Financial results for the 6-month period of 2020

Date: 30.09.2020

Financial results for the 6-month period of 2020

VARVARESSOS S.A. turnover during the 6-month period of 2020 reached 3,83 million EURO contrary to 6,10 million EURO in the same period of 2019, decreased by 37,3% due to Covid-19 pandemic and the financing delay of the company’s approved Business Plan (according to Greek Development Law 4399/2016) by the banks. The company’s exports came up to 3,67 million EURO (96% of the total revenues). Losses before depreciation (EBITDA) have reached 1,58 million EURO contrary to losses 1,83 million  EURO during the same period of 2019.

In March 2020, Banks (Piraeus Bank, National Bank of Greece and Alpha Bank) and Company singed the Bond Issue regarding the restructuring of existing loans, the company’s financing of 2,4 million EUR (long term loan) and the advance pay-off  (1,1 million EUR)  of  the subsidy of the Development Law. On 30.06.2020 the loan disbursement took place.

On 30.06.2020 the company completed the investment on new mechanical equipment of total 4,7 million EUR under the Development Law for the fundamental change of its entire production process and the penetration into new innovative markets.

With the restructuring of loan liabilities, the completion of the business plan and the expected “restart financing”,  the Company, according to the Independent Business Plan (IBR) by Grant Thornton, will have a 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