At the same levels as in 2022, worth 1.97 billion euros, AB Vasilopoulos’ sales were completed in 2023. Operating profits amounted to 6.5 million euros compared to 20 million euros in 2022, a decrease that is primarily due to accounting expenses and other extraordinary non-operating expenses, according to a related announcement.
It should be noted that the adjusted operating result (excluding impairments and extraordinary losses) amounted to 29 million euros and the adjusted EBITDA amounted to 132 million euros, remaining at the same levels as the previous year, while ensuring a stabilization of performance , since the operating profitability rate remained unchanged.
It should be noted that the operating results are adjusted for the impairment costs of fixed assets (18 million euros due to the network rationalization plan and the conversion of 50 corporate stores into franchises) and other extraordinary non-operating expenses. Operating cash flow of 120 million euros, an increase of 77 million euros compared to 2022.
Contributions and investments
At the same time, AB Vassilopoulos continues to support the Greek economy, with total contributions of €172 million, and investments of €57 million in new business initiatives and the restructuring of its network for 2023, moving forward in the creation and operation of 5 new corporate stores and 30 new additions to the franchise network.
This year, AB plans to add 48 new franchised stores, continuing to support medium-sized entrepreneurship, but also employment, employing 2,000 workers in its franchised stores.
It is worth noting that The company has the largest franchise network in the country, with 292 stores.
450 new products and 1,000 new private label codes
At the same time, strengthening local communities remains at the heart of AB Vassilopoulos’ operations. The company continues to invest in the development of agriculture, livestock and fisheries, working with local producers, while offering high quality own brand products, with the aim of introducing 450 new products and 1,000 new codes that combine quality and accessibility in next three years.
Small neighborhood stores, fast delivery and e-commerce are of great importance for AB Vasilopoulos (e-commerce), which are areas of development for the company, with the flagship AB Home Shop Center, which has more than 380 employees and a fleet of more than 60 trucks, serving the entire Attica.
A significant challenge, however, remains finding staff
In terms of its social footprint, the company delivered more than 6 million euros in donations through the “Comida de Amor” program, while providing 13.8 million meals to vulnerable social groups and approximately 110,000 healthy meals to students. At the same time, AB Vassilopoulos reinforces its human resources, investing in more than 460 thousand hours of training and offering additional benefits worth 18.5 million euros. A significant challenge, however, remains finding staff, with vacancies open in stores.
In the context of sustainable development, AB Vassilopoulos reduces its environmental impact and promotes practices that improve the ecological balance. In particular, it is committed to achieving zero emissions by 2050 across the entire supply chain, while also implementing extensive training programs for its employees, with the aim of raising awareness of environmental responsibility issues. Aiming to reduce Scope 3 carbon emissions by 37% across the entire supply chain by 2030 and zero footprint by 2050, AB Vassilopoulos has also developed the AB Climate Hub, a website aimed at raising awareness, information and preparedness of the supply chain to measure the carbon footprint.
