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IZOBLOK summarises Q1 2022/2023
In the 3-month period of the 2022/2023 financial year, the IZOBLOK Group generated operating revenues of PLN 50,282 thousand, 42% more than in the corresponding period of the previous fiscal year, incurred an operating loss of PLN 3,013 thousand, while EBITDA in the reported period amounted to PLN 356 thousand.
“In the reported period, IZOBLOK was severely affected by the aftermath of the COVID 19 pandemic and the war in Ukraine, i.e. the turbulence in supply chains, the increase in prices of components, energy carriers and changes in the legal and tax environment. The unprecedented increase in gas and electricity prices is the biggest challenge for the IZOBLOK Group, which executes long-term contracts for the automotive industry. In order to limit the negative effects of the energy crisis, we have taken a number of decisive measures that should mitigate the impact of energy price increases on the company’s results in future periods,” says
Przemysław Skrzydlak, President of IZOBLOK SA.
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IZOBLOK summarises H1 2021/2022
In the first half of 2021/2022, the IZOBLOK Group generated consolidated operating revenues of PLN 69 223 thousand, 18.6% less than in the corresponding period of the FY 2020/2021, and an operating loss of PLN 9 730 thousand was generated, while EBITDA (operating profit/loss plus depreciation and amortisation) in the reported period amounted to PLN -1 138 thousand.
Separate operating revenues in the first half of 2021/2022 amounted to PLN 43 012 thousand. Thus, they decreased by 8.4% as compared to the corresponding period of the previous year.
Operating loss in the first half of 2021/2022 amounted to PLN 2 385 thousand (first half of 2020/2021 profit of PLN 2 857 thousand). Operating profit/loss plus depreciation and amortisation (EBITDA) amounted to PLN 414 thousand and accounted for 1.0% of sales revenue whereas in H1 2020/2021 this ratio amounted to PLN 6 161 thousand.
“During the 6 months of the financial year 2021/2022, the COVID-19 pandemic and supply chain disruption mainly due to semiconductors had a key impact on the results. Our customers, the automotive manufacturers, took steps to reduce production or, in more restrictive cases, decided to temporarily suspend production processes. As a result, we faced the challenge of planning our operations in periods of at most two weeks. In addition, the high operating expenses burdened the Group’s result.
We are continuously monitoring market trends in the automotive industry and threats caused by the COVID-19. We are taking adequate measures to ensure the safety of employees, the continuation of the Group’s operational functioning, the fulfilment of its obligations, the maintenance of financial liquidity and the minimisation of the impact of the negative effects of this situation on the Group’s profitability,” says Przemysław Skrzydlak, President of IZOBLOK S.A.”
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IZOBLOK SUMMARISES 1ST QUARTER OF 2021/2022
The IZOBLOK Group generated sales revenues of PLN 35.4 million in the 1st quarter of 2021/22, i.e. 10.4% more compared to the first quarter of the previous financial year, the negative impact of the COVID-19 pandemic can be seen at the margins achieved. In the reporting period the Group generated operating loss of PLN 4,963 and the EBITDA margin (operating profit/loss plus depreciation) in the reporting period amounted to PLN 540,000.
“The reported 1st quarter of the financial year 2021/2022 was still heavily impacted by the negative effects of the COVID-19 pandemic and semiconductor supply shortages resulting in reduced production at automotive plants.” – says Przemysław Skrzydlak, President of IZOBLOK SA.
Despite the difficult economic environment in the first quarter of 2021/22 IZOBLOK has managed to acquire new and significant orders from, among others, Adient Ltd & Co. KG for a total amount of PLN 218.3 million.“I would like to assure you that our actions are aimed at full utilization of the IZOBLOK Group’s potential, effective management of available resources and reducing negative impact of the COVID-19 on the results achieved. We expect the domestic and global economy to move toward gradual improvement in the wake of difficult times. The Group continues its development activities in the current year and still intends to increase sales and improve financial performance. We will continue to implement manufacturing and organizational improvements, which will help us with the implementation of our strategy so we can be optimistic about the future.” – added the President of IZOBLOK SA, Przemysław Skrzydlak.
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IZOBLOK SUMMARISES FINANCIAL YEAR 2020/2021
In the reporting period, revenues of the IZOBLOK Group amounted to PLN 186.5 million, consolidated EBITDA amounted to PLN 9.6 million with a net loss of PLN 11.2 million, adjusted EBITDA on an individual level amounted to PLN 13.3 million, and adjusted net profit amounted to PLN 3.9 million. Operating cash flow generated on consolidated level amounted to PLN 3.5 million, while standalone cash flow amounted to PLN 8.7 million.
The pandemic had a very negative impact on the performance of the company, additionally, unit results for the year 2020/21 were impacted by other events resulting from the pandemic such as a supply chain disruption related to a shortage of semiconductors, which led to a write-down of PLN 32.6 million on the share value of a subsidiary in Germany.
“2020/21 was a time when we faced an unforeseen change in market circumstances and business conditions as a result of the COVID-19 pandemic worldwide. Global restrictions implemented in relation with the pandemic, still exisitng disruptions in supply chains, and an abrupt increase in costs have directly impacted and continue to negatively impact the IZOBLOK Group’s business activity.
The Company has completed its overview of strategic options. The analysis of an overview of potential options conducted in the current market conditions has indicated, that the Norwegian group BEWI ASA will be the most appropriate investor for the company. The presence of a strategic investor will help the company to achieve its long-term goals in the face of changing difficult market conditions, and to develop IZOBLOK’s business activity for the benefit of the Company’s current and future shareholders.
Summarising a challenging business year 2020/21, I would like to thank all those involved in the development of the IZOBLOK Group: The Team, Contractors, Shareholders and Financing Authorities” – says Przemysław Skrzydlak, President of IZOBLOK S.A.
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IZOBLOK SUMARISES Q3 OF 2020/2021
In Q3 of 2020/21, IZOBLOK Group reached the sales income of the previous year, but the negative influence of the COVID-19 pandemics is visible in terms of the margins. From the beginning of the FY 2020/2021, the Group reached consolidated income from operations amounting to PLN 136,327.00, meaning 9.2% less than in the analogous period of the FY 2019/20220. Plus, there was a loss of PLN 6,393.00 generated from operational activities, and the EBITDA measure (earnings before interest, taxes, depreciation and amortization) in the reported period was PLN 7,807.00, which was 55.7% less than the analogous period of the previous year.
Despite difficult economic conditions, IZOBLOK was able to win in Q3 of 2020/21 new and considerable orders, among others: from Autoneum Poland, with total cost of PLN 73.7 million, and from Auria Solutions Ltd, with total cost of PLN 37.8 million.
‘The reported Q3 of 2020/2021 brought the period of a relative stability in the automotive branch. In this period, there were signs of refurbishing of the automotive market at the levels of pre-COVID-19 pandemics,but it is carried out differently in individual countries and— one way or another — at lower levels of income in comparison to the previous year. The rise in the number of orders is noticeable in plants in Poland, and, to a smaller extent, in the German plant.
I can assure you that our actions are directed towards full usage of the IZOBLOK Group’s potential, effective management of the available resources and minimizing of negative impact of the COVID-19 pandemics onto the results. We expect that, following difficult time, the situation in the national and global economy will head towards gradual improvement. This year, the Group continues development actions and aims at increasing sales and improving financial results. Constantly, we will continue with organisational and manufacturing improvements, which will provide for consistent and effective realization of an ambitious strategy. This, in turn, lets us look optimistically into the future’ — says Przemysław Skrzydlak, CEO of IZOBLOK S.A.
