Financial Results of the nine-month period of 2022

Thrace Group presents the financial results for the nine-month period of 2022



Achieving a stable, sustainable, and significantly higher recurring profitability

Significantly enhanced potential compared to the pre-pandemic levels


ATHEX:                 PLAT

Reuters:               THRr.AT

Bloomberg:        PLAT GA

Nine-month Highlights (continuing operations):

  • Turnover of €316.1 mil.
  • EBITDA amounted to €42.6 mil.
  • Earnings before Taxes (EBT) amounted to € 32.2 mil. out of which, €22.3 mil. relate to the traditional product portfolio.
  • Net Debt amounted to €25.6 mil.

Thrace Group presents the financial results for the nine-month period of 2022.

Financial Results

The Group's Turnover from continuing operations amounted to €316.1 mil., versus € 341.6 mil. in the nine-month period of the previous year, posting a drop of 7.5%, while Earnings before Taxes (EBT) from continuing operations amounted to €32.2 mil., while in the nine-month period of 2021, EBT amounted to €81 mil., as a result of the significantly decreased demand in products related to COVID-19. More specific, from the €32.2 mil. of EBT, €22.3 mil. relate to the traditional product portfolio, €5.3 mil. were generated from sales of personal protection products related to COVID-19 and € 4.6 mil. concerned extraordinary profits. As there is more direct comparison between the 9-month period of 2022 and the pre-pandemic levels, i.e. the 9-month period of 2019, it should be noted that Earnings before Taxes from the traditional product portfolio, recording an increase of 89.4%. This also demonstrates the significantly higher profitability that was generated amid especially difficult market conditions globally during the period under consideration along with the higher costs in terms of raw materials, energy and transportation.

More specifically, the following table depicts the key financial figures from continuing operations of the Group during the nine-month period in relation to the corresponding period of 2021. It is noted that the discontinued operations concern the termination of production activities of the US subsidiary Thrace Linq Inc.




Change (%)

Turnover (Continuing Operations)




Gross Profit (Continuing Operations)




ΕΒΙΤ* (Continuing Operations)




EBITDA* (Continuing Operations)




Adjusted EBITDA* (Continuing Operations)




EBT (Continuing Operations)




Earnings after Taxes (Continuing Operations)




Earnings/(Losses) after Taxes (Discontinued Operations)




Earnings after Taxes (Total Operations)




Earnings after Taxes and Non-Controlling Interests (Continuing Operations)




Earnings/(Losses) after Taxes and Non-Controlling Interests

(Discontinued Operations)




EATAM (Total Operations)




Basic Earnings per Share (Continuing Operations) (in €)




Basic Earnings / (Losses) per Share (Discontinued Operations) (in €)




Basic Earnings per Share (Total Operations) (in €)





The following were observed during the third quarter of 2022:

  • Stable demand for products in the construction sector.
  • Steady demand for products related to the infrastructure sector and to the large-scale construction projects.
  • Lag in demand for most of the products of the agricultural sector.
  • Steady demand for products related to the packaging sector.
  • Significantly decreased demand for products related to COVID-19.
  • Small decline of the cost of raw materials.
  • Significantly increased energy cost in all countries which the Group is operating in, with significant volatility from month to month.
  • Steadily increased transport costs, with minor de-escalation on specific routes.
  • Significantly increased cost of raw materials as well as of packaging materials.


Prospects of the Group                                                                                                                        

Regarding the prospects for the year 2022, the Management closely monitors the macroeconomic developments, on a global level, which are characterized by the significantly stronger inflationary trends, throughout the economy but also in all cost items that constitute the industrial sector’s cost base and the ongoing slowdown of demand, which is substantially aggravating the economic environment.

Regarding the fourth quarter of 2022, the Management of the Group closely monitors and adapts, in the most feasible manner, to the changes taking place at the macroeconomic level and to the clearly more difficult conditions compared to the previous months of the year. In this context, the Management is taking measures to maximize the Group’s financial performance to the greatest possible extent and given the unfavorable market conditions, with a parallel effort to effectively manage the operational risks that arise each time. However, the high level of inflation, the significant decline in demand, as a result of uncertainty and of the customers’ effort to reduce their inventory levels, as well as the extremely high energy cost, comprise factors that are outside the Group's control therefore creating a very difficult financial environment. In this context and with regard to the fourth quarter, as expected and also due to the seasonality of the operating segments, the Management anticipates a lower profitability compared to the previous quarters of the current year. It should be also noted that the last quarter of each year is traditionally the weakest one in terms of profitability. Therefore, a relatively small deviation from the budget’s target (€25 mil.)  is estimated in terms of Earnings before Taxes related to the traditional portfolio, however the annual profitability will remain at significantly higher levels, and more than double than the pre-pandemic levels, while the overall Earnings before Taxes will by far exceed the expectations, demonstrating Group robustness and potential.

With regard to the financial results of the nine-month period of 2022, Mr, Dimitris Malamos, CEO of the Group, commented: “The Group managed for another quarter to achieve stable, sustainable, but also significantly higher recurring profitability, compared to pre-pandemic levels, despite the particularly tough conditions prevailing in the global economy. We have laid the foundations for long-term improvement and growth, within conditions of intense uncertainty, inflationary pressures and low demand. We continue to implement both the planned and the extraordinary investment plan, totalling €42 mil. on a cash basis for 2022. The Group's investments are financed to a significant extent with own funds, while they are implemented mainly in our facilities in Greece, but also in the other countries of operation and are part of the broader three-year investment plan of the period 2020-2022 which, as we have already announced, has settled at €102 mil. We are ensuring our dynamic development course aiming at an additional increase in production volume, at the continuous improvement of the product mix and profitability, as well as at a higher level of recycling within the framework of a holistic sustainable development for the THRACE PLASTICS Group”.

For further clarifications or information regarding the present release you may refer to the Department of Investor Relations and Corporate Announcements, tel,: + 30 210-9875081.