The Turnover of the Plastics Thrace Group amounted to € 428.4 million, increased by 26.1% compared to 2020, from ongoing activities, according to the financial statements of 2021.
Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations amounted to € 103.8 million, increased by 43.2%, compared to the previous year. Also, Earnings before Taxes (EBT) from continuing operations amounted to € 83.9 million, increased by 61.1% compared to 2020.
It should be noted that according to Management estimates, for 2021, the Profit before Taxes at Group level, related to the products of the existing portfolio used in personal protection and health applications, amount to € 51.8 million.
In terms of liquidity levels, the Group achieved the further strengthening of its liquidity, recording Net Cash of € 9.3 million, as cash and cash equivalents exceeded its loan liabilities.
The total Equity on 31.12.2021 amounted to € 252.3 million, compared to € 176.1 million on 31.12.2020.
It is pointed out that the interrupted activities concern the cessation of the productive operation of the Group’s subsidiary in the USA, Thrace Linq Inc.
According to management, 2021 was a year of strong financial performance, as the Group achieved an increase in its profitability, successfully offsetting the negative effects mainly from the significant increase in the cost of Raw Materials and fluctuations in demand.
More specifically during the year the following were observed:
Increased demand for products in the construction industry.
Significant demand in the infrastructure and agricultural sectors.
Significant demand for products related to personal protection and health, especially during the first months of the year, but with a significant decrease in the second half.
Gradual increase of the prices of raw materials and their maintenance at high levels throughout the year, while in individual cases additional increases were observed, depending on the type of raw material and the geographical area.
Constantly increasing energy costs, especially in the last quarter of the year, in all the countries of the Group’s activity.
Significantly increased transport costs with significant shortages of both available ground transport and containers.
Significantly increased cost of secondary materials & packaging materials.
Assessment of the impact of the pandemic on the future and prospects of the Group
Regarding the first quarter of 2022, the Management of the Group remains optimistic for its satisfactory course, given the difficult conditions prevailing in the current period, as it is estimated that significantly better profitability will be achieved, compared to the corresponding period before the pandemic. will fall short of the profitability of the corresponding period of the previous year.
However, the correlation with the previous year becomes extremely difficult, due to the extraordinary circumstances of both that period and the current one.
Regarding the course of 2022 as a whole, the difficult and volatile macroeconomic environment described above makes it very difficult to make relevant and reliable forecasts.
However, the great effort made by the Management of the Group and the Management of the subsidiaries in all the countries of activity, creates conditions of restrained optimism that the Group will be able to implement its plans and to maintain to a significant degree the profitability of the traditional portfolio. formed in 2021, demonstrating that it has entered a new era, with significantly higher profitability, compared to pre-pandemic levels.
It should be emphasized, however, that although the implementation of this plan is a fundamental goal of management, there are concerns about the course of global economies, especially in Europe, as well as the course of consumption due to the significant price increases that have taken place, as well as high inflation, which may redefine annual performance estimates in the coming months.
Regarding the financial results, Mr. Dimitris Malamos, CEO of the Group, noted: “2021 was a milestone year for the Group, as we achieved high financial performance, strengthening our financial position, along with its ongoing implementation of our investment planning.
The strong financial performance of the last two years, enable us to continuously implement an extensive investment program, which will exceed€ 100 million, for the period 2020-2022 while at the same time special emphasis has been given to issues of environment and social contribution.
Despite the fact that the current developments at a global level, create conditions of intense concern, we are convinced that the course of the Group to date has laid the foundations for the Group to be able to achieve significantly higher profits than pre-pandemic levels, confirming that is on a path of growth and development. “
Latest News
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight