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Financial Results of the First Half of 2022

The purpose of the current press release is to present the Group’s financial results for the first half of 2022.


Strong profitability amid macroeconomic challenges

ATHEX:                    PLAT

Reuters:                  THRr.AT

Bloomberg:             PLAT GA


First Half Highlights (continuing operations):


  • Turnover of €212.7 mil.
  • EBITDA amounted to €30 mil., improved by 82% compared with the EBITDA figures of the first half of 2019.
  • Earnings before Taxes (EBT) of half year amounted to € 20.1 mil. out of which, €15.4 mil. relate to the traditional product portfolio.
  • Profitability target of the second quarter of 2022 was achieved - the Group's Earnings before Taxes (EBT) amounted to €9.3 mil., out of which €8.96 mil. were generated from the traditional product portfolio.
  • The Group's Net Debt amounted to €22.3 mil., while the implementation of the Group’s annual investment program progressing smoothly.

The purpose of the current press release is to present the  Group’s financial results for the first half of 2022.

The Group's Turnover from continuing operations amounted to €212.7 mil., versus € 234.3 mil. in the first half of the previous year, posting a drop of 9.2%, while Earnings before Taxes (EBT) from continuing operations amounted to €20.1 mil., while in the first half of 2021, EBT amounted to €62 mil., as a result of the significantly decreased demand in products related to COVID-19. More specific, from the €20.1 mil. of EBT, €15.4 mil. relate to the traditional product portfolio and €4.7 mil. were generated from sales of personal protection products related to COVID-19. As there is more direct comparison between the first half of 2022 and the pre-pandemic levels, i.e. the first half of 2019, it should be noted that Earnings before Taxes from the traditional product portfolio have more than doubled (vs first half of 2019), recording an increase of 133%, demonstrating the significantly higher profitability that was generated amid especially difficult market conditions globally during the first half of 2022, along with the higher costs in terms of raw materials, energy and transportation.

More specifically, the following table depicts the key financial figures from continuing operations of the Group during the first half of in relation to the corresponding period of 2021. It is noted that the discontinued operations concern the termination of production activities of the US subsidiary Thrace Linq Inc.




Change (%)

Turnover (Continuing Operations)




Gross Profit (Continuing Operations)




ΕΒΙΤ* (Continuing Operations)




EBITDA* (Continuing Operations)




Adjusted EBITDA* (Continuing Operations)




EBT (Continuing Operations)




Earnings after Taxes (Continuing Operations)




Earnings/(Losses) after Taxes (Discontinued Operations)




Earnings after Taxes (Total Operations)




Earnings after Taxes and Non-Controlling Interests (Continuing Operations)




Earnings/(Losses) after Taxes and Non-Controlling Interests

(Discontinued Operations)




EATAM (Total Operations)




Basic Earnings per Share (Continuing Operations) (in €)




Basic Earnings / (Losses) per Share (Discontinued Operations) (in €)




Basic Earnings per Share (Total Operations) (in €)





In terms of demand, the following were observed during the second quarter of 2022:

  • Increased demand for products in the construction sector.
  • Steady demand for products related to the infrastructure sector and to the large-scale construction projects.
  • Lag in demand for most of the products of the agricultural sector.
  • Steady demand for products related to the packaging sector.
  • Significantly decreased demand for products related to COVID-19.
  • Maintenance of the cost of raw materials at high levels.
  • Significantly increased energy costs, which is much higher compared to the already increased costs of the past months, in all countries which the Group is operating in.
  • Increased transport costs, with long delays on specific routes.
  • Significantly increased cost of raw materials as well as of packaging materials.


Prospects of the Group


The Management closely monitors the macroeconomic developments, on a global level, which are characterized by the significantly stronger inflationary trends, throughout the economy but also in all cost items that constitute the industrial sector’s cost base, and by the ongoing war between Russia and Ukraine, which is substantially aggravating the economic environment. As a result of the above developments, there is a lag in demand which depending on the sector and market might be more or less significant but also quite sufficient to negatively affect the broader economic environment. At the same time, costs remain significantly higher compared to the recent past.


Regarding the third quarter of 2022, the Management of the Group closely monitors and adapts to the changes taking place at the macroeconomic level and to the clearly more difficult conditions compared to the first half of the year. In this context, the Management is taking measures to maximize the Group’s financial performance to the greatest possible extent and given the unfavorable market conditions, with a parallel effort to effectively manage the operational risks that arise each time. In any case, for the third quarter of 2022 a relative slowdown in terms of profitability generation is estimated, compared to the second quarter of the year. The above trend was an expected one, taking into consideration the conditions experienced by the European economies following the energy crisis and the ongoing war conflict, and in particular the extreme increases of energy costs, the double-digit inflation rates and the slowdown in demand. However, it should be noted that the third quarter of the year will be more profitable, compared to the pre-pandemic levels, i.e. the corresponding period of 2019.


In relation to the performance of the Group for the entire year 2022, it is quite evident from the current conditions and also based on the mid/short-term views of the global markets, that the macroeconomic environment is becoming difficult and this difficulty is expected to become even greater in the coming months and until the end of the year, but possibly extend to the next year as well. In any case, the Group's Management is working uninterruptedly to achieve the annual profitability targets (an EBT of €25 million coming for the traditional product portfolio, as already announced in the past months), without any target revision, as it is considered achievable, provided that the energy cost will remain at current levels and the level of demand will not decline further in the coming months.


At this point, it should be noted that, with a target of decreasing the high energy cost, the Group, within the first half of 2022 has already implemented an investment of 5MW in photovoltaic parks, while its plan for further energy savings is still ongoing. Also, the mechanical units are modified, where applicable, to have the capacity to use all types of fuels and energy, with a target of becoming independent from natural gas.


It is critical to note that due to the great uncertainty generated by the global market conditions, any estimates on evolution of demand, cost or sufficiency of energy at European level and subsequently any estimates on future financial performance, become extremely difficult and unsecured. The Group’s Management is closely monitoring the market conditions to be in position to make business decision based on their evolution.


With regard to the financial results of the first half of 2022, Mr. Dimitris Malamos, Chief Executive Officer of the Group, commented: “It is now fully evident and can be once again confirmed that despite the especially difficult conditions prevailing in the global economy, the Group is capable of generating a stable, sustainable, and significantly higher recurring profitability, compared to the pre-pandemic levels. Having entered a period of even greater uncertainty, we remain committed to our targets, operating with specific plans and financial discipline, focusing on operational efficiency and I am confident that even in this difficult period, the Group will demonstrate flexibility and resilience”.


For further clarifications or information regarding the present release you may refer to the Department of Investor Relations and Corporate Announcements, tel.: + 30 210-9875081.