Money Buzz! Europa

Category: Business

  • Business bankruptcies in Greece decreased in 2019

    Business bankruptcies in Greece decreased in 2019

    The total number of business bankruptcies in Greece, in 2019, recorded a decrease of 23.2% in comparison with 2018 (63 bankruptcies in 2019, 82 in 2018).

    As a result, the average annual change for the period 2010-2019 decreased by 18.1%.

    For the period 2010 – 2019, a decrease is observed with average annual change for the sole proprietorships 20.0%, for the companies with individual ownership 15.4% and for the business partnerships 17.7%.

    Most of the companies declared bankrupt, representing 38.1%, belong to section ”wholesale and retail trade, repair of motor vehicles and motorcycles”.

    Other 23.8% belong to section ”manufacturing”, 15.9% to ”accommodation and food service activities” section and 6.3% to ”construction” section.

  • CEZ net income reached CZK 13.6 billion for the first three quarters

    CEZ net income reached CZK 13.6 billion for the first three quarters

    CEZ Group’s net income reached CZK 13.6 billion for the first three quarters of 2020, the same as last year.

    EBITDA reached CZK 50.9 billion for the first three quarters of 2020, rising by 14% year on year.

    The company expects its EBITDA for the entire year to reach CZK 64 billion, as the currently estimated overall negative impacts of COVID-19 amount to some CZK 3 billion.

    Operating revenues reached CZK 155.5 billion, increasing year-on-year by CZK 7.5 billion, i.e. by 5%.

    Increase of the amount of electricity generated by new energy sources

    The amount of electricity generated from traditional sources declined by 6% year on year, mainly due to growing prices of emission allowances, declining prices of electricity due to COVID-19 and also due to the timing of scheduled power source downtimes.

    The year-on-year decrease in electricity generation has also been intensified by suppression of soon-to-be-closed coal-fired power plants, especially by the closure of the Prunéřov 1 Power Plant.

    The amount of electricity generated by new energy sources increased by 7%, in particular due to good weather conditions in Germany and Romania.

  • Raiffeisen, € 599 million profit despite impact from COVID-19

    Raiffeisen, € 599 million profit despite impact from COVID-19

    In the first three quarters of 2020, Raiffeisen Bank International (RBI) generated a consolidated profit of € 599 million.

    The negative impact on Raiffeisen from the recession caused by the COVID-19 pandemic is primarily reflected in impairment losses on financial assets in the amount of € 497 million (an increase of € 417 million).

    As a result, consolidated profit declined € 276 million year-on-year.

    General administrative expenses declined € 81 million year-on-year to € 2,164 million.

    Also, net interest income declined € 55 million quarter-on-quarter to € 770 million. In the third quarter, the development was affected by the measures taken due to the pandemic.

    General administrative expenses declined € 29 million quarter-on-quarter to € 690 million.

  • Skanska signs an USD 198 M contract for office improvements in western USA

    Skanska signs an USD 198 M contract for office improvements in western USA

    Skanska has signed additional contracts with an existing client for improvements to their corporate office in the western USA.

    The contract is a joint venture with Skanska Balfour Beatty, and is worth USD 395 M.

    Skanska’s part is worth about USD 198 M, about SEK 1.7 billion, which will be included in the US order bookings for the fourth quarter of 2020.

    Construction is underway and is scheduled for completion in the fourth quarter of 2023.

    Skanska USA had sales of SEK 74 billion and about 7,900 employees in its operations in 2019.

  • Greece to offer tax cuts for workers who want to move their tax base

    Greece to offer tax cuts for workers who want to move their tax base

    Greece encourages people to move to the country and promises that half of their income will be tax-exempt, Bloomberg reports.

    Greece currently applies a 44% tax rate for earnings in excess of € 40,000.

    The new facilities will be valid for a maximum period of seven years for workers who want to move their tax base to Greece, regardless of nationality and type of work.

    The offer will also be valid for Greeks living abroad if they return home.

    Greece wants to get investors back after four years of less business friendly policies adopted by the previous left-wing government.

    Through its new incentive plan, the Greek government is simultaneously focusing on the UK and employees or freelancers who may be forced to leave the UK due to Brexit.

    Attracting foreigners and reversing the brain drain is seen as crucial to boosting economic performance after a decade of debt crisis that wiped out about 25 percent of Greece’s GDP.

  • Prague based DDB launches specialized esports and gaming agency

    Prague based DDB launches specialized esports and gaming agency

    DDB Worldwide is launching DDB FTW (For The Win), the world’s first specialized esports & gaming network agency this month

    The agency’s head office will be located in Prague and led by CEO, Global Esports & Gaming Lead, Darko Silajdžić, with additional capacities run out of the DDB agencies in Amsterdam, Dusseldorf, Paris and Hong Kong.

    DDB FTW will provide global and regional esports and gaming solutions to current clients, and new partners.

    Says Glen Lomas, President of DDB, EMEA says: ”This category is not simply about playing Candy Crush or shooting games, it is a movement that spawns its own music, fashion, and language. Gaming platforms are a lifeline of social connection for people during these trying times, and we expect the trend to continue in a post-Covid world.”

    DDB FTW consists of passionate gamers from the DDB network covering various areas of expertise including strategy, creative, business design, innovation and tech.

  • Byrd opens two new e-commerce fulfillment warehouses in France and in the Netherlands

    Byrd opens two new e-commerce fulfillment warehouses in France and in the Netherlands

    In addition to Byrd fulfillment centers in Austria, Germany, and the United Kingdom, the company added new warehouses in France and the Netherlands.

    Byrd new warehouse in France, with more than 3,000 square meters (approx. 32,000 square feet), will optimize the shipping costs and expedite the delivery times for customers.

    The Dutch warehouse, located in proximity to the German border, possesses capacities to ship 1,000 parcels per day with three different carriers.

    Besides regular B2C e-commerce orders, over the years the HACCP-certified fulfillment partner has specialized in fulfilling medical devices, pharmaceuticals, and supplements.

    After this openings, Byrd ships from 12 warehouses that span across 5 countries in Europe.

  • Scania net sales decreased by 22 percent in the first nine months of 2020

    Scania net sales decreased by 22 percent in the first nine months of 2020

    Scania net sales decreased by 22 percent to SEK 88,843 m. (113,815) in the period January-September 2020, the company reported today.

    Operating income decreased by 62 percent and amounted to SEK 5,249 m. (13,889).

    Scania cash flow amounted to SEK 3,358 m. (7,531) in Vehicles and Services.

    In the third quarter net sales decreased by 17 percent to SEK 30,374 m. (36,544) and operating income by 45 percent to SEK 2,436 m. (4,445).

  • Cra-Z-Art opens first international sales office in Europe

    Cra-Z-Art opens first international sales office in Europe

    Cra-Z-Art, an US based manufacturer of trendy toy, arts and crafts kits, puzzles and school supplies, announced today the opening of its first international sales office in Manchester, England.

    The office is headed by longtime toy industry sales executive, Oliver Williams, who was hired in July.

    Located in Manchester’s city center, Cra-Z-Art’s office will facilitate all internationally-focused sales, marketing, and administrative activities.

    The showroom will exhibit over 200 specially selected products, a mixture of trending titles, evergreen favorites, licensed and unlicensed products, STEM learning activities.

    Cra-Z-Art was founded in 2008 by Lawrence Rosen, a third-generation toy entrepreneur and veteran of the toy industry.

  • Voestalpine AG revenues fell by 21.9% to EUR 5.1 billion

    Voestalpine AG revenues fell by 21.9% to EUR 5.1 billion

    Voestalpine decrease in revenue by 21.9% from EUR 6.5 billion to EUR 5.1 billion stems from smaller delivery volumes and lower prices.

    Profit before tax fell year over year from EUR 163 million to EUR –268 million, and profit after tax from EUR 115 million to EUR –276 million.

    Voestalpine generated substantially higher operating cash flow of EUR 563 million and free cash flow of EUR 281 million.

    Net financial debt decreased from EUR 4.5 billion to EUR 3.5 billion thanks to good cash flow.

    Year over year, the number of employees in the Voestalpine fell by 6.5% to 47,917. In October 2020, about 2,500 employees in Austria, about 1,200 in Germany, and about 1,800 internationally had been registered for short time work or similar models (particularly Brazil, Sweden, South Africa, France, Great Britain).

  • DPD Romania expanded operations in Arad, Bucharest and Brasov

    DPD Romania expanded operations in Arad, Bucharest and Brasov

    DPD rented new warehouse facilities in Arad, Bucharest and Brașov, with a total area of ​​5,500 square meters. JLL represented DPD in this process.

    In the first nine months of the year, the demand for industrial and logistics spaces was almost 380.000 square meters, of which 46.2% (175.300 sqm) were intermediate transactions of JLL.

    The courier company DPD Romania is part of DPD group, European leader in routier deliveries, and has been active on the local market since 2008, after taking over Pegasus Courier.

    DPD has over 1.800 employees (including franchises) and over 15 million packages delivered annually.

  • Enel net income up 9% in the first nine months of 2020

    Enel net income up 9% in the first nine months of 2020

    Enel revenues at 48,050 million euros (59,332 million euros in the first nine months of 2019, -19.0%). EBITDA at 12,705 million euros (13,209 million euros in the first nine months of 2019, -3.8%).

    EBIT at 6,975 million euros (4,199 million euros in the first nine months of 2019, +66.1%).

    Enel group net income at 2,921 million euros (813 million euros in the first nine months of 2019, +259.3%) and net financial debt: 48,953 million euros (45,175 million euros in full year 2019, +8.4%).

    Enel interim dividend for 2020 of 0.175 euros per share, in payment from January 20th, 2021, an increase of 9.4% compared with the interim dividend distributed in January this year