Last year, the group invested a total of 850 million in factories in Pilsen, Ostrava, Šumperk and Otanmäki, Finland.
Last year, the Škoda Transportation engineering group’s revenues increased by more than 11 percent year-on-year to CZK 11.03 billion. The labor supply increased by 14 percent to 68.7 billion. The company has secured work for about three years in advance. The audited results were published today.
The Group’s operating result before depreciation and extraordinary one-off non-cash effects (adjusted EBITDA) reached CZK 380 million, which represents a year-on-year growth of 18.6 percent. However, the resulting EBITDA (gross operating result before interest and depreciation) was reflected in “one-off non-monetary effects” of 1.17 billion. According to the company, these were mainly provisions for long-term intangible assets, receivables and inventories of materials.
“The above-mentioned extraordinary provisions relate to historical development costs and contracts,” stated the company without details. Including these effects, EBITDA minus 790 million and the result is a loss of 1.42 billion. Last year, the group repaid bonds in the amount of 2.3 billion crowns.
“I want to thank every single Škoda for last year, which was extremely challenging. Unfortunately, the current Covid-19 pandemic and related measures have had a negative impact on the implementation of our contracts and investments. For example, the course of technical and material preparation of projects was affected, some deliveries from subcontractors or due to illness reduced the usable capacity in production, testing and homologation. For foreign procurement, major travel restrictions and restrictions in other countries played an important role. The situation with many limitations has also affected our recruitment plans. Throughout, however, we have tried to minimize these impacts. Our ambitions were higher in 2020 with regard to the capacity plan and the concurrence of many projects, but I still consider the achieved result to be very good in view of the circumstances. “ said the head of Škoda Petr Brzezina.
Last year, the group invested a total of 850 million in the expansion of production facilities in Pilsen, Ostrava, Šumperk and Otanmäki, Finland. It was, for example, a test room, paint shop, chassis shop, machining centers or assembly lines. Another 1.73 billion went to research and development.
The group is in profit for the first quarter of this year. EBITDA reached 260 million crowns.
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