ELECTROSTAR has just published its consolidated financial statements for the year ended December 31, 2021.
These accounts show a net loss (Group share) for the year of 23.7 million dinars, compared with a loss of 23.2 million dinars in 2020.
Cumulative consolidated losses for the last three financial years amounted to 79.3 million dinars, reducing the Group’s equity to a negative balance of 113.1 million dinars.
The group’s consolidated revenues decreased significantly from 77 million dinars in 2018 to 13.7 million dinars in 2019, 12.6 million dinars in 2020 and 9.1 million dinars in 2021.
In addition, the company’s bank liabilities, excluding other group companies, amount to 112 million dinars (including off-balance sheet commitments).
Tax liabilities at December 31, 2021 amount to 30 million dinars. Monthly tax returns have not been submitted since March 2020.
The auditors point out in their report that if the financial difficulties continue, the group’s future consolidated financial statements will have to be prepared on a net asset value basis rather than on a going concern basis. As a result, the ELECTROSTAR Group will be required to revalue its assets to their realizable value.
