ANNOUNCEMENT OF FINANCIAL STETEMENTS 2018 OF AKRITAS INDUSTRY

The AKRITAS wood processing industry successfully continues the implementation of its development plan. In this context, on 21.09.2018 the restructuring plan of the company’s debt was signed with the banks, which includes:

  • The increase of the share capital of the company amounting to € 19.4 million through the payment of cash and capitalization of debt obligations and the issuance of preference shares without voting rights.
  • The restructuring of the balance of total lending company with viable terms and long-term repayment plan that will significantly reduce the financial cost.   In terms of EBITDA Group level (adjusted for the non-inclusion of extraordinary and non-recurring charges) amounted to € -150 thousand improved by 40% compared to last year, confirming the gradual return of the only Greek industry of the sector to positive results..  At company level, the improvement amounts to over 60%, driven by improved gross margin and the containment of operating costs. The commitment to achieving the objectives of the Group in Greece and abroad, seamlessly continued for the optimal exploitation of the great development of the tourism industry in Greece, and the penetration of new markets that are expected to significantly enhance both the profile and the results of company. The completion of the loans restructuring in connection with the expected improvement in the macroeconomic climate are expected to make a decisive contribution to the company’s strategic goals
  • Meanwhile, the first half of 2018 was the period during which the company was repositioned on the market, through a continuous shift in the mix of sales towards products with higher added value. The consolidated turnover amounted to € 14,5 m., at about the same level as the previous year, increasing the participation of manufactured goods. It is worth noting that exports grew by 29% compared to last year.
  • This restructuring is expected to have a catalytic effect on the company’s capital adequacy and the financing of its growth prospects.
  • The granting of additional working capital to finance the operating activity of the company.







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