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Tuš Group Revenues Down 4% in 2011, Boss Optimistic

Celje, 15 March (STA) - The Tuš Holding generated EUR 790m in revenues in 2011, which is a 4% drop over 2010, director Matjaž Zadravec told Thursday's edition of business daily Finance. He is however optimistic about the future, saying that the business strategy introduced to consolidate the group has provided great stability.

Zadravec pointed out that the group increased its earnings before interest, taxes, depreciation and amortisation (EBITDA) from EUR 44m in 2010 to EUR 48m in 2011 in spite the decrease in revenues.

The decrease in revenues was a consequence of the offloading of companies with non-strategic activities, like fuel retailer Tuš Oil.

Telecommunications company Tušmobil, which the group had been trying to sell for a while, reached a positive cash flow (EUR 2.7m) for the first time in its history in 2011 through optimisation, according to Zadravec. The company's revenues dropped 9% to EUR 64m.

Tušmobil is thus no longer seen as a threat to the group, according to Zadravec. However, "everything is for sale if the price is right".

Engrotuš, the company in charge of retail as the group's main activity, generated EUR 645m in revenues, which was a 1% increase over 2010. Its EBITDA dropped from EUR 19m to EUR 13m.

Touching on foreign markets, Zadravec said that Tuš generated EUR 55m in revenues in Bosnia-Herzegovina, which he labelled as a strategic market.

However, Macedonia is more interesting for Tuš, as the retail market there is only just developing, said Zadravec. Tuš increased its revenues in Macedonia by 19% last year.

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