Financial results for the 6-month period of 2019

Date: 30.09.2019

Financial results for the 6-month period of 2019

VARVARESSOS S.A. turnover during the 6-month period of 2019 reached 6,1 million EURO contrary to 8,4 million EURO in the same period of 2018, decreased by 27% due to the financing delay of the company’s approved Business Plan (according to Greek Development Law 4399/2016) by the banks. Until 30.06.2019, the company invested 3,4 million EURO with 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. The company’s exports came up to 5,65 million EURO (92% of the total revenues). Losses before depreciation (EBITDA) have reached 1,83 million EURO contrary to losses 38,94 thousand EURO during the same period of 2018.

The aforementioned statements are posted at the company’s website

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