Press releases

Results of the CIECH Group as conformation of the positive results of the restructuring process

In 2014, the CIECH Group noted very good, normalized operating results, which were significantly higher than in the preceding year. Net revenues from sale, in the period from 1 January to 31 December 2014 amounted to PLN 3,244 million. Gross profit on sale amounted to PLN 681 million. Profit on the operating activity reached the level of PLN 320 million.

Table. Consolidated results of the CIECH Group for 2014.

in thousand PLN
01.01-31.12.201401.01-31.12.2013change 2014/2013
Net revenues from sale
3 243 9003 501 020-7,3%
Own cost of sale2 563 0502 893 753-11,4%
Gross profit on sale680 850607 26712,1%
EBIT320 283139 722129,2%
Net profit166 35339 560320,5%
Depreciation204 487216 625-5,6%
EBITDA524 770356 34747,3%
Normalized EBITDA514 077445 59515,4%


The achieved results are an effect of both the consistently-implemented programme of deep restructuring of the CIECH Group, which has lasted since 2012, and the favourable market conditions, in particular in the context of growing margins in the soda segment. It is worth emphasizing that in the previous year, all the companies of the Group continued to implement individual restructuring programmes. The results they achieve are good and are reflected in consolidated results. In 2014, the production capacity of the Group grew significantly. The new calcinator installed in Romania increased the production capacity of the plants in that country up to 460 thousand of tonnes per year. On the other hand, the installation for production of saturated polyester resins in Nowa Sarzyna, extended in October, provides for an increase of the capacity of that range of products by 100 per cent – up to 12 thousand tonnes of the product per year. The main development project of the soda segment – SODA +200 (development of the production capacity in Inowrocław by additional 200 thousand tonnes of the product per year – to the level of 800 thousand tonnes per year in 2016) is being continued.

"It is with satisfaction that I observe how the difficult and very unpopular decisions we took nearly three years ago bring about tangible results at present. We can say that restructuring means development for CIECH, even though this has not been an easy process for the whole organization. Thanks to deep organizational and cost restructuring, the company regained its profitability and built strong foundations for the continued development of its business."  said Dariusz Krawczyk, the President of the Management Board of CIECH.

Last year, significant changes also occurred in the structure of the Company's shareholding – in June, KI Chemistry – a company from the Kulczyk Investments group, became the majority shareholder. This change opens up new opportunities to the Company and offers it prospects of continued development. The business model is clearly specified by the new strategy of the CIECH Group adopted in November last year. In the nearest future, the Company will concentrate on an organic increase and continuation of its current activity in the soda and organic segments. The policy of an increase of effectiveness of the Group will be continued. CIECH will continue to develop two ways - concentrating on optimization of costs, taking care of the development and construction of new production lines. 

"We face new ambitious challenges and development projects. The value of the company is growing, and the Company is successfully developing in the global scale. I optimistically look into the future and I am convinced that CIECH is a totally different, more dynamic company and a solid business partner today. Our goal continues to be the same: we will continue to build the value of our Company for the shareholders." the President of the Management Board, Dariusz Krawczyk summed up the plans.

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