On August 29, 2014, the Management Board was briefed of the Annual report of SIJ d.d. and the SIJ Group, as well as of the affirmative and unqualified auditor opinions for all Group companies and the Group as a whole. The General Annual Meeting granted discharge to the Management Board and Supervisory Board for the year ending on December 31, 2013, and appointed Dr Denis Mancevič as the new member of the Supervisory Board for a mandate expiring on April 11, 2015.
The General Annual Meeting of SIJ appointed Deloitte revizija d.o.o. as the auditor of the companies and the SIJ Group for the financial year ending December 31, 2014. The General Annual Meeting unanimously decided that the recorded balance sheet profit of the SIJ Group amounting to € 24.5 million shall remain undistributed.
In 2013, the SIJ Group generated revenues of € 658.7 million, recorded an EBITDA of € 40.8 million, and a net loss of € 4.9 million. According to the Group's business plan, in 2014, the Group's revenue will reach € 736.5 million (up 12% compared to 2013), an EBITDA of € 85 million (up 87% compared to 2013) and a net profit of € 30 million.
The semi-annual results are in line with the goals and affirm the Group’s development strategy. During the first six months of 2014, the SIJ Group generated € 377 million of revenue (up 7% compared to the same period of last year), an EBITDA of € 47 million (up 85% compared to the first six months of 2013) and a net profit of € 18.9 million. Considering the growth of the global steel market in excess of 3%, the SIJ Group has recorded higher growth and also significantly increased the profitability of its operations, as its EBITDA margin amounts to 12.5%.