Genan Holding, one of the world’s largest recyclers of tires, has presented its first annual report since a radical reconstruction was initiated in the beginning of 2015. The core business of the group shows sound profit performance, but the 2015 annual report is negatively affected by considerable impairment.
According to Peter Thorsen, chairman of the board, the most important precondition for the continued existence of Genan is that the group manages to realize a reasonable profit on its core business – the production and sale of rubber granulate and powder through environmentally correct tire recycling.
Thorsen said, “Overall, the board of directors regard 2015 as a dissatisfactory year. Yet, first and foremost, we note that the core business is developing in the right direction, already providing reasonable earnings.
“We work in patience, acknowledging the fact that the 2015 and 2016 fiscal years will be significantly affected by non-operational items in the form of financial impairment and waiver of debt. Not until 2017 onwards will the annual report reflect the core business, and it is thus pivotal to determinedly follow the plan supported by both owners, board, management and staff.”
To ensure positive development of the core business, Poul Steen Rasmussen was recruited in September 2015 as MD. “There is no doubt that Genan has a very large business potential – in Europe as well as in the USA and in other parts of the world,” he commented. “Sustainability and recycling are increasingly gaining currency, and in respect of products like ours, time is on our side.”