Business News

Tuš Director Pleased with Group's Performance in 2011

Celje, 21 March (STA) - The director of the Tuš holding Matjaž Zadravec described 2011 as a successful year for the Tuš group on Friday, pointing to retailer Engrotuš's growth in Bosnia-Herzegovina and Macedonia and the increasing market share in Slovenia of the group's mobile arm, Tušmobil.

Reporting a 4% year-on-year drop in sales revenues for the group to EUR 789m and an EBITDA increase from EUR 44m to EUR 48m, Zadravec said the indebted group was successfully implementing its business strategy following an agreement with all stakeholders.

He said Engrotuš had increased sales revenues by EUR 6m to EUR 645m and saw an improvement on strategic markets abroad, increasing revenues in Bosnia-Herzegovina by 5% and sales in Macedonia by 19%.

Five new shopping centres are planned in Bosnia this year, two of which have already opened, Zadravec told the press in Celje.

Tušmobil, Slovenia's no. 3 mobile operator, which had been considered for sale following the offloading of the fuel retail division Tuš Oil, meanwhile increased its market share in Slovenia from 7.9% to 10.1%.

With 220,000 users it is the fastest growing Slovenian mobile operator, Zadravec said about the company, which increased its EBITDA from zero to EUR 2.7m in 2011 despite a EUR 6m drop in net sales to EUR 64m.

He said that the capital structure of the Tuš group, which employs 4,300 people, was significantly more stable than ever before and that all commitments to banks were being met.

Zadravec does not exclude strategic and financial tie-ups with partners that would meet Tuš's expectations, especially regarding shopping centres in Macedonia and Tušmobil.

The Tuš group is the sixth largest business group in Slovenia while Engrotuš is the sixth largest company in terms of total revenue.

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