Press releases

CIECH publishes its results for Q3 2015

CIECH Group posted revenues of PLN 801 million in comparison with PLN 799 million in the previous year. The Group’s EBITDA amounted to PLN 192 million. These results confirm that CIECH is on a stable growth path.

Table I. Financial results of CIECH Group for Q3 2015

in PLN millionQ3 2014Q3 2015Δ Q3 2015 - Q3 2014
Sales revenues7998012
Gross margin18823345
Gross margin %24%29%6 pp.
EBIT %10%17%7 pp.
EBITDA %16%24%8 pp.
Recurring EBITDA14319956
Recurring EBITDA %18%25%7 pp.
Net profit2811991


In the last quarter the CIECH Group focused on further improving its efficiency and optimising its costs. Key events included negotiations connected with debt refinancing.

“To a great extent in the third quarter we concentrated on talks related to the refinancing process. The conclusion of the required agreements is an important step in the implementation of our strategy. In this way we reduce our financial costs substantially, which will enable us to intensify growth for the whole CIECH Group. The new loan agreements provide the Group with a long-term source of financing, at the same time guaranteeing the possibility of prepayment. We will also be able to reduce our financial costs further if the Group’s condition improves”, said Maciej Tybura, President of the Management Board of CIECH S.A.

Pursuant to its strategy, CIECH Group focuses on the development of the soda and organic segments. CIECH Sarzyna continues the process of broadening the distribution channels and reinforcing sales capabilities, as well as carrying out intensive marketing activities. In the third quarter a broad advertising campaign was conducted for Agrosar, another flagship product in the segment of plant protection chemicals after Chwastox. The campaign included television commercials, banner advertisements in the internet as well as advertisements in trade magazines. Particular emphasis was also placed on the registration and development of new products, as CIECH Sarzyna intends to develop the AGRO segment portfolio intensively. Plans provide for releasing 8 key products in 2017–2018 while 4 new products are to be launched next year. Meanwhile, in the silicate and glass segment, CIECH Vitrosilicon has begun a project aimed at increasing the production of sodium silicate, which is connected with the performance of a long-term contract.

Table II. Results of the CIECH Group after the first three quarters of 2015

in PLN millionQ3 2014Q3 2015Δ 2015- 2014
Sales revenues2 4582 4591
Gross margin545669124
Gross margin %22%27%5 pp.
EBIT %9%15%6 pp.
EBITDA %16%22%6 pp.
Recurring EBITDA416580164
Recurring EBITDA %17%24%7 pp.
Recurring EBITDA55258203


The results achieved by the Group are determined by its strategy and they confirm that the decision-making process is effective.



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