Net income of Boryszew Group in 1H 2014 was PLN 50.2 million (giving 72% growth y/y) with operating profit of PLN 79.1 million (66% growth y/y) and revenue of PLN 2.53 billion (3,8 % growth y/y)
1H 2014 Financial Results
Operating profit of Boryszew Group in 1H 2014 was PLN 79.1 million having EBITDA of PLN 130.8 million with net income of PLN 50.2 million.
‘’The first half of 2014 was a time where for the first time we could see all-together results of our restructuring efforts and new automotive projects. Automotive income increased by PLN 115 million having operating income of PLN 24 million compared to PLN 2.3 million in corresponding period of 2013. What’s more important, both Maflow and BAP noted a valid improvement’’, says Piotr Szeliga, President of the Board of Boryszew S.A. ‘’The performance of aluminium sector was slightly weaker compared to last year. It was due to temporary slow-down of production capacity of Huta Aluminium Konin to modernise. Once the project is implemented we expect its stable improvement,’’ Piotr Szeliga adds.
‘’The outlook of other segments reflects our expectations. Thanks to those both companies (Baterpol SA in particular) Zinc and Lead segment showed a convincing improvement due to companies’ operating income. Various saving programs such as consolidation of power purchasing have also reduced the operating costs of Boryszew Group.’’
Boryszew’s sales revenue in 1H 2014 was PLN 2.53 billion compared to PLN 2.44 billion for the corresponding period of 2013.
‘’The increase of Boryszew’s revenue by almost 4 percent is a results of boosted sales in automotive companies giving them a revenue growth of approximately PLN 115 million. It translates into 14 percent growth. Apart from Zinc and Lead sector, non-ferrous metals noted a slight revenue decline which is mainly due to weaker dollar and lower metal prices on LME. It also had an impact on an aluminum segment where plant was temporarily shut down to modernise.”, says Piotr Szeliga.
„In 1H 2014 the Company proved a significant increase in debt to EBITDA ratio achieving 3.5 (compared to 4.6 in 1H 2013)’’, Piotr Szeliga adds.