Ciech

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Current Report No.: 5/2022

Update of selected estimated consolidated results of the CIECH Group for 2021.

Current Report No.: 5/2022

Date of preparation: 22.03.2022

Abbreviated name of the Issuer: CIECH S.A.

Subject: Update of selected estimated consolidated results of the CIECH Group for 2021. 

Legal basis:  Art. 17.1 of the MAR – inside information.

 

Text of the report:

The Management Board of CIECH S.A. with its registered office in Warsaw (the “Issuer”), in connection with the change of the date of publication of the separate annual report for 2021 and the consolidated annual report for 2021, as announced in Current Report No. 4/2022 of 22.03.2022, beyond control of the Issuer, and in order to avoid any uncertainty related to the aforementioned change of date, with reference to the forecast of the CIECH Group's results in 2021, published in Current Report No. 12/2021 on 22.04.2021, of selected estimated consolidated results of the CIECH Group for 2021, published in Current Report No. 3/2022 on 02.03.2022 (the “Estimated Results”), presents below selected updated estimated consolidated results of the CIECH Group generated in 2021 (the “Updated Estimated Results”).

  • estimated consolidated sales revenues for 2021: PLN 3,460 million (an increase by 16% year-on-year (y/y), i.e. PLN 484 million);
  • estimated consolidated adjusted EBITDA on continued operations for 2021: PLN 727 million (an increase by 24% y/y, i.e. PLN 141 million);
  • estimated consolidated adjusted EBITDA on continued operations, net of the non-cash allowance for the incentive programme (LTIP) recognised in 2021: PLN 778 million (an increase by 33% y/y, i.e. PLN 193 million);
  • consolidated net profit for 2021: PLN 292 million (an increase by 128%, i.e. PLN 164 million);
  • consolidated cash flow from operating activities in 2021 (OCF): PLN 1,279 million (an increase by 67% y/y, i.e. PLN 512 million);
  • consolidated net debt (calculated in accordance with the methodology adopted in loan agreements) at the end of 2021: PLN 1,178 million (a decrease by 23% y/y, i.e. PLN 354 million), the net debt/EBITDA ratio amounted to 1.63x (a decrease by 33% y/y, i.e. 0.82 pp).

Compared to the Estimated Results, there is a slight difference with regard to the Updated Estimated Results. The deviations of the Updated Estimated Results from the Estimated Results are as follows:

  • sales revenues are higher by PLN 1 million;
  • adjusted EBITDA is higher by PLN 3 million;
  • adjusted EBITDA, net of the non-cash allowance for the incentive programme (the LTIP) recognised in 2021, is higher by PLN 1 million;
  • operating cash flow is higher by PLN 129 million;
  • net debt, as defined in loan agreements, is higher by PLN 1 million;
  • net debt/EBITDA ratio remains unchanged; and
  • Estimated Results did not contain information on the amount of net profit.

The final consolidated results of the CIECH Group for 2021 will be published by the Company on 29 March 2022 in the consolidated financial statements of the CIECH Group audited by a statutory auditor. 

Legal basis: Article 17.1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union L No. 173, p. 1).

Signatures of the Company’s representatives:

Dawid Jakubowicz – President of the Management Board  

Jarosław Romanowski – Member of the Management Board 


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