{"id":10493,"date":"2022-11-10T17:30:04","date_gmt":"2022-11-10T16:30:04","guid":{"rendered":"https:\/\/www.boryszew.com.pl\/?p=10493"},"modified":"2022-11-29T11:50:42","modified_gmt":"2022-11-29T10:50:42","slug":"boryszew-group-reports-growth-in-q1-q3-2022","status":"publish","type":"post","link":"https:\/\/www.boryszew.com.pl\/en\/boryszew-group-reports-growth-in-q1-q3-2022\/","title":{"rendered":"Boryszew Group reports growth after 9M 2022"},"content":{"rendered":"

In the first nine months of 2022, Boryszew Group, one of Poland\u2019s largest private industrial groups, generated consolidated revenues of PLN 5.2 billion, while the Group’s EBITDA amounted to PLN 357 million (PLN 320 million adjusted for one-offs) and the net consolidated profit reached PLN 137 million. Focused on opportunities to benefit from intensive growth in the e-mobility market, the Group has announced the opening of two new plants: in Mexico and in China.<\/strong><\/p>\n

At 1.7 in Q3 2022, Boryszew Group\u2019s debt ratio (net debt to EBITDA) remains low. Despite continuously high prices of key metals, Boryszew\u2019s working capital decreased by 7.7% year-on-year.<\/p>\n

\u201cThe Group\u2019s performance has been really strong, despite the effects of the economic slowdown and the challenges due to energy and gas prices. After the first three quarters of 2022, the adjusted EBITDA from continuing operations amounted to PLN 320 million, while the reported EBITDA was PLN 356.6 million against PLN 290.4 million in the first three quarters of last year. Noteworthily, the EBITDA result grew in the reporting period despite the sale of Elana PET and F\u0141T Group in the final quarters of 2021 and the closure of Hutmen at the end of last year,\u201d<\/em> commented Wojciech Kowalczyk, President of the Board and CEO of Boryszew S.A.<\/strong><\/p>\n

Boryszew Group\u2019s CAPEX in the first three quarters of 2022 reached PLN 167 million, with the Automotive Segment accounting for PLN 103 million. The Group continues to pursue investment projects in this Segment, as announced in Boryszew\u2019s new business strategy for 2022-2026, which was unveiled earlier this year, in May.<\/p>\n

\u201cSeptember was a month of high sales in the Maflow Group. This was mainly attributable to much higher demand for electric vehicle parts, with the Maflow plant in Torun alone trebling its sales of such parts. That\u2019s why we have decided to open two news plants producing components for e-vehicles in China and in Mexico. The production at the new plants \u2013 the second Maflow plant in Dalian, China, and the second Maflow plant in Mexico but the first one in a new location, San Luis Potosi \u2013 is planned to launch in 2023. Looking at the results in the Automotive Segment, one also needs to bear in mind that the Segment\u2019s sales in the third quarter are traditionally affected by the summer holiday season,\u201d<\/em> Boryszew CEO<\/strong> Wojciech Kowalczyk<\/strong> said.<\/p>\n

As at the end of Q3 2022, the value of new contracts in the Automotive Segment with end of production as of 2035 totalled EUR 557 million. In the first 9 months of this year, contracts worth EUR 24.6 million were signed, 82% of which was for electric vehicles.<\/p>\n

More than 60% of Boryszew Group\u2019s sales are generated by the Metals Segment. After the first three quarters of 2022, the Segment\u2019s revenues were in excess of PLN 3.3 billion, while the EBITDA (adjusted for one-offs) was PLN 292 million.<\/p>\n

\u201cThe performance of the Metals Segment remains good, although it is not as spectacular as in the second quarter of this year, as the first effects of the economic slowdown, including in the construction sector, are becoming noticeable. Additionally, one of our key plants in this Segment was undergoing a longer maintenance shutdown during the third quarter. However, given our highly diversified customer base in various market segments, we are able to successfully manage risks resulting from the weaker macroeconomic fundamentals<\/em>,“<\/em> Boryszew CEO Kowalczyk<\/strong> explained.<\/p>\n

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