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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.
