Financial stability preserved
The consequences of the crisis caused by the COVID-19 virus pandemic are also reflected in the published business results of the AD Plastik Group for the first six months of 2020. Thus, the operating revenue of the Group amounted to HRK 548.78 million and were lower by 23.1 percent compared to the same period last year.
Group’s EBITDA amounted to HRK 75.46 million, being lower by 27 percent, while in the parent company its growth of 4.9 percent was realized, which was largely influenced by the sales of non-operating assets and use of government incentives. Despite the circumstances, Group generated a net profit in the amount of HRK 17.31 million, which was by 69.6 percent less compared to the same period last year.
“Despite the very challenging circumstances, we have shown a high level of knowledge, quality and reliability also in these demanding times without compromising at any moment the delivery and production processes of our customers. Brand new and unexpected challenges that we have faced, caught us after the business year in which we achieved the best business results in history, which greatly eased the situation for us. We have adapted our ambitious plans and goals to the circumstances and taken all necessary measures and activities to ensure a high level of safety for our employees, sustainable business and financial stability of the Company. We have adjusted the investment plan, rationalized costs and taken all measures in order to maintain the best possible liquidity,“ said Marinko Došen, President of the Management Board of AD Plastik.
Net financial debt was significantly reduced compared to the end of the previous year, which was mostly influenced by the sales of non-operating assets, as well as the inflow from the part of tools. The NFD/EBITDA ratio was also more favorable, amounting to 2.13 at the Group level.
“The good news is that in the first six months we sealed new deals worth EUR 92.5 million for the future period, which confirms that our customers have continued with their activities and plans. A demanding year lies ahead of us that requires complete focus, determination and perseverance and sudden external influences that have temporarily slowed us down in our development plans certainly won’t stop us,“ said Marinko Došen.