AD PLASTIK D.D.

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Interim report 9M 2021

10/27/2021 | 06:28am

2021

INTERIM REPORT

BY MANAGEMENT OF AD PLASTIK GROUP AND THE COMPANY AD PLASTIK D.D. SOLIN FOR THE FIRST NINE MONTHS OF 2021

INTERIM UNAUDITED FINANCIAL STATEMENT

Contents

Management Report of AD Plastik Group and the company AD Plastik d.d. Solin

for the period 1. 1. 2021 - 30. 9. 2021...................................................................................................................

3

Operating revenue, EBITDA and Net profit

3

Comment by Marinko Došen, President of the Management Board

4

Financial results for the first nine months of 2021

5

Operating revenue per sales markets of AD Plastik Group without affiliated company

10

AD Plastik Group with consolidation of the corresponding ownership part in the affiliated company

12

Share

14

Addendum 1 - Alternative performance measures

16

Financial statement of AD Plastik Group............................................................................................................

18

Balance sheet

19

Statement of profit and loss

23

Statement of cash flows (indirect method)

27

Statement of changes in equity

29

Notes to financial statements - QFS

31

Financial statement of the company AD Plastik.................................................................................................

32

Balance sheet

33

Statement of profit and loss

37

Statement of cash flows (indirect method)

41

Statement of changes in equity

43

Notes to financial statements - QFS

45

Management's statement of responsibility........................................................................................................

46

The financial statements of all companies within the AD Plastik Group have been prepared on the going concern basis.

The most recent annual financial statements are available on the Zagreb Stock Exchange website at the following link: https://eho.zse.hr/fileadmin/issuers/ ADPL /FI -ADPL- e987524e0599f4b - 6507b528604ef0432.pdf

The same accounting policies have been applied in preparing the financial statements for the quarterly reporting period as in the most recent annual financial statements.

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INTERIM UNAUDITED FINANCIAL STATEMENT

Operating revenue, EBITDA and Net profit

AD Plastik Group

OPERATING REVENUE

HRK 830.51 million

-1.3% compared to the first nine months of 2020

EBITDA

HRK 97.49 million

-10.3% compared to the first nine months of 2020

NET PROFIT

HRK 22.97 million

-3.5% compared to the first nine months of 2020

The company AD Plastik

OPERATING REVENUE

HRK 542.86 million

-9.7% compared to the first nine months of 2020

EBITDA

HRK 54.12 million

-36.2% compared to the first nine months of 2020

NET PROFIT

HRK 5.26 million

-87.7% compared to the first nine months of 2020

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3

INTERIM UNAUDITED FINANCIAL STATEMENT

Comment by Marinko Došen,

President of the Management Board

We conduct business in a very demanding and challenging period, and the lack of semiconductors in the global market reflects on our business too. Despite more optimistic expectations and plans, it is now clear that this crisis has more far-reaching consequences than originally predicted.

Since our factories follow customer operational plans, which have been severely affected by the disruption in chip supply, business results are worse than expected. The Group's operating revenue for the first nine months amounted to HRK 830.51 million, EBITDA amounted to HRK 97.49 million and net profit to HRK 22.97 million.

The automotive industry has been facing major challenges in the global mar- ket, but it is important to stress out the fact that the demand for cars has been constantly growing. In recent months this hasn't been followed by the numbers of newly registered cars, but the reason for this is solely production downtime caused by the insufficient supply of semiconductors. Most car manufacturers are therefore forced to significantly reduce their production plans, and consequently all suppliers within the industry are forced to do so. Although global supply chain disruptions and rising prices of raw materials and energy sources

are also evident, this doesn't impact business significantly.

AD Plastik Group has been adjusting its business to the market situation and although the semiconductors crisis reflects on the Russian market too, in our Russian factories in the first nine months we achieved revenue growth of more than 25 percent, compared to the same period last year.

A very demanding period is ahead of us and despite the market uncertainties on which we have no influence, our mission is clear. We focus our activities on preserving financial stability and adjusting business to our customers and the market situation. In the observed period, we sealed new deals worth EUR 104 million in the European and Russian markets, and we continue our development and commercial activities without hindrance.

Despite the current circumstances and the lasting changes that they will bring to the business, we are confident in the future of the automotive industry and our company. Although it is difficult to predict the course of events, the end of the crisis is certain. It will surely be a generator of accelerated growth and development of the automotive industry as a whole, therefore of the AD Plastik Group too.

Marinko Došen

President of the Management Board

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INTERIM UNAUDITED FINANCIAL STATEMENT

Financial results for the first nine months of 2021

AD Plastik Group is comprised of the following companies during the reporting period:

  • AD Plastik d.d., Croatia
  • AO AD Plastik Togliatti, Russia
  • ZAO AD Plastik Kaluga, Russia
  • ADP d.o.o., Serbia
  • AD Plastik d.o.o., Slovenia
  • AD Plastik Tisza Kft., Hungary

(hereinafter: AD Plastik Group)

The business results of the AD Plastik Group for the first nine months of 2021 were affected by the global crisis that has had an impact on the automotive industry too, primarily due to the lack of semiconductors in the market.

Thus, the operating revenue of the Group amounted to HRK 830.51 million and was lower by 1.3 percent compared to the same period last year, while in the parent company it was lower by 9.7 per- cent, amounting to HRK 542.86 million. Although the demand for cars has been constantly growing, the number of newly registered vehicles decreased in the last quarter. This is a consequence of reduced vehicle production due to disruptions in the supply of semiconductors, namely the lack of vehicles in the market. The factories of the AD Plastik Group have been adjusting to the operational plans of their customers, which are uncertain and subject to change due to the above-mentioned situation. Despite all the

challenges, revenue growth of more than 25 percent was achieved in the Russian market in this reporting period as well.

These circumstances complicate business operations and in the observed period this affected the company's profitability. EBITDA decreased by 10.3 percent at the Group level and amounted to HRK

  1. million, while in the parent company it was lower by 36.2 per- cent, amounting to HRK 54.12 million. EBITDA margin in the first nine months was 11.7 percent at the Group level, and 10 percent in the parent company. The Group's net profit decreased by 3.5 per- cent compared to the same period 2020 and amounted to HRK
  1. million, while in the parent company it was lower by 87.7 per- cent and amounted to HRK 5.26 million. At the same time it should be noted that in 2020, the year we are comparing with, there were significant one-off positive effects from the sales of non-operating assets and used government grants.

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AD Plastik dd published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 10:27:01 UTC.

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