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General company presentation
Vrico S.A is a steel service center established in Aspropyrgos Athens, Greece. The company is supplying its customers with carbon steel flat products. The premises are owned by the company and are 5500m2 covered on a land of 13000m2 in the highest industrial zone of Athens. The premises are 1000m from the industrial rail station of Thriasio and very close to the harbor of Eleusis. The company owns a latest technology cut-to-length line and a slitting line, both bought new within the last five years from an Italian machinery producer.

The company was founded in 1979 from two very experienced sales people in the market Mr. Vrionis and Mr. Kosmas. The first premises was on Piraeus area, a highly industrial area of the time, today owned but not used by the company. There was a steady growth all over these years mainly based on capital produced by the company operations and less on borrowing from banks. Today company operation is continued by the next generation (kids) of Vrionis and Kosmas families.

The organization of the company is very flat based on the mentality of a simple, flexible and fast decision making chart. The key sectors that are sales, purchasing, production and financial control are operated by the four family members. The company occupies 7 office employees and 13 workers, machine operators and drivers.

Financial Picture
Vrico as mentioned above has a steady growth over the years having from 2003 a profitable operation. In 2011 the loans as can been seen from the balance sheet were only used to offer credit to the customers and were in majority covered with collaterals the notes payable of the customers. Also the operation cost per tone is one of the lowest in the Greek market allowing the company to be very competitive in the pricing and credit policy towards its customers. The company was awarded from ICAP a title of one of Greece strongest companies of 2010 and 2011. In the table bellow we present a picture of the annual turnover and profitability during the last 6 years.

  2007 2008 2009 2010 2011 2012*
Turnover 29.6m 40.7m 22m 21.5m 23.6m 19m
Profit before taxes 0.7m 1.6m 1.2m 1.1m 0.6m 0.2m
Liabilities 21m 25m 14m 12m 12m 6m
* Estimation

Market segment
Vrico is mainly focused on covering the needs of the Greek industrial market segment and less on the retail and construction segment. This is mainly a reason that the company did not suffer severe bad debt losses during the beginning of the crisis of 2008-2009. Also the company is exporting small only a highly added value range of its products for industrial use. The company today has more than 1000 active customers mainly small-medium sized and is increasing its market segment every day due to a strong brand name on offering high quality material on competitive pricing policy with easy communication and service channel.

Vrico today has a small, although steadily increasing, exporting presence in the Balkans mainly because of the not competitive banking cost and expensive logistic. We believe that in the near future based on a strategy pushing our high value products like PPG sheets and strips we will be able to attract more markets and export even our commodity products like HR, CR and HDG.

Vrico would like in Greece to keep its customer base and increase it with new and healthy companies. Moreover we would like to explore more our opportunities in export. All the above must be based on a good and healthy working environment combined with a low operation cost.

Financial Data

Balance Sheet 2015 - File Excel Xlsx, 24KB.