Intereuropa Group to fail the planned sales revenue

2013 will be a very demanding year for the Intereuropa Group; EU accession of Croatia to reduce the demand for customs services
 
In the last session, the Supervisory Board of Intereuropa d.d. (Koper/Slovenia) got acquainted with the performance of the Slovenian transport and logistic group in 2012. The Supervisory Board estimates that important goals were achieved in the reporting year, in particular the successful divestment of the logistics centre in Russia and the completion of financial restructuring on the Group level. Thereby, the conditions for long-term financial stability and operations of the Intereuropa Group has been fulfilled.
 
In 2012 Intereuropa Group achieved a sales revenue of EUR 188.4 million, and remained two percent behind the planned sales revenue. The sales result achieved was 11 percent lower than in the year 2011. The reason for the expected drop in the sales revenue lies mainly in the restructuring of subsidiaries; that process had a direct impact on lower sales revenue, however, it brought about an improvement in profitability. Comprised herein is the voluntary liquidation on the subsidiary Intereuropa Transport d.o.o., closing down of the subsidiary in Germany and the disposal of the subsidiary in France.
 
After lengthy negotiations with the creditor banks the Company successfully implemented the financial restructuring in 2012 and decreased the exposure of the Group to banks by EUR 80.2 million. Based on the resolutions of the General Meeting, the creditor banks converted a portion of debts into equity and thereby brought about significant change in the ownership structure of the Parent Company Intereuropa d.d., in which the banks prevail now. Following two-year negotiations, the Company sold the logistics centre in Russia in November 2012, which was the precondition for financial restructuring.
 
That very sale had a bearing on the annual financial statements of both the Parent and the Group. Due to recognition of that transaction the Group recorded an operating loss of EUR 7.2 million and a net loss of EUR 13.4 million. Excluding the transactions that are not directly related to the ordinary business, the Group would have achieved the operating profit at EUR 9.8 million.
 
The year 2013 will be a very demanding year for the Intereuropa Group. The adverse economic situation will be additionally aggravated by the expected EU accession of Croatia, which will reduce the demand for profitable customs services in both key markets for Intereuropa – Slovenia and Croatia. The Group has already addressed the new situation, adapting to it by a leaner organizational structure and intensified marketing.

Quelle: LogEastics

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