VIS: EBITDA reduced by 49.9% in the nine months

The results before taxes, financial, investment results and depreciation (EBITDA) of VIS SA amounted to losses of 769 thousand euros, compared to losses of 513 thousand euros, showing a decrease of 49.9% in the first nine months of 2021, significantly affected mainly by the large increases in the global paper market. At the same time, the results before taxes, financial and investment results (EBIT) amounted to losses of 1,524 thousand euros, compared to losses of 1,280 thousand euros, showing a decrease of 19%.

The company announcement in detail:

Following the letter with protocol number 2596 / 9.11.2021 of the Hellenic Capital Market Commission sent to the listed companies of the Athens Stock Exchange and in the context of informing the investing public in conjunction with the ongoing pandemic of Covid-19, the Societe Anonyme with the name “VIS Packaging Industry SA” notes the following regarding the formation of its fundamental financial figures during the third quarter of the current fiscal year 2021 and the general developments in its activity:

The results of the Company for the nine months of 2021, compared in parallel with the corresponding period of the previous year are summarized as follows:

a) The turnover amounted to 11,438 thousand euros, against 10,289 thousand euros, showing an increase of 11.2%.

b) The results before taxes, financial and investment results (EBIT) amounted to losses of 1,524 thousand euros, against losses of 1,280 thousand euros, showing a decrease of 19%.

c) The results before taxes, financial, investment results and depreciation (EBITDA) amounted to losses of 769 thousand euros, compared to losses of 513 thousand euros, showing a decrease of 49.9% significantly affected mainly by large increases in the global paper market.

The above, as well as the changes in the borrowing position, the capital structure and the other figures of the financial position that took place during the third quarter of the year 2021 are shown in the following tables:

The management of the Company monitors the developments from the beginning, follows the instructions of the competent state authorities taking the necessary measures, with the primary goal of the safety of its employees but also the continuation of business continuity by purchasing from suppliers, sales to customers and serving obligations. of.

All the necessary measures were taken in order to protect the employees and especially the vulnerable employees, without exercising the right to suspend employment contracts, despite the fact that the company’s KAD is included in the protected ones, as a result of which the operation is not interrupted. At the same time, the Management and the Sales Department have no physical contact with the productive potential of the company while the careful monitoring of the developments regarding the spread of the pandemic continues.

In particular, the Company has enacted precautionary measures in accordance with the rules and guidelines of the government and the WHO. Contributing to the collective effort to prevent the spread of COVID-19, a special protection policy was implemented which includes, among other things, restriction of business trips, continuous disinfection of offices and specific production areas and special guidance of the Company’s staff and associates for hygiene.

The main priority of the Company is to continue to meet the needs of its customers, always maintaining a high quality in its products, with the aim of course, the protection of its workforce and society as a whole.

However, the future results of the Company’s operations will depend on possible new decisions of the state authorities regarding the further response to the pandemic, the significant increase in the prices of paper prevailing in the world market, the increase of the transport costs and the phenomenon of the energy crisis. and therefore, the potential economic impact of the above factors cannot be reliably assessed at this stage. In any case, the management of the company monitors the developments and remains optimistic for the continuation of the positive course of its turnover, without excluding the adverse effects in case of continuous deterioration of the above factors.