Hospitalija trgovina d.o.o. has successfully arranged long-term refinancing of the bond maturing on October 5, 2009. The long-term refinancing was achieved through the issuance of a tranche of commercial papers on December 23, 2009, amounting to €7.715 million, maturing on March 23, 2010.
This is also the issuance date of the seven-year bonds that will refinance this commercial paper. The successful refinancing, based on a quality long-term financial arrangement, is a sign of support and confidence in Hospitalija trgovina from investors and the largest banks in Croatia. This move allows the company to continue its successful operations, which achieved the best profitability in its history during the crisis year of 2009.
Hospitalija trgovina preliminarily closed the year 2009 with HRK 91 million in revenue and HRK 10.7 million in operating profit, representing an operating profit margin (EBITDA) of 11.7%. The bond that matured was arranged in 2006 by Zagrebačka banka to enable Hospitalija trgovina to pursue a more aggressive expansion in the medical product distribution sector. During the three-year period, the company operated successfully and profitably, servicing all its obligations on time and developing a quality relationship with state hospitals, which represent the largest part of its business and from which Hospitalija trgovina has significant overdue receivables. (M.N.)
