{"id":1094,"date":"2022-06-20T15:48:09","date_gmt":"2022-06-20T12:48:09","guid":{"rendered":"http:\/\/tmede.gr\/english\/?p=1094"},"modified":"2022-06-21T16:02:40","modified_gmt":"2022-06-21T13:02:40","slug":"annual-report-on-the-financial-statements-of-tmedes-fifth-operating-period-from-01-01-2021-to-31-12-2021-following-international-financial-reporting-standards","status":"publish","type":"post","link":"https:\/\/tmede.gr\/english\/2022\/06\/20\/annual-report-on-the-financial-statements-of-tmedes-fifth-operating-period-from-01-01-2021-to-31-12-2021-following-international-financial-reporting-standards\/","title":{"rendered":"Annual report on the financial statements of TMEDE\u2019s fifth operating period, from 01\/01\/2021 to 31\/12\/2021, following International Financial Reporting Standards"},"content":{"rendered":"

Annual report on the financial statements of TMEDE\u2019s fifth operating period, from 01\/01\/2021 to 31\/12\/2021, following International Financial Reporting Standards<\/h3><\/h1><\/div>
<\/span><\/div>
<\/div>
<\/div>
<\/div>

The fifth annual report on the financial statements for TMEDE\u2019s operating period, from 01\/01\/2021 to 31\/12\/2021, was announced following the completion of the Independent Certified Public Accountants and the issuance of the respective Unqualified Opinion Independent Auditor\u2019s Report.<\/p>\n

In compliance with its statutory provisions and the International Financial Reporting Standards, TMEDE’s fifth fiscal year, from 01\/01\/2021 to 31\/12\/2021, reflects the steady upward trend of the Fund since its establishment, as a result of its growth strategy, turnover increase and positive results.<\/p>\n

Indicative of the Fund’s dynamic course and vital contribution, as a guarantee and credit institution, to the development of the sector is the doubling of profitability before taxes, combined with the increase in revenues by 5.42% and the significant increase in the issuance of guarantees compared to the previous financial year. It is worth noting that the rise of guarantee issuance was recorded both in terms of numbers, by 18.69% (9.220 new letters of guarantee in 2021, compared to 7.768 ones, in 2020), and in terms of funds, by 18.63% (\u20ac89,62 million in 2021, compared to \u20ac75,55 million in 2020), which is expected to have a strong positive impact on the financial results of the following fiscal years.<\/p>\n

In particular, despite the turbulence still generated by the pandemic and the geopolitical disruptions due to the war in Ukraine, the Fund managed – although it reduced the commissions paid by its members for the Letters of Guarantee – to increase its turnover in 2021 to \u20ac8,978 million compared to \u20ac8,517 million in 2020, maintaining the same positive EBITDA level of \u20ac1.57 million, while achieving a significant increase in profit before taxes in 2021, which reached \u20ac11,4 million, compared to \u20ac5,9 million in 2020.<\/p>\n

As an active and pioneering member of the European Mutual Guarantee Association (AECM) and in creative cooperation with the supervising Ministry of Labour and Social Affairs, the Ministries of Infrastructure – Transport and Development, and the Hellenic Development Bank (HDB), TMEDE, developing coherent planning, determination and achieving its business objectives, enters a new dynamic era, expanding its credit and development role.<\/p>\n

In particular, TMEDE:<\/p>\n