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- Forum actieveling
- Berichten: 322
- Lid geworden op: 03 Nov 2015 23:35
- waarderingen: 92
"I think the results for the financial year 2017 are disappointing, especially considering the fact that the Greek economy is doing better, as I was told. The consolidated sales have remained stable. MIG still lost a lot of money last year. Is there any chance of making benefits this and the following years? How will you ever be able to pay the enormous amount of debt? Is the future of the company in danger?"
heb ik het volgende antwoord gekregen:
"Greek economy’s financial indicators are showing signs of improvement but on medium to long term level. On short term level, consumption and disposable income continue to decline due to the austerity measures, resulting to challenging market conditions within the Greek borders.
That said, core subsidiaries managed to retain their leading positions in the Greek market, despite the very competitive environment within they operate.
In regard with EBITDA results, the main issues derived from : a) the increased price of fuel costs that had a negative impact of €22m euro in ATTICA Group PnL and b) SingularLogic due to the delays in the implementation of significant IT projects by the public and private sector.
Bottom line profitability is affected negatively by interest expenses due to the high level of debt. On that front, we are under negotiation with our Lenders to restructure parent and subsidiaries debt with beneficial terms (i.e. significant decrease of financial cost and maturity extensions), in order to provide stable conditions for growth and improve our operational performance.
Within 2017 we managed to restructure the debt of the parent company (Jul’17) and Hygeia’s Group at the end of the year and within 2018 we are expecting to successfully complete the restructuring for Vivartia Group and SingularLogic Group debt. The positive outcome will significantly improve MIG Group figures by further decreasing financial cost.
Additionally, we are implementing cost cutting initiatives within all business units without affecting product or service quality in order to increase operational efficiency and productivity.