Financial Results 2020
VARVARESSOS S.A. turnover in 2020 amounted to 7,49 million EURO compared to 10,73 million EURO in 2019, decreased by 30,15% due to : a. a financing delay of company’s approved Business Plan b. lack of cash flow and c. the COVID-19 pandemic. The company’s exports amounted to 6,99 million EURO (93,23% of total sales). The company’s operating result (EBITDA) amounted to losses -2,74 million EURO compared to losses 3,32 million EURO in the corresponding same period of the previous year. Gross margin amounted to losses -2,03 million EURO compared to -1,76 million EURO during 2019. The company’s result was formed in losses of -5,78 million Euros for 2020 compared to losses of -5.55 million Euros in the corresponding period of the previous year.
On 30.06.2020 the company completed the investment of 4,7 million EUR for new mechanical equipment which has been subject to the Development Law 4399/2016 for the fundamental change of its entire production process and the penetration into new innovative markets. The financial scheme is as following: Own funds 875.896,34 EURO (18,45%), Long term loan 2.376.076,51 (50,05%) and Subsidy of the Development Law 1.495.432,77 EURO (31,50%).
The Company in cooperation with the consultant company AMBROSIA CAPITAL is in contact and discussions with strategic investors and investment funds for the financing of the Company.
The aforementioned statements are posted at the company’s website www.varvaressos.gr.