With increased sales in foreign markets, delectable profits and a stable turnover on the domestic market, Greek ION chocolate industry once again shows why it became the “object of desire” of Greek and foreign investors.
Based on corporate and consolidated financial statements for 2021, published yesterday, “ION S.A. Company for the Industry and Trade of Cocoa and Chocolate”, recorded a turnover of 116.69 million euros, increased by 2.5% compared to 2020 (113.8 million euros). At group level turnover was 121.69 from 118.9 in 2020.
Read also – ION: Spyros Theodoropoulos acquires 45% of the shares
Export rally
Exports provided an important share in the sales of the flagship company, which registered a significant increase of 24.8%, to 13.7 million euros from 11.01 million euros in 2020.
According to the company, the largest exports were to the markets of Bulgaria, Egypt, Cyprus, Albania, the USA, Libya and Russia. It is noted that sales in Bulgaria with NUCREMA products as well as exports to Russia are covered by the subsidiary unit INTERION A.D. in Sofia.
On the Greek market, sales in fiscal year 2021 amounted to 102.96 million euros from 102.80 million euros in 2020 (+0.02%).
All exports to the European Union and third countries stood at 41% – up from 38% in 2020
In the near future ION will be majority controlled by Spyros Theodoropoulos’s Bespoke SGA Holdings. 
Read also: Spyros Theodoropoulos: Breaking the bank – What the acquisition of ION brings
Increase in profits
Pre-tax profits increased by around 4.3% to €9.64m from €9.23m in 2020 (€13.2m consolidated).
The net result, i.e. profits after taxes, was 7.32 million euros compared to 6.93 million euros in 2020, marking an increase of 5.7%. At group level, net profits amounted to 10 million euros from 8.73 million euros (+14.5%).
The company’s total borrowing amounted to 42.99 million euros for FY 2021 compared to 44.92 million euros for FY 2020, reduced by 1.93 million euros, as a result of loan repayments.
Investments
The company “consistent with its principles, which aim at the permanent modernization effort aimed at a stable competitive presence in the wider European area”, made investments in 2021 amounting to 4.82 million euros, continuing the 4.94 million euro 2020 investment program.
“Despite the difficult situation, the company’s healthy financial situation and high liquidity allow the unhindered continuation of the investment strategy of renewing the mechanical equipment”, financial statements point out.
ION has two subsidiaries, AFOI I. KOTSIOPOULOS ANONYMOS EMPORIKI ETERIA and INTERION A.D. in Bulgaria and employed 674 people at the end of 2021 (the number of staff was 683 people in 2020). 
Dividend
The positive course of 2021 paved the way for the distribution of a dividend of 3.96 million euros, with the parent company distributing 3.4 million euros in dividends and the subsidiary Afoi I. Kotsiopoulos S.A. the amount of 500 thousand euros.
New Products
In 2021-2022, the company designed, produced and released new products in the chocolate sector, while during the year it upgraded the packaging of the products.
2022 is characterized by the company as a year of great uncertainty due to the multiple challenges that have arisen in several fields.
What’s in store for 2022
According to ION: “Inflationary pressures, already strong in the second half of 2021 and reinforced by the energy crisis, the turmoil in the global supply chain, the coronavirus pandemic as well as the geopolitical instability due to the war in Ukraine are causing large fluctuations in commodity markets and large uncertainties about the global economy.”
Due to the current situation, the main risks are focused on the increased cost of energy, the price and sufficiency of raw materials and the increase in interest rates.
It is worth noting that the accrued PPC expenses from 214 thousand euros in 2020 more than doubled to 533 thousand euros in 2021, while for natural gas the bill increased fivefold to 39 thousand euros.
In the near future ION will be majority controlled by Spyros Theodoropoulos’s Bespoke SGA Holdings, since according to a decision of the Competition Commission, Bespoke may exercise its right and acquire the majority package of ION’s shares, apart from the 45% it receives based on the acquisition agreement.
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