Press releases

CIECH Group results show a clear improvement, with an increase in revenues and margins in 2015.

In 2015, CIECH Group achieved very good financial results. Normalised EBITDA increased by almost 50% y/y and amounted to PLN 748 million. EBITDA margin (n) stood at the level of 22.9%, constituting an increase of 7.1 percentage points in comparison to 2014. Such good results are mostly the result of the implemented optimisation activities and the consistently pursued strategy based on organic growth. The Group has also enjoyed a positive market environment.

Consolidated revenues of CIECH Group in 2015 amounted to PLN 3,273 million. The Group generated an operating profit of PLN 490 million (increase by 52.2% y/y), with EBIDTA amounting to PLN 708 million (increase by 34.4% y/y) and EBITDA after normalisation adjustments (n - normalised) to PLN 748 million (increase by 46.4%). The Group has achieved higher margins on all levels as well.

In 2015, the Group engaged in intense trade activities and executed significant investments, such as SODA +200 (extension of the manufacturing capacity of soda in Inowrocław by an additional 200 thousand tons annually, up to a total of 800 thousand tons per year), modernisation of the salt installation to raise the production of dry salt, and an increase in the manufacturing capacity of sodium silicate in association with a significant contract with Solvay. 


"We have efficiently achieved these additional volumes of soda ash and salt as a result of our extensive investments. We have visibly increased the effectiveness of CIECH Sarzyna and optimised the portfolio of CIECH Pianki as well. The refinancing of our debt has been completed successfully, which enabled us to significantly reduce the costs of financing and work effectively on reducing the overall level of debt, which remains at a high level," said Maciej Rybura, President of the Management Board of CIECH S.A.

Favourable market conditions, including the increasing price of soda combined with the decreasing price of energy and raw material feed (coal, gas and coke) as well as the weakening of the Polish zloty and Romanian leu against other currencies, had their own positive influence on the Group's financial results.

In the next quarters CIECH intends to focus on further organic growth, including the introduction of its products to foreign markets. 

"We are consistently implementing our strategy based on organic growth that was adopted in November 2014. Currently, most of our revenues and profits are generated by the soda segment, but we are working hard to diversify our business. Therefore, we are taking a number of initiatives in the organic segment, such as developing our product portfolio both in the field of existing brands and in the area of new product lines. We are also launching further products abroad, focusing on the most efficient directions. In the soda segment, we are developing further processed products characterized by higher margins and we are continuing our work on increasing the quality of our products. We are also aiming to reduce our exposure to weather conditions by increasing the share of dry salt in the revenues", said Maciej Tybura, President of the Management Board of CIECH S.A.

Since 2014, CIECH Group has been supported in the implementation of its strategy by the majority shareholder - the company KI Chemistry of Kulczyk Investments group. 

As part of the development direction for organic segment, in February 2016 CIECH launched a new brand called ZIEMOVIT. It is a product line dedicated to individual users, and includes plant protection chemicals, fertilizers and potting mixes. 

"The products in the new Home & Garden category are the next step in the direction of the Group's organic growth. CIECH Sarzyna is the largest Polish manufacturer of plant protection chemicals, with over 40 years of experience and unique competencies in this field. I am convinced that the CIECH Group's experts have plenty to offer, and that our products will exceed market expectations. Our ambitious plans are aimed at quickly making ZIEMOVIT the leader in its class," says Maciej Tybura.


[in PLN million]20152014y/yQ4 2015Q4 2014y/y
Gross profit from sales87468128.3%20513650.2%
Gross margin on sales26.7%21.0%5.7 pp25.1%17.3%7.8 pp
EBIT margin15.0%9.9%5.1 pp13.4%11.6%1.8 pp
EBITDA Margin21.6%16.2%5.4 pp20.3%18.5%1.8 pp
EBITDA (n)74851146.4%1699577.9%
EBITDA Margin (n)22.9%15.8%7.1 pp20.7%12.1%8.6 pp
Net profit or loss346166108.0%88112-21.3%
Net margin10.6%5.1%5.5 pp10.8%14.2%-3.4 pp

The CIECH Group is one of the leaders in the European chemical market. It has a well-developed production structure (eight plants) and operates a sales network in Poland as well as in Europe and globally. The Group’s core products include: soda ash (second largest supplier in Europe), sodium bicarbonate, salt, fertilisers, plant protection chemicals, epoxy resins, polyester resins and other organic chemicals used in the glass-making, furniture, chemical, construction and agricultural industries. CIECH SA has been listed on the Warsaw Stock Exchange since February 2005. The company’s largest shareholders include KI Chemistry s. à r. l. with its registered office in Luxembourg (51.14 per cent of shares and votes at the GM) and OFE Nationale-Nederlanden (9.49 per cent). For more information visit

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