No debt maturing over the next four years. This strengthens the Group's possibilities to manage working capital and save secure liquidity position.
The new interest rate at is set at 3.42% the (previously 4.00%) above the 6-month EURIBOR rate which improves debt service conditions.
The company has no other financial liabilities except for accumulated interest on the loan of EUR 14 million and capitalized operating leases under Moody's standard adjustments of EUR 5 million.
Vienna, 24 August 2018
On 11 July 2018, the company signed an agreement for amending the terms of the loan of EUR 100 million loan that fixed interest rates at 3.42% above the 6-month EURIBOR rate and extended the loan until 31 December 2022. Despite the drop of revenue in first half of 2018 by 12.1% compared to the same period of the previous year due to an unexpected call-off in May and June 2018 of contracted volumes by a number of key customers and respective update of forecast of sales revenue from EUR 340 around to EUR 313 million for the whole year, Moody's notes that the Company keeps its ability to generate strong cash flow sufficient to cover all financial liabilities including debt service. Operating cash flow increased by 97.8% from EUR 13.9 million in the prior-year period and reached EUR 27.5 million in January-June 2018. The managerial cash position, which is calculated as the sum of cash and cash equivalents and bank deposits, rose by 4.5% and amounted EUR 140.5 million by 30 June 2018 versus EUR 134.4 million as at 31 December 2017. Taking into account the improved debt service conditions and future investment plans which aim to expand production capacities, the Group confirms its overall financial flexibility.
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