Following a visit by Minister Dragonja, Trimo’s Management Board expects quick solutions from the company’s owners regarding improvements to its capital and liquidity situation.
Despite the tight business and market climate in the first three months of this year, the company's business results have been positive. With its key product, and its most profitable - the Qbiss One modular façade system programme - Trimo achieved 50 per cent more contracts than in the same period last year. It also managed to win important reference projects, including the new data centre in Slough (UK), a cultural centre in Manchester (UK) and an extensive industrial complex in Iraq. The projects will use the Qbiss One modular façade systems and 'Trimoterm Power' - energy and structurally efficient panels, which are the latest achievement of Trimo's development team.
In December 2013, the banks re-capitalised Trimo d.d. and acquired a majority shareholding in the company. Following the 'Master Restructuring Agreement', Trimo expected the banks to underwrite guarantees, especially payment guarantees for suppliers. Though guarantees are being provided, they are not being issued in a timeframe that is in accord with the agreement and Trimo's business needs.
Bogdan Topič, PhD, Chairman of Trimo's Management Board, said: "Minister Dragonja and I agree that the situation is challenging and complex. However, I believe that with comprehensive restructuring Trimo can retain the leading market position in its sector, provided it receives support from its new owners, i.e. the banks. This support means that measures for improving the capital and liquidity situation of the company need to be carried out sooner rather than later."
Minister Metod Dragonja pointed out: "Trimo is a major Slovenian exporter with state-of-the-art, advanced products and an established place in the world's construction markets. The banks supported the company, but financial restructuring and elimination of insolvency alone are not enough for the company to emerge from the crisis this year. In the Master Restructuring Agreement, the banks undertook to provide 7 million euros of financial guarantees, yet they (the banks) are not providing them. The main message of today's visit is that the banks, which were bailed-out with generous state aid, must first invest in the economy, particularly companies with high-potential programmes and clients."