterranean Foods and the Polish subsidiary
Within the fiscal year 2020, Melissa Kikizas proceeded to the liquidation of its participation in Mediterranean Foods A.E., which has about 100 product codes in retail and food service packaging under the name Brava and Delicia, Melissa Kikizas until 31/12/2019 had a 49% participation. Melissa had been in a legal dispute with Mediterranean Foods since 2009, but by 2020 “all the necessary judicial resignations were made by both parties” and the dispute was over.
It is reminded that a few days ago MINERVA SA Oil Companies and Foods, with main shareholders the funds Deca Investments (interests of Dimitris Daskalopoulos), Elikonos 2 S.C.A. SICAR and EOS Capital Partners (the latter is headed by Apostolos Tamvakakis) became the majority shareholder of Mediterranean Foods.
Regarding the subsidiary of Melissa Kikiza in Poland, the management states that “the strategic nature of this company as well as the undivided support of the group do not allow any issue to be created regarding the continuation of its activity”. It should be noted that in Poland corporate law stipulates that when the accumulated losses exceed the total reserves and 50% of the paid-up share capital, the company’s shareholders will have to decide on the appropriate actions necessary to continue the company’s activities.
The company’s portfolio
It is reminded that the main brands of pasta of the company are: Melissa and Stella, the line of Primo Gusto fine pasta, the Thessalian Deveta, the historic Avez and the traditional Vlacha products. The full range of Primo Gusto tomato products completes its presence in the Greek food market while Del Monte and Heinz have assigned the exclusive representation of their products in Greece to the company.