SARANTIS

Sarantis will release a trading statement today, with sales and EBIT figures for 1Q18. Our estimates call for sales growth of c. 6% YoY at EUR 78m, with sales from Greece estimated almost flat YoY (EUR 28m) and sales from other countries at +10% YoY (EUR 50m) including Indulona sales in Slovakia since January. We expect similar profit from Estee Lauder compared to a year ago. EBIT is estimated at last year’s level of EUR 4.9m, weighed by higher expected operating costs, as it was the first semester of Indulona inclusion, and also rising commodity prices. It is worth noting that the adoption of IFRS 15 is expected to change the reported top line and EBIT figures, as some expenses will be recognized as reducing items in revenues. Our forecasts and growth rates are on reported 1Q17 figures.

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