Protektor had PLN 0.68 million in net profit, and 6.7 million in EBITDA in 2021

Protektor recorded PLN 0.68 million of consolidated net profit attributable to shareholders of the parent company in 2021 against PLN 0.73 million of profit a year earlier, the company said in the report.

The operating profit amounted to PLN 0.62 million against PLN 2.12 million profit a year earlier.

"Consolidated operating result in 2021, the Protektor capital group generated PLN 0.6 million (PLN -1.5 million y / y) [...] The deterioration of the operating result in 2021 was mainly due to the lower% margin on sales by 2.5 percentage points y / y and the sale of shares in the Terri-Pa subsidiary. Consolidated EBITDA in 2021 amounted to PLN 6.7 million, compared to PLN 7.8 million in 2020 (PLN -1.0 million y / y). EBITDA profitability (share of consolidated EBITDA in sales revenues) amounted to 7.2% (-1.4 percentage points y / y), ”the report reads.

Consolidated sales revenues reached PLN 93.76 million in 2021 compared to PLN 90.76 million a year earlier.

“A milestone in the adopted strategy was the sale of one of the factories located in Moldova - in December 2021 we sold 51% of shares in the Terri-Pa subsidiary. In 2022, we will produce footwear in two own factories and in cooperation with Terri-Pa (when selling the shares, we concluded a framework agreement that regulates the terms of cooperation for the next five years). Our goal is to maximize the potential of the plant in Lublin - the cost of unused capacity in this plant was charged to the result for 2021 with the amount of PLN 3.2 million. The sale of shares in the Terri-Pa subsidiary had a significant impact on the presented results: due to the loss of control (disposal), the result at the EBITDA level decreased by PLN 2 million, and the sale transaction included in financial revenues generated a profit on the sale of the subsidiary in the amount PLN 2.9 million. The reorganization of the production structures resulted in a reduction in employment - the severance pay for a member of the management board of the subsidiary Inform Brill charged the result for 2021 with an additional amount of PLN 0.5 million. The aforementioned events were of a one-off nature, and their impact on the Group's result at the EBITDA level amounted to a total of PLN 2.5 million, ”explained President Tomasz Malicki in the letter attached to the report.

On a standalone basis, the net profit in 2022 amounted to PLN 0.92 million compared to PLN 3.02 million profit a year earlier.

Protektor is one of the largest European manufacturers and distributors of safety, military and specialist footwear with a high safety class. It operates through three factories producing footwear: one in Poland and two in Moldova. The company has been listed on the WSE since 1998.

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