In H1 the company observed flat sales, increase in EBITDA of 3% YoY and an increase in net profit of 14%.

As Intereuropa published their H1 2019 report, we are bringing you key takes from it. According to the report, the company observed flat sales of EUR 80.5m, however 5% lower than planned. The lower result compared to the planned one came primarily as a result of a drop in planned one-off transactions in the air freight, railway, road and domestic transport segments. Sales revenue was only up relative to the same period last year in the logistics solutions segment. When observing sales by segment, land transport makes up for 52%, followed by intercontinental transport which makes up for 27%. When observing the sales by market, Slovenia together generated 69% of the Group’s sales revenue and recorded a 1% increase in sales.

Intereuropa Sales (H1 2019 vs H1 2018) (EUR m)

When observing EBITDA, it amounted to EUR 7.1m, representing an increase of 3% YoY and 7% increase than planned. The mentioned increase in EBITDA was the repayment of operating receivables based on a court-brokered settlement. Those receivables were several years old and were impaired in full in the past.

Labour costs were up by 1% YoY (EUR 14.2m), primarily due to growth in average labour costs per employee. The costs of goods, materials and services were also slightly up by 0.8% (EUR 58.9m), primarily on account of higher energy prices and costs of services, the latter for the most part due to higher costs of hired labour and maintenance.

Moving further down the P&L, EBIT amounted to EUR 3.78m, representing an increase of 2.5% YoY.

The loss from financing activities amounted to EUR -0.44m which was better than last year’s result (EUR -0.91m) and better than planned on account of finance income from a court-brokered settlement and lower interest expense on loans received.

In H1, Intereuropa recorded a net profit of EUR 3.08m, representing an increase of 14% YoY and a 25% increase compared to the company’s plan.

Intereuropa EBITDA & Net Profit (H1 2019 vs H1 2018) (EUR m)

Note that for FY 2019, Intereuropa is targeting sales of EUR 169.5m, EBITDA of 14.2m and an operating profit of EUR 7.6m.

In H1 the company recorded flat operating revenues, EBITDA of RSD 922.5m and a net profit of RSD 162m.

Sojaprotein, the largest soybean processing factory in Serbia, published their H1 2019 report. According to it, the company recorded revenues of RSD 6.57bn, which represents no change compared to the same period last year. Of the operating revenues, around 73% were made in the foreign market.

Operating expenses in H1 decreased by 14% YoY, amounting to RSD 5.96bn. The mentioned decrease mostly came as a result of lower material costs (by RSD 600m). As a result of the lower operating expenses, the company managed to turn a negative EBITDA from H1 2018 to a positive one, amounting to RSD 922.5m.

Going further down the P&L, the company recorded EBIT of RSD 620.4m, which represents an increase by RSD 923.1m.

 In H1, Sojaprotein recorded a net profit of RSD 162m, which is significantly higher than the net loss in H1 2018 of RSD 684.6m.

In H1 the company observed an increase in sales of 7.4% YoY, increase in EBITDA of 13.2% and an increase in net profit of 7.8%.

As Sopharma Group published their H1 2019 report, we are bringing you key takes from it. According to the report, the company recorded sales increase of 7% YoY amounting to BGN 611.9m. Sales of goods increased by 8%, reaching BGN 484.4m. Sales of finished products increased by 5%, to BGN 127.5m. The contribution of sales in Bulgaria to the sales revenue in H1 2019 amounted to 66%, increasing by 8% YoY, while the contribution in Europe amounts to 33% of total sales revenues for H1 2019 and increase of 6%.

Of the total sales by product, Tablets make up for 48%, followed by Ampoules which make up for 19%. Syrups follow with 8%.

Operating expenses increased by 8% to BGN 589.9m in H1 2019. The mentioned increase came as a result of an increase in sales and, respectively, to the carrying amount of goods sold by the group, increase in expenses for personnel, amortization and change in production stocks and work in progress.

In H1, EBITDA increased by 13.2%, amounting to BGN 49.4. The main reason for its increase is the introduction of IFRS 16 Leasing, as the effect is the accrued depreciation of assets of the right of use in the amount of BGN 5.4m. EBIT amounted to BGN 28.1m, representing an increase of 3.6% YoY.

Net profit increased by 7.8% to BGN 24.2m. The mentioned increase occurred mainly due to profit from associates and joint ventures, amounting to BGN 1.9m.