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Intereuropa Ends 2012 in Red

Ljubljana, 04 March (STA) - Logistics group Intereuropa generated EUR 188.4m in sales revenues in 2012, down 11% compared to 2011 and 2% below plans. The group's operating loss stood at EUR 7.2m while the bottom line was EUR 13.4m in the red, according a bourse filing on Monday. The management put the net loss down to the sale of Intereuropa's logistics centre in Russia.

In a posting following today's session of the supervisory board, the management attributed the decrease in sales to a "voluntary liquidation on subsidiary Intereuropa Transport, closing down of the subsidiary in Germany and the disposal of the subsidiary in France".

The management stressed that "after lengthy negotiations with creditor banks" the group successfully implemented financial restructuring in 2012 and decreased the exposure to banks by EUR 80.2m.

Based on the resolutions of the shareholders, the creditor banks converted a portion of debts into equity and thereby brought about "significant change in the ownership structure of the parent company Intereuropa, in which the banks prevail now".

Moreover, Intereuropa sold in November 2012 the logistics centre in Russia, which was the precondition for financial restructuring, Intereuropa said.

"That very sale had a bearing on the annual financial statements of both the parent company and the group." Due to the transaction the group recorded an operating loss of EUR 7.2m and a net loss of EUR 13.4m.

"Excluding the transactions that are not directly related to the ordinary business, the group would have achieved the operating profit at EUR 9.8m."

The management said the group was looking at another difficult year. "The adverse economic situation will be additionally aggravated by Croatia's expected accession to the EU, which will reduce the demand for profitable customs services in both key markets for Intereuropa - Slovenia and Croatia."

The company stressed it has already addressed the new situation by adopting a leaner organizational structure and strengthening its marketing activities.

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