Boryszew successfully realizes the goals of the new business strategy for 2022

Boryszew Group, one of Poland’s largest private industrial groups, generated consolidated revenues of PLN 6.8 billion in FY 2022, more than 8% up on FY 2021. In the reporting period, the consolidated EBITDA grew by nearly 15% to reach PLN 395 million (PLN 387 million adjusted for one-offs) while the consolidated net profit increased by more than 38 % to PLN 114 million. Like-for-like, the Group’s EBITDA doubled over the last two years. A positive contribution to the Group’s results was made by the Automotive Segment. Easing supply crunch and dynamic growth of orders for EV components brought along the long-awaited improvement of the Segment’s performance.

2022 was a year of intensified investment activity in the Automotive Segment. Last year, Boryszew Group’s total CAPEX reached PLN 259 million, for almost half of which – PLN 119 million – accounted Automotive, which is composed of Maflow Group and BAP Group.

“We are increasing Maflow Group’s production capacity in the area of air conditioning hoses for electric vehicles, as the construction of new plants in China and Mexico is well underway. This is our response to the vigorous growth in electromobility, which for Boryszew Group brought agreements with new clients and rising orders from existing ones. As of March 31 202, the total value of nominations for contracts involving electric vehicles acquired in 2021-2023 reached  EUR 878.5 million. This figure demonstrates the strong capabilities of the Segment,” commented Wojciech Kowalczyk, President of the Board and CEO of Boryszew S.A.

In FY 2022, the Automotive Segment generated revenues of PLN 1.7 billion while the Segment’s adjusted EBITDA reached PLN 31 million. In Q4 2022 alone, these results were PLN 455 million and PLN 17.8 million, respectively.

Also very strong performance was recorded last year by the Group’s largest segment – Metals. In the reporting period, the Segment’s revenues were PLN 4.3 billion while the adjusted EBITDA grew to PLN 340 million, up by 12% on FY 2021 and 32% like-for-like.

“In 2022, the Metals Segment more than matched its historically strong results from 2021, despite the marked economic slowdown in Q4 2022. Like-for-like (excluding the sold FLT Group and the discontinued activity at Hutmen), the Segment recorded in the reporting period a 25% growth in revenues. Strong sales of wire rod and aluminum extruded products at NPA Skawina contributed to a nearly 53% rise in revenues at this plant,” Boryszew CEO Wojciech Kowalczyk added.

One of the key events for the Group in 2022 was the adoption of the new business strategy for 2022-2026 and the new dividend policy. Consequently, the dividend paid in June 2022 was the highest in the Company’s history.

 “In 2022, we achieved the revenues and EBITDA as planned in our strategy despite major fluctuations and volatility in the prices of utilities, production components and high inflation as an effect of the war in Ukraine,” Boryszew CEO Kowalczyk stated.

In 2022, as part of the planned implementation of the strategy’s goals, the Group continued the restructuring of BAP Group, divested a non-strategic asset – Nylonbor – and launched investment in PV installations in the Automotive Segment’s plants.