Ledo joint-stock company for the production and marketing of ice cream and frozen foods, Zagreb, Čavićeva 1a, MBS: 080002964, OIB: 87955947581, responsible person: Dario Vrabec, (hereinafter: Issuer), pursuant to Article 464 of the Capital Market Act and Article 19 (1) of Regulation (EU) No. 596/2014 on market abuse and Article 2 of the Commission’s Implementing Regulation (EU) 2016/523, informs of the following:
Pursuant to Article 12 paragraph 9 of the Act on Extraordinary Administration Procedure in Companies of Systemic Importance for the Republic of Croatia, the Extraordinary Commissioner is obliged to submit a monthly report on the economic and financial condition of the companies which are a part of the procedure of extraordinary administration, including the Issuer.
Therefore, the Issuer hereby simultaneously notifies the public about the business results and financial information from the aforementioned Extraordinary Commissioner's report relating to the Issuer for the first seven months of the year 2017.
Financial results from the beginning of the year and key financial performance indicators
In this respect, the Issuer informs the public as follows:
|
Financijski rezultati* |
I-VII 2017 (mil. HRK ) |
|
REVENUE |
657 |
|
EBITDA |
157 |
|
EBITDA % |
24% |
|
Key financial performance indicators |
I-VII 2017 |
|
Gross margin % |
46% |
|
Days of collection of receivables |
90 days |
|
Inventory days |
90 days |
*Note: estimated results
Comments on the current business activities
• In the first months of 2017, Ledo recorded a decrease in sales due to reduced quantities of commodities and raw materials, as well as the cessation of cooperation with certain HoReC customers. All of this has led Ledo to change its sales assortment and focus on products with higher margins, primarily ice cream, which increased EBITDA margin to 24% in the first seven months.
• Stabilization of business processes and relationships with customers and suppliers, especially in the HoReCa segment, enabled Led to return to pre-existing commercial terms of payment with some customers.
• Ledo has started restructuring and improving operational efficiency, which has already yielded concrete results in boosting profitability.
The Issuer acknowledges that it will continue to notify of any further actions or decisions made in the restructuring process, which are deemed to be proprietary information in accordance with the applicable regulations.
Ledo d.d. Zagreb
Source of information:
Ledo d.d.
Marijana Čavića 1a
10000 Zagreb
Telefon: 01 2385 666
Telefax: 01 2385 686
e-mail: financije@ledo.hr
web: www.ledo.hr