Woodland acquires 10% of Attica Department Stores SA

Woodland Designs Plc announced that it acquired 10% of Attica Department Stores SA from its parent company Ridenko Trading & Holdings SA. The Company said that Attica Department Stores SA was established in 2004 for the construction and operation of Attica, the Greek department store in the CITY LINK at 9 Panepistimiou, Athens city centre. Attica opened in May 2005, has an area of 25,000 square meters.
According to its latest financial statements on 31/12/2006, Attica Department Stores SA (during the period 1/1 – 31/12/2006) reported sales of EUR71 mln against EUR43.6 mln from 12/2/2004 – 31/12/2005. The gross profits stood at EUR22.2 mln and the gross margin of profit remained stable at 31%. The pre-tax profits in 2006 amounted to EUR2.32 mln against EUR1.57 mln in 2005. The net after-tax profits in 2006 reached EUR1.46 mln against EUR1.07 mln in 2005. The net worth of Attica Department Stores SA as at 31/12/2006 stood at EUR12,388,407. The Company’s employees as at 31/12/2006 numbered 406.
For the acquisition of the stake above, Woodland Designs will pay EUR1,000,000 by 31/12/2007. This business decision has not been taken after an expert’s opinion.
The investment is expected to contribute to Woodland‘s presence in the Balkans, since except for the wholesale and retail clothing and shoe wear trading, it is now actively involved in the sector of department stores, the company said.