The consolidated sales of the MIG Group increased by 18.7%, amounting to € 359.8 million in 2021 compared to € 303.2 million in 2020.
The Group’s consolidated EBITDA amounted to € 39.3 million in 2021 compared to € 36.2 million in 2020 despite the appreciation of the oil price in the transport sector.
According to the results announced by the Group, its losses after taxes and non-controlling participations amounted to € 22.9 million, when in 2020 it presented larger losses of € 85.7 million.
According to the Group, the restructuring of the bank’s bank lending was completed by extending the repayment period and at the same time reducing the borrowing obligations of the Group and the company.
Regarding the course of the companies of the MIG Group, the following are pointed out:
MIG
The Company within 2021 completed the sale of its subsidiaries VIVARTIA and SINGULAR LOGIC. From the product of the sale of the above subsidiaries, it proceeded to a partial repayment of its loan obligations, with the result that its bank lending on 31/12/2021 amounts to € 419.1 million against € 548.9 million in 2020.
In December 2021 the Board of Directors of the Company decided the shareholder restructuring of the indirect participation in the subsidiary RKB, by acquiring the percentage (16.9%) held by the minority shareholder in exchange which consists of three properties owned by RKB totaling 20 , 5 cm. The above decision was approved by the AGM. of MIG Shareholders on 17/01/2022.
At the individual level, the policy of limiting operating expenses continued, which amounted to € 5.7 million compared to € 6.9 million in the corresponding period of 2020, recording a decrease of 17%. The Company’s results amounted to losses of € 27.5 million compared to losses of € 297.6 million in 2020. The results of 2020 have included the negative impression from the valuation of subsidiaries that were sold in 2021.
ATTICA Group
Sales amounted to € 347.9 million compared to € 290.4 million in 2020, EBITDA profits amounted to € 42.0 million, compared to € 40.4 million in 2020 and losses after taxes to € 13 , 2 million against losses of € 49.4 million in 2020. Turnover was affected for the second consecutive year by the COVID-19 coronavirus pandemic and the consequent restrictions on the movement of passengers and vehicles, as well as the imposition of a reduced passenger transport protocol on ships. The transport project of 2021 lags behind the pre-COVID-19 period, and especially in relation to the fiscal year 2019, however, despite the restrictions on passenger traffic, especially during the first four months of 2021 and the delayed restart of tourist traffic, increased compared to that of the year 2020 and marks the gradual return to normalization of the group’s operations. The above performance was achieved despite the significant increase in fuel prices, at a rate of over 32% compared to the year 2020, resulting in the burden of operating costs of the group by € 31.8 million.
The hedging transactions of part of the risk of change in the price of fuel carried out within the framework of the applied policy of the company, contributed to the reduction of the consolidated losses of the group in relation to the year 2020. The cash of the ATTICA group amounted to € 97.4 million. against € 80.5 million on 31/12/2020. The tangible fixed assets of the ATTICA group amounted to € 673.8 million compared to € 678.7 million on 31/12/2020, and mainly concern the privately owned vessels of the group. During the two months January – February 2022, the transport project of the ATTICA group increased in all revenue categories. In particular, there was an increase of 155% in passengers, 93% in cars. vehicles and 16% in trucks, compared to the corresponding period of 2021. The above data, in combination with the increase of the group’s transport project in 2021 compared to the fiscal year 2020, confirm the estimate that the work is gradually normalizing. of the ATTICA group at the pre- COVID – 19 levels.
The gradual de-escalation of the pandemic, as well as the lifting of restrictions on passenger transport protocols on ships from 12/03/2022, are factors that will make a decisive contribution to the normalization of the work of the ATTICA group. Nevertheless, the Russian invasion of Ukraine in February 2022, as a result of which the already increased prices of marine fuels increased to unprecedented levels, creates new data in the shipping industry. In particular, the average price of marine fuel in 2021 increased by 32.4% compared to the year 2020, while the average price of fuel in February this year increased further by 28% compared to December 2021. The trend for further The increase in prices was maintained during the month of March 2022. The management of the ATTICA group has taken a series of actions such as, adjustment of pricing policy to the new conditions, optimization of ship routes, reduction of speeds, as well as hedging operations from the price fluctuation of fuel for part of the amount of fuel consumed in order to deal with the effects.
RKB
The company’s sales despite the difficult financial environment amounted to € 6.8 million compared to € 6.6 million in 2020 and EBITDA amounted to a profit of € 2.8 million compared to profits of € 2.6 million in the corresponding period. 2020 showing an increase of 3.6% and 9.4% respectively.
In December 2021, the creditor bank approved the regulation of RKB’s loan obligation, the basic terms of which include the extension of the repayment period of the total loan obligation, the reduction of financial costs and the partial write-off of default interest.
In 2022, the company’s strategy focuses on the following actions: a) completion of the restructuring of bank lending, b) rational management of the company’s shopping centers throughout Serbia with the aim of selectively selling some properties that do not have satisfactory commercial results, strengthening the cash flow and further reducing loan liabilities, c) enhancing the company’s liquidity by increasing the speed of receivables d) increasing new leases and renewing old leases on more favorable terms for the company, e) completing equity restructuring of the percentage held by the minority shareholder from MIG REAL ESTATE SERBIA (100% subsidiary of MIG).
Source: Capital
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