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IZOBLOK summarises IQ 2023/2024

After the first quarter of the 2024 financial year, covering the period from January 1, 2024, to March 31, 2024, the IZOBLOK Group achieved operating revenue of PLN 62,077,500.68, with EBITDA for the reported period amounting to PLN 4,639,145.07. The gross result closed at PLN 1,525,782.06.

Referring to the financial results achieved in the reported period, Przemysław Skrzydlak, President of the Management Board, stated: “The Management Board of the Company is pleased to present the achieved results, which confirm the effective strategy implemented by the company. Currently, efforts are focused on the implementation of numerous contracts, which the company has informed about in current reports. The new contracts will result in a significant increase in utilized production capacities, which should consequently translate into good operational results. There is noticeable pressure on price adjustments in the market due to lower energy prices, while the company is experiencing negative effects from the sharp increase in wage costs, rising service costs, and the adverse effects of the strengthening of the złoty and high interest rates. Despite these factors, IZOBLOK is developing steadily thanks to a large diversification of its customer portfolio and has good development prospects.

During the reporting period, IZOBLOK did not record any payment delays from contractors, and the execution of existing contracts is proceeding as planned. Due to the ongoing high volatility of the environment, changes in expectations in subsequent reporting periods cannot be ruled out.” Przemysław Skrzydlak
CEO IZOBLOK S.A.

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IZOBLOK summarises VI Q 2022/2023

In the period of 18 months of the financial year 2022/2023,  IZOBLOK Group generated operating income of PLN 387 632 thousand. Consolidated profit on operating activities amounted to PLN 16 797 thousand, while EBITDA in the reported period amounted to PLN 33 754 thousand.

“In line with the expectations of the Company Management Board, the sustained improved market condition in the automotive industry helps the Company achieve its operational objectives. Prognoses related to the market could seem to be quite good, were it not for the negative signals from the German and French markets concerning additional relief payments with electric car purchases. Some manufacturers, e. g. VW, are already seeing dropping demand for EVs, with increasing pressure on EV prices, which may negatively reflect on margins across the entire supply chain. The market is seeing pressure to correct prices in concert with lower prices of raw materials and energy; at the same time, companies, including IZOBLOK, are having to cope with new challenges such as: an extreme increase in pay costs, service costs, the strengthening of the Złoty and high interest rates. IZOBLOK, thanks to the broad diversity of its customer portfolio, is developing stably and has good perspectives of development. The Company Board expects an increase in revenue in the coming years. One of the priorities of the Board in the coming quarters will be to ensure financial resources that are necessary to implement investments, thanks to which the Company will be able to achieve the assumed investment and operational objectives.

In the reporting period, IZOBLOK had not noticed any payment difficulties from business partners, and the execution of existing contracts is going as planned. Due to the sustained high variability of the environment, a change of expectations in the coming reporting periods cannot be excluded” says Przemysław Skrzydlak, President of the Management Board of IZOBLOK S.A.

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IZOBLOK summarises V Q 2022/2023

In the period of 15 months of the financial year 2022/2023,  IZOBLOK Group generated operating income of PLN 320,972 thousand. Consolidated profit on operating activities amounted to PLN 12 964 thousand, while EBITDA in the reported period amounted to PLN 27 356 thousand.

“In the opinion of the Management Board of the Company, despite the unfavourable economic situation forecast in the so-called old European Union, car production in Europe has so far not shown a downward trend. Perhaps this is the effect of a low base after the recent years of downturn. There is noticeable pressure on the market for price adjustments due to lower raw material and energy prices, as indicated by deflation of producer prices – at least in some market segments. In cooperation with the contractors, we make appropriate adjustments so that the distribution of the risk of volatility in energy and raw material costs is rational and fair. IZOBLOK is one of those companies in the market that is accelerating again after a deep crisis and has good growth prospects. IZOBLOK is a market leader that expects significant revenue growth over the next three years. One of the priorities of the management’s activities in the coming quarters is to secure the financial resources necessary to make the investments that will enable the company to achieve its operational goals. IZOBLOK is a group of well-prepared and committed employees who build the company’s value and prestige on a daily basis.

During the reporting period, IZOBLOK did not record any payment bottlenecks from counterparties, and the performance of existing agreements is proceeding as planned. The continuing high volatility of the environment means that changes to forecasts in subsequent reporting periods cannot be ruled out”.

says Przemysław Skrzydlak, President of the Management Board of IZOBLOK S.A.

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IZOBLOK SUMMARISES IIIQ 2022/2023

In the period of 9 months of the financial year 2022/2023, the operating revenue of IZOBLOK Group reached PLN 177,537,000, which is 56.8% more than in the corresponding period of the previous financial year. In the same reporting period, its operating profit amounted to PLN 4,992,000 and EBITDA was PLN 14,143,000.

“The year 2023, as we predicted, shows a slight improvement in the economic situation in the industry. After abrupt increases in energy costs in the previous year, we are currently experiencing a dynamic decrease (mainly gas prices, which is a key energy carrier for the company). We are aware that the market is destabilized and needs time to stabilize permanently. We are planning to launch several key projects this year, which will have a positive impact on our results with the continued improvement of the economic situation.

We are still trying to optimize processes, mainly in the direction of cost reduction and prepare for possible volatility in the coming quarters.

As at the date of publication of this report, the Group did not record any significant payment defaults from contractors or disruptions in the performance of existing contracts.

Taking into account the unique situation of the economic environment and the resulting economic effects, we cannot rule out a change in our expectations in subsequent reporting periods,” says Przemysław Skrzydlak, President of the Management Board of IZOBLOK S.A.

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IZOBLOK SUMMARISES IH 2022/2023

In the first half of 2022/2023, the IZOBLOK Group achieved consolidated operating revenues of PLN 110.3 million which forms an increase of 59.4% in comparison to the same period last year. The higher sales dynamics were the result of a higher volume of orders and higher selling prices obtained as a result of negotiations which compensated for production costs.

Consolidated operating profit amounted to PLN 0.5 million, while EBITDA in the reported period stood at PLN 7.0 million with a net loss of PLN 0.8 million.

Standalone operating revenues for the first half of 2022/2023 amounted to PLN 56.5 million which forms an increase of 31.3% year-on-year. Standalone operating profit amounted to PLN 1.6 million, while in the first half of 2021/2022 a loss of PLN 2.4 million was recorded and standalone EBIDA amounted to PLN 4.1 million and net profit to PLN 0.2 million.

At the end of October 2022, the Group made a write-off of PLN 0.5 million for expenditure incurred on the share capital increase which had not been completed by the date of this report and made a provision of PLN 2.4 million for costs related to a potential contractual penalty with PGNiG.

“We are slightly optimistic about 2023. We are aware that the market has been destabilised and needs time to stabilise permanently. High energy costs, inflation, wage surges are all factors that have a negative impact on the company’s operations but the projects we plan to launch in 2023 should, on the other hand, have a positive impact on our results. We aim to continue to optimise processes, implement various types of savings and prepare for the challenging quarters ahead.

As at the date of publication of this report, the Group has not recorded any significant payment gridlocks from counterparties or significant disruptions in the performance of existing contracts. At the same time, taking into account the uniqueness of the situation and the resulting economic effects, we cannot exclude a temporary decrease in revenues from the sale of the offered products in subsequent reporting periods,” says Przemysław Skrzydlak, President of IZOBLOK S.A.

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IZOBLOK RECAPS FY 2021/2022

Revenues of the IZOBLOK Group in the reported period amounted to PLN 159.9 million, consolidated EBITDA evolved at the level of PLN -8.2 million with a net loss of PLN 24.8 million, at the unconsolidated level, revenues amounted to PLN 94.4 million, unconsolidated EBITDA amounted to PLN -5.8 million and net loss amounted to PLN 12.7 million. The standalone results for 2021/22 were impacted by various events resulting from: pandemics, supply chain disruptions, energy crisis. As a result of these events and due to the underperformance of the German company, a write-down of PLN 6.9 million was created on the value of its shares.

The year 2021/2022 was the second pandemic year, and consequently we continued to face lockdown, uncertainty, supply chain problems, turmoil in component prices, energy carriers and changes in the legal and tax environment. The above conditions and the expected further restrictions on raw material imports from Russia (in particular cold gas), contribute to even higher energy price increases, negatively affecting the production costs of the company.  As a result, the company is forced to renegotiate contracts with customers in such a way that the new commercial conditions correspond to the present conditions.

‘The increase in energy prices is a major challenge for IZOBLOK, that performs long-term contracts for the automotive industry, for which prices are set at the beginning of the project and should remain unchanged for the duration of the project. In the existing situation, it becomes necessary to deviate from this principle and adjust prices to the new market conditions; unfortunately, this is a long-term and very demanding process for both the company and its customers.

In 2021/2022, the company acquired a strategic investor, the Oslo-listed BEWi ASA Group. The new investor secures the company proper support for its operations during a period of severe market volatility without having to give up investments that are strategic for the company.  

Apart from the necessity to fundamentally revise prices in contracts, one of the priorities for 2022/2023 is to take practical measures that take ESG (Environmental, Social, Governance) into account to a greater extent than before. We consider this an opportunity to improve operational efficiency, reduce fossil energy consumption and increase commitment on the part of employees, as well as to meet the expectations set by our contractors in this regard.

I would like to take this opportunity to thank all those involved in the development of the IZOBLOK Group, for their understanding and support during these difficult times. I thank the IZOBLOK Team, Contractors, Shareholders and Financing Institutions for their attitude, business responsibility and commitment.’ – says Przemysław Skrzydlak, President of IZOBLOK S.A.

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IZOBLOK SUMMARISES Q3 2021/2022

During the 9 months of the financial year 2021/2022, the IZOBLOK Group generated sales revenues of PLN 113,232 thousand, i.e. 17% less than in the corresponding period of the previous financial year, incurred an operating loss of PLN 17,193 thousand, while EBITDA in the reported period amounted to PLN – 4,399 thousand.

“In the reported period, we had to deal with a number of unfavourable changes on the market, including a sharp increase in the prices of energy carriers which form a significant item in the cost account, the prices of raw materials and components used by us in production also increased. Our customers, the car manufacturers, have taken steps to limit production or, in more restrictive cases, have decided to temporarily shut down production facilities. Production restrictions, shutdowns, lower orders and high costs of running business took a significant toll on third quarter results.

We are taking measures to return production profitability to the expected level, including new business conditions and process optimisation. The scale and pace of changes in business conditions is unprecedented which makes it much more difficult and lengthy to negotiate new business conditions with customers.  We observe market trends in the industry and make decisions related to our operations on an ongoing basis.” – says Przemysław Skrzydlak, President of IZOBLOK SA.

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IZOBLOK became a part of BEWI ASA

On 7 July 2021, the conditions of the investment agreements concluded between Logine Sp. z o.o. (holder of shares representing 65.66% of the total number of votes at the general meeting of IZOBLOK SA) and BEWI ASA with its registered office in Norway have been fulfilled.

Thus BEWI ASA became an indirect majority shareholder of IZOBLOK SA.

“Thanks to the cooperation between the two companies, we will open new cooperation opportunities for our clients, more development opportunities for our employees, and accelerate technological development, which will guarantee our success on the market”. – says Przemysław Skrzydlak, President of the Management Board of IZOBLOK SA and soon shareholder of BEWI ASA. Details of the transaction are described in the current ESPI report included in the https://izoblok.pl/relacje-inwestorskie/raporty-gieldowe/ section.

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IZOBLOK SUMMARISES IH 2020/2021

In the first half of 2020/2021, the IZOBLOK Group generated consolidated operating revenues of PLN 85,078 thousand, 17.6% less than in the corresponding period of the 2019/2020 financial year and an operating loss of PLN 4,583 thousand was generated, while EBITDA (operating profit/loss plus depreciation and amortization) in the reported period amounted to PLN 4,903 thousand and was 64.1% less than in the corresponding period of the previous year.

Standalone operating revenue in the first half of 2020/2021 amounted to PLN 46,966 thousand, thus, they decreased by 6.4% as compared to the corresponding period of the previous year.

Operating profit in the first half of 2020/2021 amounted to PLN 2,858 thousand and accounted for 6.1% of sales revenue (first half of 2019/2020 PLN 6,580 thousand). Operating profit plus depreciation and amortisation (EBITDA ratio) amounted to PLN 6,161 thousand and accounted for 13.1% of sales revenue whereas in H1 2019/2020 this ratio amounted to PLN 9,834 thousand.

The first half of the 2020/2021 financial year was a period full of dynamic changes and huge challenges caused by the strong negative impact of the coronavirus pandemic on the automotive industry. The spread of the COVID-19 pandemic contributed to a significant decline in sales revenue during the months of May through August 2020, followed by the September-October period of this year. The Group recorded a return of sales revenues to the level comparable in previous years.

Although the scale of the negative impact of the COVID-19 pandemic is still difficult to estimate precisely, I believe that our well-established and solid financial position will allow us to meet the challenges resulting from the current economic situation in Poland and worldwide. In the coming months we are going to observe the situation in the automotive market very closely in order to adjust our production capacities to changing conditions in the Polish and global automotive industry, says Przemysław Skrzydlak, President of IZOBLOK S.A.

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IZOBLOK SUMMARISES IQ 2020/2021

Summing up the financial results obtained after the first quarter of 2020/2021, The IZOBLOK Group generated consolidated operating income of PLN 32,078 thousand, 36.0% less than in the corresponding period of the 2019/2020 financial year. After the first quarter of 2020/2021, the Group recorded an operating loss of PLN 5,606 thousand, while EBITDA in the reported period amounted to PLN – 792 thousand.

“The results for the first quarter of fiscal 2020/21 are heavily impacted by the COVID-19 pandemic, which has caused a slowdown in the global economy negatively impacting the automotive industry in which we operate. In the period from May to July 2020, compared to the previous financial year, we recorded a significant reduction in orders from our contractors. We know that the financial year 2020/2021 is and will be more difficult, nevertheless, the development activities undertaken by us are already bringing the desired results allowing us to look at the coming months with more optimism”. – says Przemysław Skrzydlak, President of IZOBLOK SA.

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IZOBLOK CLOSES THE 2019/2020 FINANCIAL YEAR

On 26 August 2020, IZOBLOK presented the Group’s annual financial results covering the period from 1 May 2019 to 30 April 2020.

In the shadow of events related to the COVID-19 pandemic, IZOBLOK Group’s revenues amounted to PLN 184.6 million, consolidated EBITDA amounted to PLN 17.2 million with a net loss of PLN 4.5 million, on a standalone level EBITDA amounted to PLN 14.5 million and net profit PLN 3.4 million. Operating cash flow on the consolidated level amounted to PLN 34 million, while on the individual level it amounted to PLN 24 million. A drop in the Group’s debt on account of loans, borrowings and leases from PLN 65 million to PLN 53 million shows that debt remains at a safe level. Due to the COVID-19 pandemic and the resulting lock-down and subsequent decline in sales, we cannot directly compare the data obtained to 2018/2019.

Although the scale of the negative impact of the COVID-19 pandemic is still difficult to estimate precisely, I believe that the results achieved in 2019/2020 and our solid financial position will allow us to meet the challenges arising from the current economic situation of the Polish and global automotive industry.

As a Group we focus on strong foundations, therefore we put great emphasis on cost optimization and increasing efficiency. We want the Group to remain financially stable and process-ready for dynamic growth or potential acquisitions. We are aware of the changes taking place in our industry and realize that only strong, stable entities will be able to compete with global players. We see good prospects for the near future for IZOBLOK Group companies.

On behalf of the Management Board, I would like to thank the Supervisory Board, our shareholders, clients and employees, without whom we would not have been able to implement our plans, and above all to carry out the Group’s plan to adapt to the new market circumstances caused by the outbreak of the coronavirus pandemic – says Przemysław Skrzydlak, President of IZOBLOK SA.

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