Thrace Plastics S A : Financial Results of Year 2024 (464 KB)
PLAT.AT
www.thracegroup.gr
PRESS RELEASE Friday, 25 April 2025
FINANCIAL RESULTS OF YEAR 2024
Increase in Turnover to €370.4 million and Sales Volumes of 120.7 thousand tons
Strong Operating Profitability and Sustainable Low Net Debt
Proposal of Annual Dividend of ~€0.23 per Share
ATHEX:
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Reuters:
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Bloomberg:
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Full Year Highlights:
•
Volumes Sold of 120.7 thousand tons (+10%)
•
Turnover of € 370.4 mil.
•
Adjusted EBITDA amounted to € 42.3 mil.
•
Net Debt amounted to € 34.4 mil.
Proposed annual dividend of ~€0.23 per share, which, excluding the interim dividend that was already
•
distributed, will result in a remaining dividend to be distributed of ~€0.17 per share (gross amount)
THRACE GROUP presents the financial results for the fiscal year 2024.
Annual Financial Results
In 2024, the Group's turnover amounted to €370.4 million, compared to €345.4 million in 2023, representing a 7.2% increase. This significant growth was primarily driven by higher sales volumes, which rose to 120.7 thousand tons in 2024, from 109.7 thousand tons in 2023 - an increase of 10%.
Boosting sales volumes was a key strategic objective for 2024, and its successful achievement highlights the
Group's ability to strengthen its market share in the regions where it operates, despite the low growth rates of the broader economies.
At the same time, this notable increase in sales volume reflects the continued improvement of the Group's product portfolio. Supported by recent investments, the enhanced product portfolio has enabled access to new markets, geographic regions, and product categories, while also fostering a higher quality and more sustainable production process.
The Group's operating profitability (EBITDA) for 2024 reached €41.4 million, while adjusted EBITDA stood at €42.3 million, compared to €44 million in 2023 - reflecting a slight decrease of approximately 4%.
THRACE PLASTICS Co. S.A.
20, Marinou Antypa str., 17455, Alimos (Athens), Greece, Τ +30 210 9875000 | F +30 210 9875001 Registration Number: 125122460000 1
FINANCIAL RESULTS OF YEAR 2024
www.thracegroup.gr
This decline was primarily driven by the gap between raw material costs and average selling prices, coupled with an overall increase in the cost base across the industry - including inflationary pressures, higher personnel expenses, and elevated energy costs - trends that were broadly observed across the European Union. These factors significantly impacted the Group's Cost of Goods Sold (COGS) and, consequently, its operating
profitability. Nevertheless, the impact on profitability was marginal.
Throughout 2024 and into the early months of 2025, the sector continues to face elevated costs. As a result, several businesses and production units across Europe are suspending operations, contributing to a broader market re-balancing. In this evolving environment, Thrace Group is adapting effectively and consistently strengthening its market position.
The Group's net debt stands at €34.4 million, reflecting a strong financial position. This low level of net debt underscores the quality of the Group's customer portfolio and its ability to carry out investments while preserving robust liquidity. Furthermore, it enables the continued implementation of the Group's dividend
policy, supporting the distribution of increased dividends to shareholders.
More specifically, the following table depicts the key financial figures from continuing operations of the Group during the fiscal year 2024 compared to 2023:
CONSOLIDATED FINANCIAL RESULTS (in € thous.)
31/12/2024
31/12/2023
Change (%)
Turnover
370,368
345,373
+7.2%
Volumes Sold
120,696
109,757
+10.0%
Gross Profit
77,140
77,069
+0.1%
ΕΒΙΤ
15,658
20,663
-24.2%
EBITDA
41,361
44,017
-6.0%
EBITDA Adjusted*
42,256
44,017
-4.0%
EBT
13,735
21,336
-35.6%
Earnings after Taxes
11,004
18,326
-40.0%
Earnings after Taxes and Non-Controlling Interests
10,363
17,767
-41.7%
Basic Earnings per Share (in €)
0.2415
0.4134
-41.6%
*The Adjusted EBITDA does not include non-recurring expenses amounting to €895, related to the discontinuation of artificial grass production, an activity that the Group's Management decided to discontinue.
Prospects of the Group
Regarding the Group's annual profitability for 2025, the uncertainty arising from the recent changes in market
conditions-particularly following the imposition of new tariffs by the United States-makes it particularly challenging to provide a reliable estimate of the Group's annual operating profitability (EBITDA). However, based
on the Group's annual forecasts and assuming that current conditions remain stable, it is estimated that EBITDA for the full year 2025 will exceed 2024 levels.
For the first quarter of 2025, initial projections indicate a decline in EBITDA of approximately 20%-25% compared to the first quarter of 2024. This development was anticipated, given the significant increase in raw materials and, most notably, energy costs, which have risen sharply compared to the same period in the previous year. (Energy costs in Q1 2025 increased by approximately €2.5 million year-over-year)
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FINANCIAL RESULTS OF YEAR 2024
www.thracegroup.gr
Commenting on the financial results, Mr. Dimitris Malamos, CEO of Thrace Group, stated:
"In 2024, Thrace Group delivered another year of strong performance, navigating heightened market uncertainty with confidence and resilience. The Group achieved a 10% increase in sales volumes and recorded a significant rise in Turnover. At the same time, we maintained a solid EBITDA profitability level and further strengthened our leading position across core business sectors, expanding into new markets and product categories.
As we enter the new financial year, Thrace Group is fully prepared not only to confront ongoing challenges but also to seize emerging opportunities. Following a series of key investments, the Group is focused on maximizing its positive impact and further enhancing the value it delivers to its people, partners, shareholders, and society at large."
The Management of THRACE GROUP will host a Conference Call for the annual presentation to the Analysts, to present the financial year 2024 Financial Results. The Conference Call will take place on Wednesday, April 30, 2025. The details for the conference call will be announced in due time via a new press release by the Company on its website.
For further clarifications or information regarding the present release you may refer to the Department of Investor Relations and Corporate Announcements, tel.: + 30 210-9875081.
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FINANCIAL RESULTS OF YEAR 2024
www.thracegroup.gr
ANALYSIS OF FINANCIAL RESULTS OF YEAR 2024 (in € thousand)
STATEMENT OF COMPREHENSIVE INCOME
2024
2023
Change (%)
Turnover
370,368
345,373
7.2%
Gross Profit
77,140
77,069
0.1%
Gross Profit Margin
20.8%
22.3%
Other Income
4,928
4,065
21.2%
Sales & Distribution Expenses
42,977
38,835
10.7%
As % of Turnover
11.6%
11.2%
Administrative Expenses
17,657
17,263
2.3%
As % of Turnover
4.8%
5.0%
Research & Development Expenses
2,494
2,506
-0.5%
As % of Turnover
0.7%
0.7%
Other Expenses
3,536
1,860
90.1%
Other Income / (Losses)
254
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ΕΒΙΤ
15,658
20,663
-24.2%
EBIT Margin
4.2%
6.0%
EBITDA
41,361
44,017
-6%
EBITDA Margin
11.2%
12.7%
Financial Cost (Net)
-3,264
-1,658
96.9%
Earnings / (Losses) from Companies consolidated with the Equity Method
1,341
2,331
-42.5%
EBT
13,735
21,336
-35.6%
EBT Margin
3.7%
6.2%
Income Tax
2,731
3,010
-9.3%
Earnings after Taxes
11,004
18,326
-40.0%
EAT Margin
3.0%
5.3%
EAT without Non-Controlling Interest
10,363
17,767
-41.7%
EAT without Non-Controlling Interest Margin
2.8%
5.1%
Earnings per Share (in Euro)
0.2415
0.4134
-41.6%
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FINANCIAL RESULTS OF YEAR 2024
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STATEMENT OF FINANCIAL POSITION
31/12/2024
31/12/2023
Change (%)
Property, Plant & Equipment
193,529
177,670
8.9%
Right-of-use Assets
3,065
3,154
-2.8%
Investment Property
113
113
-
Intangible Assets
10,226
10,316
-0.9%
Investments in Joint Ventures
20,430
20,475
-0.2%
Net benefit from funded defined benefit plans
5,980
9,533
-37.3%
Other Long-term Receivables
158
138
14.5%
Deferred Tax Assets
815
326
150.0%
Total Non-Current Assets
234,316
221,725
5.7%
Inventories
85,105
72,003
18.2%
Income Tax Prepaid
954
956
-0.2%
Trade Receivables
73,151
62,179
17.6%
Other Receivables
7,166
21,523
-66.7%
Financial derivative products
-
77
-
Fixed Assets held for sale
1,698
-
-
Cash & Cash Equivalents
33,456
27,801
20.3%
Total Current Assets
201,530
184,539
9.2%
TOTAL ASSETS
435,846
406,264
7.3%
TOTAL EQUITY
275,169
277,054
-0.7%
Long-term Debt
33,248
27,790
19.6%
Liabilities from Leases
1,619
1,885
-14.1%
Provisions for Employee Benefits
1,907
1,658
15.0%
Deferred Tax Liabilities
5,507
7,910
-30.4%
Other Long-term Liabilities
403
518
-22.2%
Total Long-term Liabilities
42,684
39,761
7.4%
Short term borrowings
31,731
26,555
19.5%
Liabilities from Leases
1,282
1,140
12.5%
Income Tax
2,414
1,914
26.1%
Trade payables
55,500
38,462
44.3%
Other Short-term Liabilities
26,940
21,378
26.0%
Financial derivative products
126
-
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Total Short-term Liabilities
117,993
89,449
31.9%
TOTAL EQUITY & LIABILITIES
435,846
406,264
7.3%
STATEMENT OF CASH FLOWS
01/01/2024-31/12/2024
01/01/2023-31/12/2023
Cash flows from operating activities
40,965
46,598
Cash flows from investing activities
(37,168)
(26,670)
Cash flows from financing activities
1,284
(32,190)
Net increase / (decrease) in cash and cash equivalents
5,081
(12,262)
Cash and cash equivalents at beginning of period
27,801
39,610
Effect from changes in foreign exchange rates on cash reserves
574
453
Cash and Cash Equivalents at end of period
33,456
27,801
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FINANCIAL RESULTS OF YEAR 2024
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FINANCIAL RESULTS PER BUSINESS SEGMENT
Sector
Technical Fabrics
Packaging
Other
Intra-Segment Eliminations
Group
(Amounts in € thous,)
FY 2024
FY 2023
%
Change
FY 2024
FY 2023
%
Change
FY 2024
FY 2023
FY 2024
FY 2023
FY 2024
FY 2023
Turnover
240,180
230,755
4.1%
141,893
125,202
13.3%
5,772
5,600
-17,477
-16,184
370,368
345,373
Gross Profit
44,025
47,555
-7.4%
32,641
28,875
13.0%
458
266
16
373
77,140
77,069
Gross Profit Margin
18.3%
20.6%
23.0%
23.1%
7.9%
4.8%
-
-
20.8%
22.3%
Total EBITDA
18,669
24,635
-24.2%
22,969
19,655
16.9%
-236
-263
-41
-10
41,361
44,017
EBITDA Margin
7.8%
10.7%
16.2%
15.7%
-4.1%
-4.7%
-
-
11.2%
12.7%
* Note
Alternative Performance Measures (APM): During the description of the developments and the performance of the Group, ratios such as the EBIT and the EBITDA are utilized.
EBIT (The indicator of earnings before the financial and investment activities as well as the taxes): The EBIT serves the better analysis of the Group's operating results and is calculated as follows: Turnover minus Cost of Sales plus other operating income minus the total operating expenses, before the financial and investment activities and taxes, The EBIT margin (%) is calculated by dividing the EBIT by the turnover.
EBITDA (The indicator of operating earnings before the financial and investment activities as well as the depreciation, amortization, impairment and taxes): The EBITDA also serves the better analysis of the Group's operating results and is calculated as follows: Turnover minus Cost of Sales plus other operating income minus the total operating expenses before the depreciation of fixed assets, the amortization of grants and impairments, as well as before the financial and investment activities, and before taxes, The EBITDA margin (%) is calculated by dividing the EBITDA by the turnover.
Adjusted EBITDA (The adjusted indicator of operating earnings before the financial and investment activities as well as the depreciation, amortization, impairment and taxes): The adjusted EBITDA equals with the EBITDA excluding any extraordinary Expenses/Income and any expenses in relation restructuring, mergers and acquisitions.
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Disclaimer
Thrace Plastics Holding and Commercial SA published this content on April 25, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 25, 2025 at 14:52 UTC.