Mevaco: Leap 519% turnover in the third quarter, to € 819.26 thousand EBITDA

Mevaco’s turnover jumped 519% for the third quarter of 2021 and amounted to 7,191.74 thousand euros, while profits before taxes, financial, investment results and depreciation (EBITDA) amounted to profits of 819.26 thousand Euros against losses in the corresponding period last year, as announced today in response to a letter from the Hellenic Capital Market Commission to all listed companies regarding any consequences and effects on the one hand of the energy crisis and on the other hand of the spread of Covid-19.

In detail, Mevaco notes the following regarding the formation of its fundamental financial figures during the third quarter of the current fiscal year 2021 (compared to the corresponding figures of the previous year) and the general developments in its activity, but also in its prospects .

In particular (the following amounts are quoted in thousands of Euros):

(a) O turnover of the Company for the third quarter of the year 2021 amounted to 7,191.74 thousand Euros against 1,160.98 thousand Euros, presenting a percentage increase of 519% compared to its figures of 30.9.2020. On a cumulative basis (1.1-30.9) the turnover amounted to 17,058.21 thousand Euros against 6,046.94 thousand Euros, presenting a percentage increase of 182%.

(b) The Earnings before taxes, financial and investment results (EBIT) for the third quarter of the fiscal year 2021 amounted to profits of 643.27 thousand Euros, against losses of 219.12 thousand Euros, in relation to the third quarter of the fiscal year 2020. On a cumulative basis (1.1-30.9) the profits before taxes , financial and investment results (EBIT) amounted to profits of 1,533.72 thousand Euros, against losses of 213.65 thousand Euros.

(c) The Earnings before taxes, financial, investment results and depreciation (EBITDA) for the third quarter of the fiscal year 2021 amounted to profits of 819.26 thousand Euros against losses of 37.94 thousand Euros, during the corresponding period of the previous year. On a cumulative basis (1.1-30.9) the profits before taxes, financial and investment results (EBITDA) amounted to profits of 2,074.00 thousand Euros, against profits of 329.70 thousand Euros, showing an increase of 529%.

(d) The total liabilities of the Company on 30.09.2021 showed an increase and amounted to 13,874.62 thousand Euros, and equity amounted to 23,392.72 thousand Euros, while respectively on 30.9.2020 the total liabilities of the Company amounted to 9,345.85 thousand Euros and equity amounted to 22,485.79 thousand Euros.

(e) From the total of the reported total liabilities of the Company, the loan liabilities on 30.9.2021 amounted to 5,495.94 thousand Euros, while respectively on 30.9.2020, its loan liabilities amounted to 5,238.35 thousand Euros.

(f) The Company’s cash and cash equivalents on 30.9.2021 amounted to 5,187.21 thousand Euros, while respectively on 30.9.2020 they had amounted to 2,397.58 thousand Euros.

(g) The significant changes in the size of the financial position for the third quarter of 2021 (change 1.7 – 30.9 2021), are summarized as follows:
• The total liabilities of the Company during the third quarter of 2021 increased by an amount of 554.15 thousand Euros. This change is mainly due to the increase in short-term bank lending, in order to support the significant increase in turnover.

• The total Assets of the Company during the third quarter of 2021 increased by 983.88 thousand Euros and is mainly due to the increase of Cash and Cash by 3,021.34 thousand Euros and the decrease of other current assets by 1,980.05 thousand Euro (reduction of inventories and reduction of receivables)

All the above, as well as the changes in the loan position, the capital structure and the other figures of the financial position that took place during the third quarter of the year 2021 and comparatively for the corresponding period of 2020 (as well as on a cumulative basis of 9 months and for the 2 periods) are shown, for reasons of easier mapping in the following tables (amounts in thousand Euros):

It follows from the above that the Company ‘s activity and its fundamental financial figures were not affected in any way by the consequences of the energy crisis, as well as by the consequences of the spread of Covid -19.

On the contrary, the Company, capitalizing on its know-how, its organizational structures, its adaptability but also the extroversion that it has systematically developed and cultivated during the last years, managed to achieve a significant increase in its turnover, which had a direct and very positive effect on all its fundamental financial figures.

Based on the data in force at the time of writing and to the extent that it can be predicted, given that the fourth wave of the pandemic is in full swing, without the possibility of a new wave of unknown duration and intensity being ruled out, The Management of the Company, estimates that thanks to the measures and actions that have been taken and are implemented systematically and in particular the faithful observance of the protocols and procedures of health safety (according to the current regulatory framework and the relevant guidelines) there is no substantial uncertainty. the continuation of the activity, the productive operation, the sales and the supply chain of the Company, as the competitive production base, its perfect facilities and infrastructures, the strong operational performance and the assurance of the necessary liquidity and the satisfactory / sufficient cash, in combined with the amount of orders to be executed based on its wider contractual object (inside and outside Greece) are its significant competitive advantages, which allow the Company to properly meet the timely and adequate fulfillment of its obligations and to reduce the adverse consequences to the least possible degree.

Regarding the effects of the energy crisis and given that any increase in energy costs does not significantly affect the Company ‘s activity, the effects of this crisis in relation to the Company are limited to the negative consequences in the transport and supply sectors (shortages in basic categories of raw materials, increases in the prices of raw materials, increases in transport costs), for the treatment of which the commercial policy of the Company is adjusted accordingly so that most of this risk is passed on.

In any case, the Company with a high sense of responsibility towards its employees, customers, suppliers, partners and investors closely monitors all developments related to both the energy and the health crisis, while at the same time studying in a systematic on the basis of all the risk factors as they change, which affect its financial position, activities and results, with the aim of taking immediate, where necessary, all necessary measures to ensure its smooth production operation and its smooth business continuity; and maintaining its positive performance.