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INTEREUROPA, d.d., Koper

Session of the Supervisory Board of Intereuropa d.d.

 In accordance with the provisions of the Ljubljana Stock Exchange Rules (Ljubljanska borza d.d., Ljubljana) and the applicable legislation in force, the Company INTEREUROPA d.d., Koper is issuing this announcement:

Koper, 27 February 2012. In today’s session the Supervisory Board got informed on the operations of the Intereuropa Group in the year 2011.  In the reporting year the Group achieved sales revenue of EUR 211.9 million, which was 11% higher than last year and above the sales target. The Operating Profit or Loss of the Group came to EUR 6.8 million and exceeded the plan by 9 per cent. The Supervisory Board also received information on the course of negotiations with the creditor banks.

In the reporting year the Intereuropa Group generated EUR 211.9 million from the sales turnover and achieved an 11-% growth over the year 2010. All the three core business areas recorded growth over the preceding year: Logistics Solutions (20%), Intercontinental Transport (15%) and Land Transport (8%). The sales targets were surpassed in all the three areas of the Group’s core business, and the plan was outstripped by 11% in total.

With our efforts towards cost efficiency and optimization of operations, we have retained the position of the leading provider of comprehensive logistics services in Slovenia and the countries of former Yugoslavia, and we achieved a positive operating result for the first time after 2008. The Operating Profit came to EUR 6.8 million and exceeded the plan by 9 per cent.  The improvement in the operating result over the year 2010 is primarily attributable to higher volume of sales and lower depreciation expenses, costs of labour and of materials.  The share of Operating Profit in the sales revenue (EBIT margin) came to 3.2%, which was approximately on the planned level.

The Group achieved EUR 22.7 million as Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), which was 4% above the plan and 5% higher than last year.

Intereuropa closed the year with a negative net operating result at -7.6 million EUR.

The Managing Board presented the information on the course of negotiations with the creditor banks to the Supervisory Board. The banks extended to Intereuropa d.d. a grace period for the repayment of principal up to 30 September 2012. Creditor banks further expect that Intereuropa will continue with the disposal of real estate, of Intereuropa-East Ltd., Moscow and of other assets. In principle the banks expressed readiness for the conversion of a part of debt into equity. They also expect further support from shareholders: the latter ought to decrease the capital stock so that the nominal share value be reduced to 1 Euro, and adopt the resolution on capital increase by converting a part of the claims receivable by the banks into equity. It is not the intention of creditor banks to run the Company, but only to reschedule the liabilities for loans so that financial liabilities of Intereuropa d.d. be sustainable, and to assure a sale of the shares to a strategic investor at a later time. 

The Supervisory Board supports the Managing Board in negotiations with creditor banks and calls on the shareholders to support an evtl. debt to equity conversion. Once again, the Supervisory Board is appealing to major shareholders to express their position whether they are - alone or jointly with the banks - willing to increase the capital of Intereuropa d.d.

The Supervisory Board took note of the information that the litigation on the dividend distribution for the year 2008 was finally resolved. The Court approved /judged that the circumstances in the year 2009 were such as to justify the Resolution on no-dividend distribution.

The report will be available on the web site of INTEREUROPA d.d., at www.Intereuropa.si at least five years after the announcement date.

The Managing Board
Date: 27.02.2012