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CIECH published results for H1 2015

In the first half of this year, the CIECH Group has generated a revenue of PLN 1,658 million. The Group's EBITDA following H1 2015 amounted to PLN 351 million, which is a 39% increase over the same period in 2014.

The Group's improved results in H1 and Q2 in particular are mainly attributable to a solid performance in the soda segment. These results have also been significantly affected by better sale prices as well as the prices of raw materials, energy carriers (coal and gas) and boiler fuel. The changes follow the company's negotiation process and positive external environment. An increased volume as a result of the commissioning of new production capacities and improved process efficiency has also contributed to the generated results. Compared to H1 2014, the Group's EBITDA have increased by nearly 6 percentage points to 21.2%. The CIECH Group's net profit in H1 2015 amounted to PLN 139 million.

 

Table I. CIECH Group's financial results for H1 2015

PLN '000,000H1 2015H1 20142015/2014 % change

Sales revenue

1,658

1,659

0%

Gross margin

434

357

22%

Gross margin %

26.2%

21.5%

 

EBIT

241

152

59%

EBIT %

14.5%

9.1%

 

EBITDA

351

253

39%

EBITDA %

21.2%

15.2%

 

Normalised EBITDA

381

273

39%

Normalised EBITDA %

23.0%

16.5%

 

Net profit/loss

139

27

423%

- We are very happy with the generated results. They are a result of the strategy adopted with our majority shareholder. We have also been helped by the market situation. The Group is undergoing some changes and we are working to further improve our operating efficiency. One of the company's key tasks is to improve profitability and reduce debt. – says Maciej Tybura, President of CIECH S.A.'s Management Board.

In H1 2015, the Group concentrated on four industry segments: soda, organic products, silicates and glass, as well as on the transport segment. Compared to 2014, revenues by segment have not changed significantly, as the sales of products from the soda segment continue to dominate the revenue structure with a 66% share. The share of the soda segment in the EBITDA structure in that period was 85%.

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