Financial Results 2019
VARVARESSOS S.A. turnover in 2019 amounted to 10,73 million EURO compared to 14,48 million EURO in 2018, decreased by 25%, due to the financing delay of company's approved Business Plan (according to Greek Development Law 4399/2016) by the banks. The company's exports amounted to 10,08 million EURO (93,96% of total sales). The company's operating result (EBITDA) amounted to 3,32 million EURO compared to losses 1,40 million EURO in the corresponding same period of the previous year. Gross margin amounted to losses -1,76 million EURO compared to -473,28 thousand EURO during 2018. The company's result was formed in losses of 5.55 million Euros for 2019 compared to losses of 3.59 million Euros in the corresponding period of the previous year.
During 2019, the company increased its share capital by 1.407.497,40 EURO and the amount of 875.896,36 EURO was allocated to the company's approved Business Plan.
The company invested 2,4 million EURO, from shareholders' and company's funds and 25% of the approved subsidy of the Development Law for the fundamental change of its entire production process and the penetration into new innovative markets.
In October 2019, Banks (Piraeus Bank, National Bank of Greece and Alpha Bank) and Company singed a Memorandum of Understanding (MoU) 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.
According to the Independent Business Report (IBR) by GrantThornton, after the completion of the approved Business Plan and the restructuring of the existing loans, the company will be viable, with a long term financial stability, improved liquidity and profitability.
The aforementioned statements are posted at the company's website www.varvaressos.gr.
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