Business News

Unior Returns to Profit on Record Sales

Zreče, 15 January (STA) - Tool maker Unior, one of the 15 Slovenian companies slated for privatisation, generated a record EUR 167.5m in sales revenue last year and an estimated EUR 4.8m in profit, company officials said on Wednesday.

Chairman Darko Hrastnik told reporters that the results achieved represented major progress on the year before, when the company incurred an operating loss of EUR 3.4m.

The sales for 2014 are planned roughly at last year's level, possibly slightly lower, considering changed dynamics in the engineering equipment division, which contributed most to the record 2013 sales.

"An important indicator for banks and companies, earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 14.4m, which is EUR 5m more than the year before, and we plan a further improvement for this year to EUR 18m, a record for our company," Hrastnik said.

The company, which employs just over 2,000 staff, implemented EUR 5m worth of investments last year, and another EUR 6.2m is planned for capital expenditure this year.

Unior also reached a financial restructuring deal last year, which includes a loan modification deal with all 12 creditor banks under which the company would halve its debt to EUR 71m by the end of 2019.

In line with the deal, Unior will offload its tourism division and ski slopes operator RTC Krvavec as well as some minor, non-core subsidiaries.

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