Important data on business operations

KEY BUSINESS DATA 2010
 

Helios Group reached in 2010 301.155 thousand net revenues, which is a 13 percent increase in comparison to the last year and 6 % over the plan.

In the I. quarter of the year, which is in our activity a very non-seasonal period we achieved 9 percent increase in sales compared to the last year's I. quarter, in II. quarter 2010 the sales growth was by 16 % higher if compared to the last year, in quarter III. the sales was 11 % higher if compared to the last year. Nevertheless, we achieved in IV. quarter, which is a non-seasonal period even a 17-percent sales growth in comparison to the last year's IV. quarter.

The instable circumstances and the related sales remain further on the Slovene market and in the countries of the South Eastern Europe. Especially in the second half of 2010 the sales conditions in Slovenia, Serbia and Croatia worsened, which had an impact also on Helios Group's business operations.

Operating profit or loss before the depreciation amounts to 20.094 thousand EUR, last year it was 23.203 thousand EUR, with an index 87.  Operating profit or loss amounts to 6.588 thousand EUR, which is less than in the same period of last year, when it amounted to 10.394 thousand EUR , being the consequence of high other business revenues, realized at the divestment of assets unnecessary for operations. At the separation of the influence of sale of business unnecessary assets in 2009, operating profit in 2010 would be better by 4.494 thousand EUR in comparison to 2009. Operating profit or loss in 2010 represents a 2,2–percentage share in net sales revenues.
The share of costs of material in net sales revenues is in 2010 57 percent, which indicates further increase in prices of raw materials, in 2009 the share was 49 percent. The growth index compared to 2009 is 132. Already in the last quarter of 2009 the share was 55 percent, already at that time we faced the increase of raw material prices, of oil and other important raw materials for us. In 2010 the situation worsened – the circumstances in supply of raw materials are further on disastrous, the main problem is availability and high prices due to the restructuring of global suppliers of raw materials after the crisis of the year 2009 and increasingly higher ownership concentration of producers in basic chemical products, increased inquiry for raw materials and price pressures from Asia. In the fourth quarter 2010 the share of material costs was even 64 percent, also in future similar situation is expected, with supply of raw material also price policy will be dictated. In comparison to the last year the costs of services increased, in net sales revenues they represent 12,2 percent share. The highest rise in costs of services is in the area of transport costs due to increase in oil price and support to trademarks of Helios Group in key markets. Labour costs increased by 1.544 thousand EUR or 3 percent, their share in net sales revenues is 18 percent, in 2009 the share was 19,9 percent. The results in the area of labour costs reduction were indicated also due to the adopted measures already in the last year, in sense of restructuring and consolidation of the Group. Financial result decreases net operating profit by 4.584 thousand EUR, in the same last year's period the financial result decreased net operating profit by 4.829 thousand EUR. The financial expenses based on interests are in 2010 in the height of 3.682 thousand EUR , in 2009 they were in the height of 5.038 thousand EUR. The exchange rate losses are in 2010 882 thousand EUR, in 2009 they were 3.056 thousand EUR. In the year 2010 some weak financial investments contributed to the negative financial result, namely in the height of 4.068 thousand EUR, in 2009 there were only 279 thousand EUR of such weak investments.
In Helios Group we achieved net profit or loss amounting to 2.460 thousand EUR, which represents 0,8-percent share in sales revenues, last year this share was 1,1-percent. At the separation of the influence of sale of business unnecessary assets in 2009, operating profit in 2010 would be better by 7.958 thousand EUR in comparison to a year before.

The assets value for Helios group shows, that the assets in the year 2010 in comparison to last year increased by 11.595 thousand EUR and amount to 373.145 thousand EU. The share of long-term assets in all assets is 45,1 percent, the share of short-term assets is 54,5 percent, stocks are in the height of 82.716 thousand EUR and represent 22,2 percent share in all assets.
With regard to 13 percent higher sales the stocks increased more than sales, which is the consequence of larger purchases due to problems at supplying and price increases of raw materials. In spite of this the tie-up days for stocks at annual level decreased by 4 percent.
Short-term business receivables increased by 8 percent, tie up of receivables at annual level we reduced by 13 percent.
In 2009 due to worse payment discipline of buyers, according to accounting standards of the Group we formed for 5.622 thousand EUR revaluation business expenses in current assets, in 2010 there are less such expenses, namely 2.773 thousand EUR.
Long-term financial investments amounted at the end of 2010 to 18.187 thousand EUR , which is by 15 percent less than in 2009 or by 3.152 thousand EUR.

Financial state of the company is stable, capital share in the structure of assets is 54,1 percent, our goal in our long-term strategy - minimal 50 percent capital share. The share of financial liabilities is 30 percent, in 2009 it was 30,5 percent. In 2010 we obtained a long-term credit by SID Bank in the height of 20.405 thousand EUR intended for financing development project water-based mixing systems for car refinishing coatings. Herewith we also assured optimal structure of financing of Helios Group.

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