Business News

Kolektor Made EUR 27M in Gross Profit in 2013

Idrija, 24 March (STA) - Industrial conglomerate Kolektor generated a gross profit of EUR 27m on EUR 467m in revenues last year, which chairman Stojan Petrič says is on a par with the previous years.

"Our performance has been very stable for about three years now, which means that we have between 430 and 440 millions in revenue [annually], that is 467 million euros last year," Petrič has told the STA.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached between EUR 45m and EUR 50m, which Petrič says is "very good considering the given situation".

The Idrija-based concern generated EUR 45,000 in value added per an employee last year. "Some plants in our concern make up to EUR 80,000 in value added per employee, which goes to show we have really good programmes to achieve the profitability we expect," Petrič has told an interview with the STA.

He would not make projections for the year, arguing the results would depend strongly on the prices of raw materials. "The key thing for me is to generate EBITDA on a par with last year's," he said.

Kolektor is bidding to take over a 53% stake in Letrika, the car electronics maker formerly known as Iskra Avtoelektrika, which is being sold by the state-run insurer Modra zavarovalnica, SOD fund, NLB bank and financial consulting firm CBH.

Kolektor, which already holds 17% in Lektrika, offered EUR 25-30.5 per share in its non-binding bid. Petrič argues that the two companies could create synergies in sales programme and internationalisation.

He says prospective buyers from eastern Europe would like to buy Letrika to neutralise the effects created by a merger between Letrika and Kolektor.

Petrič believes concentrating production and ownership is a key to success for Slovenian companies. "If we want to expand, we need to merge with Letrika," he says.

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