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Crete Plastics S.A.
Earnings Release • Apr 30, 2025
2757_rns_2025-04-30_8efd3a3d-4675-4a8a-bc2a-b383a336a1b5.pdf
Earnings Release
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ANNOUNCEMENT ON THE COMMENTARY OF THE ANNUAL FINANCIAL RESULTS FOR THE FISCAL YEAR 2024
Group and Company Performance in the Year 2024
Turnover
| ANNOUNCEMENT ON THE COMMENTARY OF THE ANNUAL FINANCIAL | RESULTS FOR THE FISCAL YEAR 2024 | |||
|---|---|---|---|---|
| PLASTIKA KRITIS S.A. announces the key financial figures for the fiscal year 2024, in accordance with Decision No. 25/15.4.2024 of the Steering Committee of Stock Exchange Markets of the Athens Stock Exchange: |
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| Group and Company Performance in the Year 2024 The table below presents the Group's performance for the 2024 fiscal year: |
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| Turnover | ||||
| (Amounts in thousand Euros) | ||||
| Company | Country | Sales 31.12.2024 |
Sales 31.12.2023 |
Δ% |
| PLASTIKA KRITIS S.A. | Greece | 185.920 | 184.381 | 0,8% |
| SHANGHAI HITEC PLASTICS CO | China | 61.073 | 63.770 | -4,2% |
| ANHUI HITEC PLASTICS CO LTD | China | 10.848 | 6.307 | 72,0% |
| Romania | 37.882 | 37.071 | 2,2% | |
| ROMCOLOR 2000 S.A. | 38.033 | 33.658 | 13,0% | |
| AGRIPOLYANE S.A.S.U. | France | 32.240 | 4,4% | |
| GLOBAL COLORS POLSCA S.A. | Poland | 33.652 | ||
| SENKROMA A.S. | Turkey | 18.903 | 13.366 | 41,4% |
| GLOBAL COLORS LLC | Russia | 27.007 | 28.139 | -4,0% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 862 | 701 | 23,0% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | 652 | 667 | -2,3% |
The increase in turnover mainly comes from the Group's subsidiaries Anhui Hitec, Agripolyane, and Senkroma. For Anhui Hitec and Agripolyane, the growth is primarily due to an increase in sales volume, while for Senkroma it is due to a combination of increased sales volume and sales prices, as a result of inflation.
Earnings before taxes, financial, investment results and total depreciation (EBITDA)
| Earnings before taxes, financial, investment results and total depreciation (EBITDA) |
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|---|---|---|---|---|
| (Amounts in thousand Euros) | ||||
| EBITDA | EBITDA | |||
| Company | Country | 31.12.2024 | 31.12.2023 | Δ% |
| PLASTIKA KRITIS S.A. | Greece | 34.743 | 33.967 | 2,3% |
| SHANGHAI HITEC PLASTICS CO | China | 10.049 | 9.577 | 4,9% |
| ANHUI HITEC PLASTICS CO LTD | China | 2.122 | 2.578 | -17,7% |
| ROMCOLOR 2000 S.A. | Romania | 4.473 | 4.786 | -6,6% |
| AGRIPOLYANE S.A.S.U. | France | 2.503 | 115 | 2074,8% |
| GLOBAL COLORS POLSCA S.A. | Poland | 4.099 | 3.270 | 25,3% |
| SENKROMA A.S. | Turkey | 2.773 | 2.281 | 21,6% |
| Russia | 4.518 | 5.199 | -13,1% | |
| GLOBAL COLORS LLC | 802 | 655 | 22,4% | |
| 583 | -9,5% | |||
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | |||
| RAINBOW TECHNOLOGIES LTD | Cyprus | 528 | ||
| GROUP TOTAL | 66.750 | 62.828 | 6,2% |
Earnings before taxes, financial and investment results (EBIT)
| GLOBAL COLORS POLSCA S.A. SENKROMA A.S. Turkey 2.773 2.281 21,6% GLOBAL COLORS LLC Russia 4.518 5.199 -13,1% FOTOVOLTAIKA TRAGANOU S.A. Greece 802 655 22,4% RAINBOW TECHNOLOGIES LTD Cyprus 528 583 -9,5% The EBITDA of the parent Company increased by 2.3% (from €34.0 million to €34.7 million), while the Group's consolidated EBITDA increased by 6.2% (from €62.8 million to €66.8 million). This increase is attributed to the turnover growth, with the EBITDA margin of the Group and the Company (EBITDA/turnover) standing at 17.3% and 18.7% respectively, compared to 16.9% and 18.4% in the corresponding period of 2023. Earnings before taxes, financial and investment results (EBIT) (Amounts in thousand Euros) |
Poland | 4.099 | 3.270 | 25,3% | |
|---|---|---|---|---|---|
| Company | Country | EBIT 31.12.2024 |
EBIT 31.12.2023 |
Δ% | |
| PLASTIKA KRITIS S.A. Greece 30.465 29.112 4,6% |
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| SHANGHAI HITEC PLASTICS CO China 8.767 8.468 3,5% |
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| ANHUI HITEC PLASTICS CO LTD China 1.186 1.791 -33,8% |
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| ROMCOLOR 2000 S.A. Romania 3.843 4.165 -7,7% |
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| AGRIPOLYANE S.A.S.U. France 1.107 -694 259,7% |
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| GLOBAL COLORS POLSCA S.A. Poland 3.510 2.710 29,5% |
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| SENKROMA A.S. Turkey 2.575 2.139 20,4% |
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| GLOBAL COLORS LLC Russia 4.211 4.911 -14,2% |
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| FOTOVOLTAIKA TRAGANOU S.A. Greece 461 340 35,4% |
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| RAINBOW TECHNOLOGIES LTD Cyprus 528 583 -9,5% |
This increase for the Group is mainly due to the turnover growth, with the EBIT margin of the Group and the Company (EBIT/turnover) standing at 14.8% and 16.4% respectively, compared to 14.4% and 15.8% in the corresponding period of 2023.
Net Profit for the Year
| Net Profit for the Year | ||||
|---|---|---|---|---|
| (Amounts in thousand Euros) | ||||
| Net profit | Net Profit | |||
| Company | Country | 31.12.2024 | 31.12.2023 | Δ% |
| PLASTIKA KRITIS S.A. | Greece | 31.668 | 28.971 | 9,3% |
| China | 6.754 | 6.819 | -1,0% | |
| 873 | 1.173 | -25,6% | ||
| SHANGHAI HITEC PLASTICS CO | -6,9% | |||
| ANHUI HITEC PLASTICS CO LTD | China | |||
| ROMCOLOR 2000 S.A. | Romania | 3.607 | 3.872 | |
| AGRIPOLYANE S.A.S.U. | France | 411 | -876 | 146,9% |
| GLOBAL COLORS POLSCA S.A. | Poland | 2.673 | 2.324 | 15,0% |
| SENKROMA A.S. | Turkey | -1.107 | -351 | -215,5% |
| GLOBAL COLORS LLC | Russia | 3.414 | 3.813 | -10,5% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 146 | 255 | -42,6% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | 194 | 453 | -57,2% |
| GROUP TOTAL | 43.584 | 42.484 | 2,6% |
The increase in the Company's after-tax profits is mainly due to higher revenues from financial investments and income from participations.
The net profits of the Turkish subsidiary were affected by a loss in net monetary position based on IAS 29 requirements by € -4.2 million (2023: € -2.9 million). Excluding this impact, the net profits for 2024 of the subsidiary amounted to €2.026 thousand (2023: €1.789 thousand), showing an increase of 13.3%.
Working Capital
(Amounts in thousand Euros)
| Company | Country | Working capital | Working capital | Δ% |
|---|---|---|---|---|
| 31.12.2024 | 31.12.2023 | |||
| PLASTIKA KRITIS S.A. | Greece | 185.211 | 165.656 | 11,8% |
| SHANGHAI HITEC PLASTICS CO | China | 35.188 | 28.462 | 23,6% |
| ANHUI HITEC PLASTICS CO LTD | China | 4.350 | 2.542 | 71,2% |
| ROMCOLOR 2000 S.A. | Romania | 23.479 | 24.019 | -2,2% |
| AGRIPOLYANE S.A.S.U. | France | 3.134 | 3.052 | 2,7% |
| GLOBAL COLORS POLSCA S.A. | Poland | 14.922 | 12.809 | 16,5% |
| SENKROMA A.S. | Turkey | 8.927 | 6.454 | 38,3% |
| GLOBAL COLORS LLC | Russia | 14.125 | 12.504 | 13,0% |
| FOTOVOLTAIKA TRAGANOU S.A. | Greece | 166 | 546 | -69,6% |
| RAINBOW TECHNOLOGIES LTD | Cyprus | 180 | 461 | -61,0% |
| GROUP TOTAL | 294.692 | 261.645 | 12,6% |
The working capital of the parent Company increased by 11.8% (from €165.7 million to €185.2 million), while that of the Group increased by 12.6% (from €261.6 million to €294.7 million).
The subsidiaries PLASTIKA KRITIS FAR EAST LTD and ETEPLA S.A. did not show any significant change and, due to their small size within the Group, are not included in the above analysis.
Liquidity Ratios
| Liquidity Ratios | |||||
|---|---|---|---|---|---|
| Group | Company | ||||
| 31.12.2023 | 31.12.2024 | 31.12.2023 | |||
| Liquidity Ratios | |||||
| Current Ratio | Current Assets/Short-term Liabilities | 31.12.2024 7,37 |
7,78 | 8,12 | 8,35 |
| Quick Ratio | Current Assets (excluding | 5,11 | 5,50 | 6,31 | 6,68 |
| inventories)/Short-term Liabilities | |||||
| Activity Ratios |
Activity Ratios
| Liquidity Ratios | ||||||
|---|---|---|---|---|---|---|
| Group | Company | |||||
| Liquidity Ratios | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | ||
| Current Ratio | Current Assets/Short-term Liabilities | 7,37 | 7,78 | 8,12 | 8,35 | |
| Quick Ratio | Current Assets (excluding | |||||
| Activity Ratios | ||||||
| Group | Company | |||||
| Activity Ratios | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | ||
| Receivables Collection Period (days) |
(Receivables from Customers/Revenue) x 365 |
79 | 80 | 105 | 103 | |
| Payables Settlement Period (days) |
(Trade Payables/Cost of Sales) x 365 | 36 | 29 | 45 | 36 | |
| Inventory Turnover Period (days) |
(Inventory/Cost of Sales) x 365 | 131 | 113 | 125 | 100 | |
| Profitability Ratios | ||||||
| Group | Company | |||||
| Profitability Ratios | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | ||
| Return on Assets (pre-tax) | Net profit before tax/Total Assets | 10,84% | 11,37% | 12,35% | 11,80% | |
| 12,37% | 12,86% | 13,73% | 13,03% |
Profitability Ratios
| Inventory Turnover Period | |||||
|---|---|---|---|---|---|
| Profitability Ratios | |||||
| Group | Company | ||||
| Profitability Ratios | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
| Return on Equity (pre-tax) | Net profit before tax/Total Equity | 12,37% | 12,86% | 13,73% | 13,03% |
| Capital Structure Ratios | |||||
| Group | Company | ||||
| Capital Structure Ratios | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
| Equity to Total Capital | Equity/(Equity + Liabilities) | 87,65% | 88,43% | 89,91% | 90,54% |
Capital Structure Ratios
| Group | Company | ||||
|---|---|---|---|---|---|
| Equity to Total Capital | Equity/(Equity + Liabilities) | 87,65% | 88,43% | 89,91% | 90,54% |
Outlook for 2025
Demand for our products is higher compared to last year in the plastic film sector and slightly lower in the masterbatch sector. We are working on developing new markets and applications, strengthening our sales force and R&D activities to differentiate and gain competitive advantages based on our technology.
Sea freight rates have decreased, which reduces transportation costs and enhances our competitiveness in distant markets.
The imposition of anti-dumping duties on titanium dioxide imports from China and the ban on carbon black imports from Russia by the European Union reduce the competitiveness of European masterbatch producers. Our company is already forced to import white masterbatch from our factory in China to replace products previously produced in Europe.
No duties have been imposed on our exports to the USA, and the EU has postponed imposing additional tariffs on raw materials we import from the USA—but if such duties are implemented in the future, they will negatively impact our competitiveness and profitability.
Based on current data, Management estimates that sales and profitability levels for 2025 will remain at 2024 levels.
Dividend for Fiscal Year 2024
It is noted that the Board of Directors will propose to the Annual General Meeting the distribution of a dividend for the fiscal year 2024. Dividend distribution is subject to approval by the Annual General Meeting of Shareholders.
Further information is provided in the Annual Financial Report, which has been published and posted on the Company's website (www.plastikakritis.com) and the Athens Stock Exchange website (www.athexgroup.gr).