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INI-134/24

INTEREUROPA, d.d., Koper

Successful business operation of the Intereuropa Group in 2023, achieving a net profit of EUR 7.3 million

Pursuant to the provisions of the Rules of the Ljubljana Stock Exchange and applicable legislation, INTEREUROPA, d.d., Koper hereby publishes the following announcement:

Koper, 13 March 2024. At today’s session, the Supervisory Board was briefed on the information regarding the business results of the Intereuropa Group and Intereuropa, d.d. in 2023. According to unaudited data, the Intereuropa Group managed, despite increased uncertainty in the international environment, to provide uninterrupted logistics support to customers throughout the supply chain in 2023, generating sales revenue of EUR 188.5 million and a net profit of EUR 7.3 million, an increase of 42% compared to the previous financial year. In 2023, while successfully managing its operating costs, the Group generated its highest operating cash flow (EBITDA) in twelve years, amounting to EUR 15.8 million. There were also major positive developments in changes in net debt, which at the end of 2023 stood at EUR 27.5 million, or 1.7 times EBITDA.

The year 2023 was challenging due to lower economic growth, reduced trade volumes between the EU and the rest of Europe, high inflation, weak demand and the conflicts in Ukraine and the Middle East, which have had a significant impact on logistics flows. Despite the uncertain economic and political situation in the international environment, the Intereuropa Group generated sales revenue of EUR 188.5 million last year, down 6% compared to 2022, based on unaudited figures. The decline in revenue was significantly impacted by considerably lower prices for sea and air freight and lower demand for road transport.

In 2023, the Intereuropa Group generated its highest operating cash flow (EBITDA) in the last twelve years. The generated EBITDA of EUR 15.8 million is 5% higher than in the comparable year 2022. Operating profit (EBIT) amounted to EUR 11.1 million in 2023, an increase of 35% relative to 2022. According to unaudited figures, the Intereuropa Group ended the financial year 2023 with a net profit of EUR 7.3 million, which exceeds the net profit for 2022 by 42%.

The Group, which has been highly indebted in the past, significantly reduced its indebtedness in 2023. Its net debt amounted to EUR 27.5 million at the end of 2023, a decrease of EUR 15.0 million or 38% relative to the end of the previous financial year. The decrease in net debt was mainly driven by a reduction in long-term financial liabilities due to early debt repayments.

In accordance with its strategic policies, the Intereuropa Group focuses on the development and specialisation of logistics products, the strengthening of its own business network on existing markets, and on the optimisation of business processes and the exploitation of the synergistic effects of the coordinated operations of Group companies. Based on the guidelines set, the Group will therefore continue to carry out enhanced marketing activities and provide a comprehensive range of logistics services in 2024 through a network of twelve subsidiaries in nine countries in South-Eastern Europe and Ukraine.

 

This announcement will be published on SEOnet and on the Intereuropa website at www.intereuropa.net for a minimum of five (5) years from the date of initial publication.

Management Board
Date: 13.03.2024