Tuš Group Revenues Down 4% in 2011, Boss Optimistic

Celje, 15 March (STA) - The Tuš Holding generated EUR 790m in revenues

in 2011, which is a 4% drop over 2010, director Matjaž Zadravec told

Thursday's edition of business daily Finance. He is however optimistic

about the future, saying that the business strategy introduced to

consolidate the group has provided great stability.

Zadravec pointed out that the group increased its earnings before

interest, taxes, depreciation and amortisation (EBITDA) from EUR 44m in

2010 to EUR 48m in 2011 in spite the decrease in revenues.

The

decrease in revenues was a consequence of the offloading of companies with

non-strategic activities, like fuel retailer Tuš

Oil.

Telecommunications company Tušmobil, which the group had been

trying to sell for a while, reached a positive cash flow (EUR 2.7m) for the

first time in its history in 2011 through optimisation, according to

Zadravec. The company's revenues dropped 9% to EUR 64m.

Tušmobil is

thus no longer seen as a threat to the group, according to Zadravec.

However, $everything is for sale if the price is

right$.

Engrotuš, the company in charge of retail as the

group's main activity, generated EUR 645m in revenues, which was a 1%

increase over 2010. Its EBITDA dropped from EUR 19m to EUR

13m.

Touching on foreign markets, Zadravec said that Tuš generated

EUR 55m in revenues in Bosnia-Herzegovina, which he labelled as a strategic

market.

However, Macedonia is more interesting for Tuš, as the

retail market there is only just developing, said Zadravec. Tuš increased

its revenues in Macedonia by 19% last year.