Published: 2021-04-19 14:28:36 CEST
Sakret Holdings
Annual report

AS SAKRET HOLDINGS consolidated and parent company audited Financial statements for financial year 2020

Performance of the Group

The Group’s consolidated net turnover for 2020 is EUR 22,2 million and above the results of 2019 for 1,5% or EUR 329,3 thousand. The sales volume (dry and ready-to-use building mixtures) of Sakret group companies in natural units, in 2020 has been fulfilled by 98% compared to the budgeted amount and by 100% compared to 2019.

The Group’s gross profitability reached 30%, compared to the 2019 result of 27,6%. The main factor of increase in profitability is changes in amortization and depreciation.

In 2020, by decision of the Group’s management, a review of the useful lives of property, plant and equipment was performed, during which the deprecation rates of these assets were assessed and adjusted, and the valuation results are reflected in the property, plant and equipment accounting. This is one of main factors in decrease of depreciation and amortization costs in the current year. This change has had an effect of depreciation expenses for EUR 432,0 thousand compared to 2019.

The number of employees in the respective period is 138, which is at same level compared to 2019. Considering the salary trends in Baltic market and new premium system for sales representatives, the increase in costs in 2020 compared to 2019 is EUR 267,7 thousand or 9%.

Financing overview

As at December 31, 2020 AS AS SAKRET HOLDINGS the share capital consists of 750 000 shares with a par value of EUR 1,40.

In 2020 July 20th Sakret LT UAB share capital was increased by EUR 3 581 483,20 by additional issue of 123 670 shares with a nominal value of EUR 28,96.

In 2019 the Group has attracted financing from AS BlueOrange Banka and issued bonds. In accordance with the credit agreement and terms of bond issue, the Group is obliged to comply with certain financial covenants specified in the agreement. Group’s management has performed an examination of the fulfilment of these financial covenants and concluded that based on the Consolidated financial statements of AS SAKRET HOLDINGS, these covenants have been met:

• Ratio Net DEBT / EBITDA does not exceed 4.5,

• Ratio DSCR is above 1.1,

• Ratio Net DEBT / Equity does not exceed 4.5.

Profit distribution

It is expected that the profit for the reporting period will be direct to the development of the Group.

         Andris Vanags

         Chairman oft he Council
         +371 67803650