New loans of 16 million euros from Elbisco

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A new Joint Bond Loan agreement, from ALPHA BANK and Piraeus Bank, amounting to 5 million euros with a Euribor interest rate plus a margin of 4 points, was concluded at the end of 2020 by Elbisco. In addition, the company received, with the guarantee of the Business Guarantee Fund covid-19 (EAT), bond loans from ALPHA 4 million euros with an interest rate of 2.85%, from ATTICA BANK 1 million euros with an interest rate of 3.7% , from the National Bank 4 million euros with an interest rate of 3.25% and from Piraeus Bank 2 million euros with an interest rate of 2.90%.

The interest group of the Filippou family, which apart from Greece has a productive presence in Northern Macedonia and 11.5% of its turnover comes from abroad, showed consolidated sales of 122.086 million euros last year from 116.375 million euros in 2019 (+ 4.91%) and gross profit margin 38.8% from 35.37%.

This increase comes mainly from the parent company which in 2020 had a significant improvement in its gross margin due to a significant increase in its sales in items with a large profit margin.

EBITDA increased by 33.95% to 10.895 million euros, profit before taxes amounted to losses of 98 thousand euros against losses of 2.201 million euros and consolidated operating cash flows were 1.599 million euros.

In the field of exports, the Company already has a presence in 28 markets, with sales representing 11.5% of the total turnover in the categories of biscuits, savory crackers and toast. As for the subsidiary Zito Luks AD last year it presented profits of 70,000 euros while its sales showed a marginal decrease of 1.21%.

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Source From: Capital

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