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Financial Results of First Half 2021


The purpose of the current press release is to present the Group’s financial results for the first half of 2021.

PRESS RELEASE

Thursday, 9 September 2021

FINANCIAL RESULTS OF FIRST HALF 2021

ATHEX:                    PLAT

Reuters:                  THRr.AT

Bloomberg:             PLAT GA

The purpose of the current press release is to present the Group’s financial results for the first half of 2021.

Despite the fact that the rapid and wide spread of COVID-19 coronavirus from the beginning of 2020 continues to cause significant disruptions in global supply and demand, however the business and economic activity as well as operation of the Group has not been negatively affected until today.

From a financial point of view, the Group continues to increase its revenues and profitability, thus successfully offsetting any negative impact on demand. More specifically, with regard to the first half of the year the following were observed:

• Increased demand for the products belonging to the traditional portfolio of the Group.

• Continuous demand for products aimed at the packaging sector.

• Continuous demand for products related to personal protection and health and in particular in technical fabrics, used in personal protection applications, especially by local health systems, despite the fact that there were initial signs of a gradual decline in demand.

• Relatively rising demand for packaging products related to catering and tourism, compared to the previous year.

• High prices of raw materials, while in individual cases additional increases were observed, depending on the type of raw material and the geographical area.

• Significantly increased energy cost, in all countries where the Group operates.

• Significant increase in transportation costs, mainly due to shortages in containers.

• Maintaining and further strengthening the Group's customer base.

More specifically, the following table presents the main financial figures of the Group during the first half of the current financial year in relation to the corresponding period of the year 2020. It is also noted that the discontinued operations concern the termination of production activities of the US subsidiary Thrace Linq Inc.

CONSOLIDATED FIGURES OF THE GROUP (in € thous.)

30/06/2021

30/06/2020

Change (%)

Turnover (Continuing Operations)

234,285

155,376

50.8%

Gross Profit (Continuing Operations)

90,234

42,141

114.1%

ΕΒΙΤ* (Continuing Operations)

61,193

17,734

245.1%

EBITDA* (Continuing Operations)

72,459

26,033

178.3%

Adjusted EBITDA*

72,841

26,787

171.9%

EBT (Continuing Operations)

61,970

16,855

267.7%

Earnings after Taxes (Continuing Operations)

48,483

12,830

277.9%

Earnings/(Losses) after Taxes (Discontinued Operations)

32

-2,809

 

EAT (Total Operations)

48,515

10,021

384.1%

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

48,179

12,548

284.0%

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

32

(2,809)

 

EATAM (Total Operations)

48,211

9,739

395.0%

Basic Earnings per Share (Continuing Operations)

1.1103

0.2869

286.9%

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

0.0007

(0.0642)

 

Basic Earnings per Share (Total Operations)

1.1110

0.2227

398.9%

 

Adjusted EBITDA does not include expenses amounting to € 738 thousand which relate to the impairment of fixed assets of Don & Low LTD, expenses amounting to 400 thousand concerning the provision for extraordinary expenses related to personnel compensation and indemnity, as well as amount of € 756 which relates to extraordinary gains realized from the sale of assets of Don & Low LTD.

It should be noted that according to Management estimates, for the first half of 2021, the Earnings before Taxes at the Group level related to products of the existing portfolio used in personal protection and health applications, amounted to € 40.9 million (see related reference in note 3.3 of the financial statements).

Finally, Net Debt decreased significantly and as result the Group recorded a negative net debt of €(11.4) million, as cash and cash equivalents exceeded loan liabilities. (Net debt on 31.12.2020 amounted to € 38.2 million). The Net Debt / Equity ratio stood at (0.05x) on 30.06.2021, compared to 0.22x on 31.12.2020.

The total Equity on 30.06.2021 amounted to € 225.1 million compared to € 174.6 million on 31.12.2020.

Assessing the impact of the pandemic in the future and prospects of the Group

Regarding the prospects for the current year, the Management estimates that the financial performance of the Group will continue to show a satisfactory course in the third quarter of fiscal year 2021. The maintenance of satisfactory demand for most of the product portfolio, the gradual increase in demand on behalf of sectors that due to the pandemic have been lagging behind (e.g. catering), the gradual return to the traditional sales-wise product mix, the expanded customer base, the maintenance of the effective trading cycle and the enhanced liquidity, as well as the ongoing application of strict covid-related measures ensure the minimization of any negative consequences and further strengthen the financial position of the Group. At the same time, it is estimated that raw material prices will remain at least in the short term at the current high levels, with the same being expected for transportation costs, while significant upward trends are already observed in energy costs.

It should be noted that, as mentioned above, it is now evident the shift/increase of demand at high levels, for products belonging to the traditional portfolio of the Group, for applications or markets in which the Group has maintained a dominant position for years, while at the same time there is evidence of a declining demand for personal protection and health related products. The Management of the Group has in the past months carried out a series of actions and continues to implement such actions in order to ensure the high levels of profitability with regard to its portfolio of products.

Despite the fact that the current conditions in the global market place create significant volatility, making any assessment regarding the impact of the pandemic on the commercial activity and the financial results of the Company and the Group uncertain, the Group’s Management estimates that according to the above mentioned trends neither the Group nor any of its individual activities face any potential threat in terms of cessation of business activity. At the same time, the Management remains optimistic with regard to the especially satisfactory course of the Group's financial results for the entire fiscal year, although it maintains reservations about the consequences of the pandemic on the economies of the respective countries over the next period as well as for the intensity with which the volatile conditions might affect the Group's activities, especially in the second half of the year.

For further clarifications or information regarding the present release you may refer to Ms. Ioanna Karathanasi, Head of Investor Relations, tel.: + 30 210-9875081.

* Note

Alternative Performance Measures (APM): During the description of the developments and the performance of the Group, ratios such as the EBIT and the EBITDA are utilized.

EBIT (The indicator of earnings before the financial and investment activities as well as the taxes): The EBIT serves the better analysis of the Group’s operating results and is calculated as follows: Turnover plus other operating income minus the total operating expenses, before the financial and investment activities and taxes. The EBIT margin (%) is calculated by dividing the EBIT by the turnover.

EBITDA (The indicator of operating earnings before the financial and investment activities as well as the depreciation, amortization, impairment and taxes): The EBITDA also serves the better analysis of the Group’s operating results and is calculated as follows: Turnover plus other operating income minus the total operating expenses before the depreciation of fixed assets, the amortization of grants and the impairments, as well as before the financial and investment activities, and before taxes. The EBITDA margin (%) is calculated by dividing the EBITDA by the turnover.  

Adjusted EBITDA (The adjusted indicator of operating earnings before the financial and investment activities as well as the depreciation, amortization, impairment and taxes): The adjusted EBITDA equals with the EBITDA excluding any extraordinary Expenses/Income.