Financial statements and reports
Sustainable development
in numbers

PHILOSOPHY AND GOALS

Our development will always be geared to sustainability

The Group must remain financially sound and seek to:

  • Comply fully with the legal and fiscal regulations in force in the countries in which it is present.
  • Generate annual profits / dividends to distribute to its shareholders.
  • Guarantee satisfactory remuneration for its employees / associates and make a social contribution.
  • LPG, the most sustainable fossil fuel, will remain our core business and should be regarded as the bridge towards the decarbonised energy scenario through until 2050.
  • Guarantee high quality services to its customers, accelerating the digital process to make our customers’ purchasing experience more straightforward and pleasurable.

Our numbers

Years of history
72
Employees
1340
European countries in which we operate
9
Companies that are part of the group
35
Net profit

Values in €/thousand

EBITDA

Values in €/thousand

EBIT

Values in €/thousand

ROE in %

Values in %

Market Shares

EBITDA per Sector

Values in %

GPL

Percentage impact of each country on the Group’s LPG sales in 2019

Values in %

Covid-19: economic impact

January and February 2020 were particularly mild months in Europe, leading to a reduction in sales of LPG. At the end of February the first cases of Coronavirus were identified in Italy. The virus quickly spread all over the world, causing numerous deaths in the population. Not all countries in the European Union have been affected by the virus to the same degree. The countries of the European Union did not adopt the same measures at the same time to prevent the spread of infection. As a result, the economic/social impact has been, and will continue to be, different. The impact of the pandemic on the LPG sales of the Group companies has also been varied. The lockdowns of different lengths resulted in reductions of varying degrees in the quantities sold in the gas cylinder (closure of bars and restaurants), industrial and transport (traffic ban) sectors, while in some countries domestic consumption increased. Currently, the results of almost all companies are largely in line with those of the same period in 2019 but in some countries where tourism is an economically important activity in the summer (Greece and Italy) a drop in the numbers of foreign tourists is expected in the coming months and therefore a reduction in revenues compared with the previous year. It is very difficult to make predictions about the economic and financial performances of individual countries at the present time. This difficulty also stems from the fact that the experts are talking about a possible “second wave” in the autumn. In any case, since the start of the pandemic, all of our companies in every country have taken steps to continue selling and distributing LPG in total safety and in full compliance with the specific government protocols in individual countries.

Another important asset of Veroniki Holding’s is real estate. The policies adopted by the authorities to contain the pandemic have also had a negative economic impact on the real estate sector. On the basis of the data currently available to us, it is reasonable to expect a reduction in the profitability of this sector in 2020 compared with 2019.

 

Some useful data

OPERATING HIGHLIGHTS OF VERONIKI HOLDING GROUP IN 2019
In €/ thousand

Income statement Year Year Year Year Year
2019 2018 2017 2016 2015
Revenues 545.737 582.889 546.501 489.972 538.103
Cost of goods sold -375.719 -429.879 -384.535 -318.234 -349.587
Gross profit 170.018 153.010 161.966 171.738 188.516
Operating services -93.460 -91.834 -90.023 -90.236 -89.750
Personnel -44.062 -41.246 -40.741 -42.598 -44.099
EBITDA 32.496 19.930 31.202 38.904 54.667
Depreciation and amortization -23.609 -19.938 -22.312 -24.945 -30.109
Other cost / revenues 2.681 1.493 4.953 2.059 2.677
EBIT 11.568 1.485 13.843 16.018 27.235
Financials -1.470 -1.385 -1.039 -1.461 -2.107
Taxes -3.872 -2.764 -4.437 -7.083 -10.232
NOPAT 6.226 -2.664 8.367 7.474 14.896
Balance sheet 31/ dec 31/ dec 31/ dec 31/ dec 31/dec
2019 2018 2017 2016 2015
Intangible assets 15.287 13.539 14.571 17.190 19.322
Tangible assets 149.469 148.454 146.179 155.995 165.714
Financial Assets 55.379 55.487 57.830 47.754 45.013
Fixed assets 220.135 217.480 218.580 220.939 230.049
Inventory 21.904 21.604 26.526 23.034 20.165
Trade receivables 66.772 64.895 75.509 64.104 60.450
Other assets 18.880 23.600 19.887 19.910 17.258
Trade payables -51.591 -51.805 -56.253 -51.389 -40.208
Other liabilities -64.491 -63.251 -64.558 -73.761 -80.283
Net working capital -8.526 -4.957 1.111 -18.102 -22.618
Provisions -18.330 -18.953 -19.214 -22.054 -24.719
Net invested capital 193.279 193.570 200.477 180.783 182.712
Net equity 231.751 226.394 226.241 214.852 207.647
Shareholder’s loan 9.215 9.420 9.758 11.782 11.782
Net financial position -47.687 -42.244 -35.522 -45.851 -36.717
Total sources 193.279 193.570 200.477 180.783 182.712
DEBT LEVERAGE AND COVERAGE RATIOS
Equity/(financial debt + shareholder’s loan + equity) 120% 117% 113% 119% 114%
(Net financial position + Shareholder’s loan) /EBITDA -118% -165% -83% -88% -46%
PROFITABILITY INDICATORS
EBITDA margin 6% 3% 6% 8% 10%
EBIT margin 2% 0% 3% 3% 5%
ROE (net profit/equity) 3% -1% 4% 3% 7%

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