2020 was an extremely difficult year with very unfavorable conditions due to the pandemic and the particularly adverse effects it had on the spirits industry. However, the fact that AMVYX managed to maintain the profitability of its activities is considered particularly significant.
Sales, including excise tax, amounted to € 87.4 million compared to € 125.6 million of the previous year, representing a 30% drop that was the result of the recession caused by the COVID-19 pandemic. Sales, after the deduction of excise tax, amounted to € 58.5 compared to € 87.3 of the previous year, representing a 33% drop. Net earnings before taxes remained positive and amounted to profits of € 1.2 million compared to profits of € 5.8 of the previous year 2019.
An essential component, apart from the fact that the current year was also profitable, is the healthy picture presented by the Company’s Balance Sheet, with net borrowing becoming negative as available cash continues to outweigh loan liabilities for yet another year. In addition, current assets outweigh short-term liabilities by 2.8 times, creating a solid indicator of financial soundness for achieving future strategic plans.
Mr. Yannis Artinos, General Manager of AMVYX, commented: “The remarkable trajectory we followed over the last 6 years that made us an industry leader and the financial strength recorded in the previous balance sheets laid a solid foundation for us to be able to meet the challenges that have arisen due to the pandemic. Therefore, in 2020, despite the particularly adverse conditions for the spirits industry, we have continued our investment plan, being able to not only significantly strengthen our share, reaching 25.3%, namely +2.4 points compared to 2019 , but also remain profitable. We adapted to the new operating conditions, developed operational tools, and entered into new partnerships with flagship brands such as Belvedere Super Premium Vodka, Veuve Clicquot Champagne, Jose Cuervo Tequila, and a host of new products.
During the first eight months of 2021, total consumption of alcoholic beverages exhibited a significant recovery and showed a 45% increase compared to the corresponding period of the previous year, a drop of only 3% when compared to 2019. The significant improvement in the tourism industry has greatly contributed to this. Our sales exhibit a recovery of +50% and have in fact exceeded the 2019 turnover by +10% for comparable products. This fills us with optimism for the future, and confidence for an even better and swifter return to pre-pandemic figures.”
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