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Murat Ayhaner is the new managerial reinforcement of AD Plastik Group who joined the team as Chief Technology Officer (CTO) and he will lead the research, development and project departments. His impressive experience in the automotive industry, where he has been working for more than 34 years as a mechanical engineer in the field of engineering, makes him a star of the automotive industry that we rarely meet in this areas.

Until recently, he was one of the key figures in the research and development of Tofaş in Turkey, one of the leading industrial concerns and car manufacturers co-owned by Stellantis. Starting 27 years ago with the construction of infrastructure, recruitment and staff development, Mr. Ayhaner has created the research and development department of Tofaş from the very beginning, which is what that company is most recognized for today.

He managed numerous international projects for the FCA Group, today’s Stellantis, and thus spent a large part of his career in Italy. Mr. Ayhaner actively participated in European research projects and value optimization activities and built an excellent network of contacts within the industry. He is a lecturer at the University of Istanbul in the course Basics of the Automotive Industry. Mr. Ayhaner has a master’s degree in mechanical engineering, and during his career he has attended, and himself held, a number of professional educations in the field of automotive industry development and staff management.

Murat Ayhaner brings rich experience and expertise in the areas of vehicle design and development, project and team management, as well as development of engineering solutions. With his visionary solutions and the skills he possesses, he will certainly make an excellent contribution to the future and to the improvement of the development of AD Plastik Group, which are aspired to. Welcome to the team!

Upravo objavljeni rezultati poslovanja AD Plastik Grupe za prvo tromjesečje 2024. potvrđuju nastavak oporavka kompanije i automobilske industrije. U odnosu na isto razdoblje prošle godine, poslovni prihodi Grupe porasli su za 28,1 posto, a na razini matičnog društva viši su za 34,6 posto. Osnovni razlozi rasta većim su dijelom vezani uz ranije najavljivani početak realizacije novih projekata i s njima povezanih prihoda.

Dobit prije kamata, poreza i amortizacije (EBITDA) iznosi 3,69 milijuna eura na razini Grupe i 31,9 posto je viša od one ostvarene u prvom tromjesečju prošle godine. EBITDA na razini matičnog društva viša je za 27,2 posto i iznosi 2,81 milijun eura. Na razini Grupe ostvarena je neto dobit od 1,07 milijuna eura, što predstavlja rast od 57,8 posto u odnosu na usporedno razdoblje.

„Iako je ova godina u znaku početka serijske proizvodnje i to dvadeset i jednog novog projekta, njihov puni utjecaj na profitabilnost i iskorištenost kapaciteta bit će razvidan u zadnjem tromjesečju ove godine, odnosno u sljedećoj godini. Za većinu projekata planiran je početak serijske proizvodnje u prvoj polovini godine, ali njih šest će početi sa svojom serijskom proizvodnjom u zadnjem tromjesečju, kada će i ranije započeti projekti dosegnuti razine ugovorenih količina proizvodnje. Spremni smo i u potpunosti usredotočeni na industrijalizaciju te kvalitetnu pripremu i realizaciju navedenih projekata“, izjavio je predsjednik Uprave AD Plastik Grupe Marinko Došen.

Uz ispunjenje povećanih zahtjeva kupaca, rast iskorištenost kapaciteta i bolju troškovnu efikasnost, tijekom izvještajnog razdoblja usmjerenost kompanije i dalje je bila na uspješnoj realizaciji novih projekata. Pripreme za serijsku proizvodnju i industrijalizacijske aktivnosti u punom su jeku, što se odražava na angažman kadrova, iskorištenost proizvodnih kapaciteta za provedbu proba, povećane troškove i zaduženost. Smanjenje zaduženosti očekuje se s početkom serijske proizvodnje svih projekata što je planirano do kraja godine.

Prodajne aktivnosti kompanije su i dalje intenzivne i usmjerene na europsko tržište, a trenutno su u tijeku pregovori i ponudbene aktivnosti. „Osnovni ciljevi u narednom razdoblju i dalje su nam očuvanje financijske stabilnosti, povećanje iskorištenosti kapaciteta i profitabilnosti te uspješna realizacija ranije navedenih projekata. Pritom, snažno smo usmjereni na unaprjeđenja u područjima razvoja i automatizacije procesa. Iako su izazovi i dalje prisutni, odlučni smo u svojim nastojanjima i imamo jasnu viziju jačanja svoje pozicije na europskom tržištu automobila i prilagođavanja novoj epohi industrije“, rekao je Došen.

The seventh Integrated Annual Report of AD Plastik Group has been published, containing all important information about the business in 2023. An integral part of the integrated report are reports on business operations and sustainability, as well as annual financial statements that enable all stakeholders to learn more about the social and environmental aspects important to the company and its business operations.

AD Plastik Group has been reporting on sustainable business since 2012, and in its report, it presents in detail the business and sustainability risks that enable a better understanding of business and the industry as a whole. All key sustainability indicators have been presented, and significant progress has been made in the internal understanding of sustainable business as the only possible path to a successful future. By continuously raising awareness of the importance of sustainable business, results are achieved that generate added value to society, the environment, and the economy. The business results achieved in the observed period have grown, and despite the challenging market environment, the improvement of sustainable business continues in all segments.

„The automotive industry has been undoubtedly and unstoppably changing, and the external influences we have witnessed in recent years have further accelerated the transformation towards connected, sustainable, and safe mobility. After several years of uncertainty, we can finally say that there is a noticeable positive turn in the automotive market. The priority of the automotive industry is to reduce the weight of the vehicle, which is why polymer materials are used more and more. This is an opportunity we recognize to expand our product range and customer portfolio. We are determined in our promise to be leaders in sustainable development and responsible business, and accordingly we will continue to invest efforts and find innovative solutions to realize this. We are ready to take a leading role in the transformation of the industry towards a more sustainable future because we believe that caring for the environment is not only a prerequisite for success, but also a moral obligation of every organization in today’s society,“ said Marinko Došen, President of the Management Board of AD Plastik Group.

In 2023, AD Plastik Group also achieved significantly better financial results than the year before, and the primary reason for this is the increase in customer orders due to normalization in supply chains and purchase of semiconductors and deliveries for new vehicle models. There was a positive impact on capacity utilization, and along with the normalization of energy sources and material prices, it was also evident in the trend of margins and profitability, despite inflationary pressures. „Overall, the report is informative and plentiful with material indicators in all three observed areas – economic, environmental, and social. Considering the amount and structure of data that give a clear picture of the effects in the area of sustainability and plans for future goals, it can be an exemplary example of quality reporting on sustainability,“ states the opinion of HR BCSD, which verifies the non-financial part of the company’s report.

An important meeting was held at the Faculty of Economics in Split, which brought together key actors of the central banking sector. The 2024 meeting of the Regional Governors was organized by the Croatian National Bank and Faculty of Economics in Split, and after the introductory lecture by the director of the European Department of the International Monetary Fund, Mr. Alfred Kammer, and a very interesting discussion at the round table “Banks and consumers amid high, although declining inflation and rising interest rates”, the Governors officially visited the AD Plastik Group factory in Solin.

“It was our privilege to host the Governors, to show them first-hand the complexity and importance of the sector in which we operate, and to share our experiences with them. We briefly introduced our guests to the company’s business operations, research and development activities, as well as our production facilities. The automotive industry greatly contributes to economic growth and the development of innovative technologies in the EU, but it is also extremely investment-intensive, so it was interesting to hear the thoughts of those most knowledgeable”, said the President of the Management Board of AD Plastik Group, Marinko Došen.

“It was a great pleasure for me to give my colleagues, Governors from the region, the opportunity to learn about the work of an export and innovative company like AD Plastik Group,” said the Governor of the Croatian National Bank, Boris Vujčić.

The unaudited financial statement of AD Plastik Group for the year 2023 was published, in which significantly better results were achieved than the year before. The Group’s operating revenue increased by 17.3 percent and amounted to EUR 129.22 million, while revenue in the EU and Serbian markets was 20.5 percent higher and its share in the Group’s total revenue has been growing, as planned, amounting to 88.3 percent.

The increase in customer orders due to the normalization of supply chains and procurement of semiconductors as well as the delivery of new vehicle models indicate the long-awaited start of the recovery of the automotive market. EBITDA amounted to EUR 7.72 million at the Group level and was significantly higher than the one achieved the year before, and the net loss of EUR 1.1 million is also a positive shift compared to the loss of EUR 9.7 million achieved the year before.

„After several years of uncertainty, we can finally say that there is a noticeable positive turn in the automotive market. Accordingly, the orders of our customers have been growing, and the production of new vehicle models is also starting. In the past year, we had 30 active projects, of which three have started, and we expect the start of serial production of another 18 projects in 2024. At the same time, our sales activities are maximally focused on better capacity utilization and sealing new deals. During 2023 we sealed new deals worth another EUR 112 million, which is a total of EUR 317 million of new sealed deals in the last two years. This is the path we will certainly continue to follow in the coming periods,“ said the President of AD Plastik Group’s Management Board, Marinko Došen.

The previously mentioned increase in customer orders had a positive impact on capacity utilization, and along with the normalization of energy source and material prices, a positive impact was also evident on the movement of margins and profitability, despite inflationary pressures. Along with the successful realization of increased customer demands, better capacity utilization, and cost efficiency, the company’s focus was mostly on the successful realization of development and industrialization activities.

The preparation of new projects, which marked the past year, required additional investments in specific equipment and temporary financing for the production of tools, which is why the indebtedness increased, as expected. However, the cycle of deleveraging usually begins with the start of serial production of new projects, which can be expected in the following periods. „The start of serial production of eighteen new projects is ahead of us, and we are fully focused on their successful implementation, which will have a positive impact on the company’s revenue and profitability in the coming periods. At the same time, we pay special attention to the research and development of new products with a higher level of complexity, in order to improve competitiveness, and our status as a reliable and quality partner. The new year has started with quiet dynamics, ambitiously and optimistically, and I believe that good preparation and foundations we have set are a prerequisite for further strengthening our position in the global market,“ said Došen

At the 15th Conference on Sustainable Development held in Zagreb, HRIO awards were awarded for the sixteenth time in a row, organized by the Croatian Business Council for Sustainable Development.

AD Plastik is this year’s winner of the HRIO award in the category of sustainable corporate governance.

I consider sustainable corporate governance extremely important, that is, fundamental for the development of the company’s sustainability as a whole, which is why this award is particularly important to us.

Only through sustainable governance can we contribute to the development of social and ecological aspects of sustainability and achieve their balance, to the satisfaction of all our stakeholders. In this way, we increase transparency, ethics, and responsibility, but above all, we maintain credibility and trust.

All our employees apply high principles of sustainability in their daily work and our success would not be possible without their dedication and effort. And I thank them very much for that.

Awards are always an additional incentive for us, and we believe that we contribute to the creation of positive changes in society and a better future with our example, said the President of the Management Board, Marinko Došen, when accepting the award.

The HRIO methodology evaluates the sustainability of the companies’ business operations in accordance with the latest European directives, global standards, and sustainable development goals, and awards are given to the most successful Croatian companies that apply socially responsible practices.

The challenges of structural and systematic business changes in times when we are faced with the consequences of the climate crisis, which have increasingly significant impacts on business processes, and the responsibilities that businessmen have in creating resilient and green communities, are one of the many topics of this year’s Conference on Sustainable Development.

The results of AD Plastik Group’s operations for the first nine months of 2023 have been published, which show the positive effects of further stabilization of supply chains and the supply of semiconductors in the automotive industry. The operating revenue of the Group was higher by 14.7 percent compared to the same period last year and amounted to EUR 94.97 million. The operating revenue of the parent company increased by 14.8 percent and amounted to EUR 70.06 million, while the Group’s revenue on the markets of the European Union and Serbia was higher even by 20.4 percent.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) at the Group level recorded a significant growth of 350.5 percent compared to the comparative period when the achieved EBITDA was normalized for the value adjustment of Russian companies’ assets. Thus, the Group’s EBITDA for the reporting period amounted to EUR 6.92 million. The net profit for the first nine months amounted to EUR 0.4 million, which is a significant improvement compared to the comparative period.

“In the observed period, our focus was primarily on high-quality preparation and industrialization of new projects, related to which serial production will begin at the end of this year and mostly during the next year. Since good preparation is already half the job, I believe that we will successfully start the serial production of the projects that are ahead of us, because it is one of our most important tasks at the moment. At the same time, our sales activities are directed towards new projects in the European market, with constant improvements and enhancements in our development activities,“ said Marinko Došen, President of the Management Board of AD Plastik Group.

Although we will certainly still have to wait for the figures in the car market to reach the pre-pandemic ones, positive trends, growth in demand for new cars, and consequently increased production, significantly facilitate business and planning. Better capacity utilization due to growth in orders, adjustment of sales prices, normalization of energy sources and material prices have had a positive effect also on the movement of margins and profitability of AD Plastik Group.

“Currently, 30 projects in Europe are active, of which we expect the start of serial production for three projects by the end of the year, and next year we expect the start of serial production for even 22 projects. Despite the very demanding circumstances and global uncertainties, the slight recovery of the market gives reason for optimism and is an additional motive for us to realize our long-term goals. In addition to the already recognized quality we offer, our mission is to strengthen our position as a development supplier in this part of Europe, and we have been working intensively on this,” – said Marinko Došen.

The Investment Conference and the Lider Invest Award Ceremony for the best production investments in Croatia were held in Zagreb, where the best small, medium, and large production investments were awarded.

AD Plastik was awarded for its special contribution, namely for the investment that contributed the most to export. The award was given by Miodrag Šajatović from Lider, and it was accepted by Katija Klepo, Relations with State Institutions and Funds Consultant of the Management Board.

One of the company’s strategic goals is the development and production of automotive components with added value, which the Ford project certainly is. This is one of the largest packages of exterior products, and its complexity is best illustrated by the fact that the production capacities of the factories in Solin and Zagreb have been engaged.

The Lider Invest project was created in 2016 to promote production investments that create new jobs, increase export, and create added value. In this way, a positive atmosphere is created for production companies that do not give up on investments, despite numerous challenges.

The Founding Assembly of the Global Compact Network of Croatia was held in the Croatian Employers’ Association. The founders of the Global Compact Network of Croatia association are: Croatian Employers’ Association, Fortenova grupa, AD Plastik d.d., Mazars Cinotti Audit d.o.o., Agrivi d.o.o., Ernst & Young d.o.o., Telemach Hrvatska d.o.o., Croatian Business Council for Sustainable Development, Spona Code d.o.o., Hrvatski telekom d.d., INA d.d., Cemex Croatia d.d., Dalekovod d.d., RIT Croatia, Hendal d.o.o.

At the meeting, the Charter of the Global Compact Network of Croatia was adopted, and a decision was made on the establishment and submission of an application for registration of the Association. The Management Committee in its current composition was also confirmed: AD Plastik d.d., Marinko Došen, President of the Management Board; Agrivi d.o.o., Matija Žulj, President of the Management Board; Fortenova grupa, Marina Burazer, Director for ESG and Marketing; Croatian Employers’ Association, Irena Weber, Director General; Mazars Cinotti Audit d.o.o., Vali Marszalek, ESG director for the Adria region; Saponia d.d., Marijana Sabljić, manager of the management system and sustainability team of Saponia.

The UN Global Compact’s local networks, which include Croatia, promote corporate sustainability at the national and regional level, helping companies to understand local opportunities, challenges, and expectations. Subsequently, the Management Committee of the UN Global Compact of Croatia was elected and given a mandate for further management and leadership of the network.

Global Compact Network of Croatia has been active since 2007 and today has 75 members from the business and non-business sectors. After 15 years of activity within other organizations, first UNDP, then HR BCSD, and finally 10 years within the Croatian Employers’ Association, the network met the conditions for independence and continuation of independent activity within the global network of the UN Global Compact. After completing the registration, the Management Committee of the Global Compact Network of Croatia will announce a competition for an executive director so that the association can start all activities from the beginning of 2024.

The UN Global Compact is the world’s largest initiative for sustainable development and corporate sustainability, with nearly 24,000 members in 167 countries and 62 local networks worldwide. As a special initiative of the Secretary-General of the United Nations, the UN Global Compact was given the mandate to guide and support the business community around the world in the progress and fulfillment of the Sustainable Development Goals and the 2030 Agenda. Member companies and signatories of this Global Agreement are obliged to operate in compliance with the Ten Principles of the UN Global Compact, which take into account the fundamental responsibilities of business in the field of human rights, labor, the environment, and the fight against corruption, and which are based on internationally accepted UN declarations and conventions, and thus act as a normative authority for responsible business. By incorporating the Ten Principles into strategies, policies, and procedures, and by establishing a culture of integrity, companies not only support their core responsibilities to people and the planet but also ensure long-term business success. Companies that respect the Principles of the UN Global Compact have a better position in the international business environment and the possibility of recognizing potential comparative advantages and developing their competitiveness.

The published results of AD Plastik Group’s business operations for the first six months of 2023 indicate slight positive effects of the stabilization of supply chains and the supply of semiconductors. The Group’s operating revenue amounted to EUR 66.04 million and was higher by 14.9 percent compared to the comparative period. The operating revenue of the parent company increased by 17.8 percent and amounted to EUR 49.59 million, while the Group’s revenue in the markets of the European Union and Serbia increased by 26.1 percent.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) at the Group level amounted to EUR 5.28 million and were higher by 114 percent, compared to the same period last year when the achieved EBITDA were normalized for the value adjustment of the assets of the Russian companies. The achieved net profit of the Group for the first six months amounted to EUR 1.27 million, while the net profit of the parent company amounted to EUR 2 million.

“The company’s sales activities are entirely focused on the European market, and new deals worth more than EUR 95 million were sealed in total in the observed period. Our focus is currently on quality preparation and industrialization of projects sealed in the last year and a half. The start of their serial production is planned for the most part during the next year, and our primary task is to ensure all the prerequisites for the smooth realization,“ said the President of the Management Board of AD Plastik Group, Marinko Došen.

Despite further uncertainties in the market, the positive effects of the normalization of supply chains and procurement of semiconductors, as well as the growth of customer orders are evident in the Group’s revenue. The drop in the prices of raw materials and energy sources compared to the comparative period, along with the adjustment of sales prices and better capacity utilization, had a positive impact on profitability and margin trends.

„Due to the geopolitical situation and further uncertainties in the market, there is no room for relaxation, so our commercial activities are focused on finding new projects and production capacity utilization in the following years. The growth of efficiency and profitability are our primary goals in this period, along with the improvement and constant advancement of our development capacities, with which we will adapt our product list to the requirements of car manufacturers and the new vehicles of the future,“ said Marinko Došen.