February 24 (SeeNews) - Croatian manufacturer of plastic products for the automotive industry AD Plastik [ZSE:ADPL] said on Friday it closed last year with a consolidated net loss of almost 80 million kuna ($11.2 million/10.6 million euro), compared to a net profit of 32.7 million kuna in 2021, due to the war in Ukraine, reduced car production in Europe and higher costs of energy, materials and labour.
“The business operations of AD Plastik Group in 2022 have been significantly influenced by the geopolitical situation and the consequences of the Russian-Ukrainian conflict, while the challenges from the previous period have continued,” CEO Marinko Dosen said in a filing to the Zagreb bourse.
One of the company’s two factories in Russia does not operate, while the other runs at reduced capacity, but they are self-sustaining and financially independent, Dosen said. Accordingly, their share in the group's revenue decreased to 14% last year.
The operating revenue of the group came in at 826.2 million kuna in 2022, lower by 26.6% on the year. EBITDA plunged 99.3% to 940,000 kuna.
Operating expenses fell to 965.3 million kuna from 1.1 billion in 2021.
“In the rather demanding 2022, we sealed new deals for the European market worth more than 200 million euro, and we want to continue in that direction,” Dosen added.
The company's shares traded 5.58% lower at 12.70 euro intraday on Friday on the Zagreb bourse.
($ = 0.946 euro)