The Zagreb Holding utility company on Friday presented their financial results for 2021, reporting a 794 million kuna (€105 million) loss, even though earnings before had increased by 77 million kuna (€10 million) from 2020.

Company CEO, Ivan Novakovic, attributed the poor results to the energy crisis, “harmful contracts in the gas business” and also adjustments in property value.

The 794 million kuna loss in 2021 means that last year’s losses increased by 325 million kuna (€43 million) from 2020.

“It is essential to point out that when we exclude one-off items for the purpose of clearing the balance, EBITDA for 2021 amounts to a positive 230 million kuna, and is 77 million kuna up from 2020,” Novakovic said, without further clarification.

“I’m certain that future financial reports will show a significantly better result and that we will achieve the planned positive EBITDA of 504 million kuna, which will lay the foundation for sustainable business and further investments that are essential to Zagreb Holding,” concluded Novakovic.

Last year, revenues amounted to 4 billion kuna (€529 million) and expenditures reached 4.7 billion kuna (€622 million). Operating revenues increased by 7.0 percent or 252 million kuna.

(€1 = 7.55 kuna)