The management of Afoi Sarakakis expects growth rates of 15% for sales and adjusted EBITDA in 2024. It expects a larger market share in the passenger car category, while the product categories of motorcycles, commercial vehicles (trucks, agricultural vehicles) and heavy machinery, where the company has a leading market presence, will continue to play a leading role.
Furthermore, as stated in the financial statements, "the completion of the group's debt restructuring process within 2023 has been an extremely important development for the further development of Sarakakis' business in the near future. Management looks forward to the full restoration of access to funding sources that will enable the group to be able to take full advantage of any business opportunities that arise."
RECOVERY
The group's loans at the end of 2023 fell to €57.6 million from €194.84 million a year earlier, with €15 million of this amount relating to bank loans and €42.595 million to bonds. In particular, the following is reported in the financial statements for bond loans: As agreed in the sale and transfer of receivables agreement between the issuer and Galaxy IV on December 9, 2023, Galaxy IV gave the issuer €9 million in receivables from the bond loan as collateral, along with other rights related to the loan. This sale and transfer was registered with the Athens Pledge Registry. Following this transfer, these receivables were written off due to confusion. Additionally, the issuer's total debt to bondholders has been lowered to €42.595 million after offsetting Sohanalo's claim on the issuer's share capital and Sarakakis Senter S.A.'s payment of a debt of €32.322 million to Sohanalo related to the bond loan.
- Galaxy IV: €19.700 million;
- Sohanalo: €22.895 million.
THE 2023 TREND
With regard to the previous year, the group's sales were up 25.41% to €210.65 million, The adjusted EBITDA increased to approximately €19 million. On the bottom line of the balance sheet, the group recorded a loss of €15.44 million, mainly due to the recognition of an asset impairment provision of €26.463 million.
INSTALLATION OF 1,922 PHOTOVOLTAIC PANELS
The group recently completed the installation of 1,922 photovoltaic panels at its central facilities in Athens. With this new investment, it aims to reduce its carbon footprint and its dependence on fossil fuels, as well as to save energy by utilizing cutting-edge technologies and innovative methods in the field of renewable energy. The photovoltaic plant, with a total capacity of 999.44 kW, is expected to produce approximately 1,500,000 kWh per year. The annual energy savings for the installation are estimated to be between 82% and 88%. At the same time, the implementation of this project will contribute significantly to reducing its carbon footprint, as CO2 emissions are expected to be reduced by approximately 500 tonnes per year.
