Financial Results 2021

Date: 29.04.2022

VARVARESSOS S.A. turnover in 2021 amounted to 8,22 million EURO compared to 7,49 million EURO in 2020, increased by 9,76%. The company’s exports amounted to 7,77 million EURO (94,49% of  total sales). The company’s operating result (EBITDA) amounted to losses -4,35 million EURO compared to losses -2,74 million EURO in the corresponding same period of previous year. Gross margin amounted to losses -3,77 million EURO compared to -2,03 million EURO during 2020. The company’s result was formed in losses of -6,78 million Euros for 2021 compared to losses of -5,78 million Euros in the corresponding period of the previous year.

The Company is in contact and discussions with investors and investment funds for the financing of the Company.

After the completion of the business plan and the expected financing of a new investor, the Company, according to the Independent Business Plan (IBR) by Grant Thornton, will have a new sustainable perspective by penetrating new, innovative, niche markets, and also a financing stability, liquidity and profitability.

The aforementioned statements are posted at the company’s website