Thrace Plastics Group posted an increase in turnover and earnings during the first half of the current financial year compared to the same period of 2015.
The purpose of the current release is to present the Group’s financial results for the first half of the current financial year 2016 and to highlight the basic factors that contributed to such.
Thrace Plastics Group posted an increase in Turnover and Earnings during the first half of the current financial year compared to the same period of 2015.
The basic characteristics of the Group’s performance during the period are presented in synopsis below:
- Increase in sales volume of the Group due to the higher sales volume of the Technical Fabrics unit in the European as well as the Americas market.
- Decrease in raw material prices
- Further reduction of fixed production expenditures
- Improvement of product mix in both sectors of the Group’s activities (Technical Fabrics and Packaging)
- Positive effect of the exchange rate Euro/GBP in the valuation of loans and deposits in foreign currency of the Group’s subsidiaries, which have the British Pound as their denomination currency
The Net Bank Debt of the Group amounted to € 58.8 million on 30.06.2016 compared to € 42.4 on 31.12.2015. The higher level was due to the financing of a large part of the Group’s investment plan for the period 2015 – 2016, amounting to € 32 million through leasing and bank debt. The “Net Bank Debt to Equity” ratio settled at 0.5x remaining at relatively low levels.
With regard to the course of Group’s results during the second half of 2016, it is noted that in the third quarter the upward trend of the two previous quarters in terms of turnover and profitability continues.On the other hand it is a fact that instability and uncertainty continue to remain as factors in the second half of 2016 as well. Despite the above, the Group by continuing the implementation of its investment plan has created the conditions to further strengthen its position versus the competition, as well as to achieve additional growth and profit margin improvement.