Current Report No. 3/2025
Referring to the current report No. 1/2024 of 16 January 2024 in which Boryszew S.A. advised of the possibility of restrictive optimisation or possible alternative actions involving selected assets of Boryszew Group, i.e. Boryszew Automotive Plastics Group (BAP Group) of restrictive optimisation or possible alternative actions, the Management Board of Boryszew S.A. (“Issuer”), advises that on 27 February 2025 the Issuer’s indirect subsidiary, in which the Issuer indirectly owns 100% of shares – Boryszew Kunststofftechnik Deutschland GmbH (“BKD”) decided to file a bankruptcy petition to the competent court. According to BKD, the petition will be filed due to the company’s difficult financial situation and its inability to obtain additional financing to enable it to continue operations.
According to the explanations received, the decision results from the deteriorating situation in the execution of existing contracts (decline in volumes) which caused major decrease of sales and a reduction in new orders from major customers. An additional factor negatively affecting the situation of the aforementioned entity involves high fixed costs in particular for salaries, energy and raw materials. These circumstances, as per relevant assessment, prevent achieving the minimum satisfactory profitability of the business and the potential of achieving self-financing of the business by BKD in a reasonable time perspective.
The issuer explains that BKD manufactures plastic components for the automotive industry, used as equipment of vehicles.
BKD had a total sales revenue of about PLN 237.4 million in 2024 (PLN 303.3 million in 2023). The company’s operations, at the EBITDA* level in 2024 generated a loss of PLN 18.3 million (preliminary unaudited data), while for 2023 the EBITDA result was PLN 4.2 million.
*) EBITDA = operating profit plus depreciation and amortisation.
Legal grounds
Article 17 section 1 MAR – Confidential information.
Signatures:
Wojciech Kowalczyk – President of the Management Board
Translation from the original Polish version.
In the event of differences resulting from the translation, reference should be made to the official Polish version.