Financial results 2018

Date: 30.04.2019

Financial results 2018

VARVARESSOS S.A. turnover during 2018 reached 14,48 million EURO compared to 19,35 million EURO in 2017, decreased by 25% due to reduced production as a consequence of the fire that occurred on 06.01.2018 and lack of finance. At the same period, the company carried out investments of 2,4 million EURO by upgrading and expanding the production lines in the framework of its approved investment plan under the Investment Law 4399/2016, and concerns the fundamental change of its entire production process and the penetration into new innovative markets. The company’s exports came up to 11,66 million EURO which is 80,58% of the revenues. Losses before depreciation (EBITDA) have reached 1,39 million EURO contrary to losses 288 thousand EURO during the same period of 2017. Gross margin was negative at 473,28 thousand EURO vs. positive 802,24 thousand EURO of the previous year. Losses after taxes reached 3,59 million EURO compared to losses 2,27 million EURO in 2017.

The aforementioned statements are posted at the company’s website

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