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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 RECAPS FY 2022/2023

In the 20-month period of the 2022/2023 financial year, covering the period from 01/05/2022 to 31/12/2023, the IZOBLOK Group generated operating revenue of PLN 429,477,796.16, with EBITDA in the reported period amounting to PLN 41, 369,585.32. The gross result amounted to PLN 20,868,075.68 and the net result reached PLN 18,809,550.80

Referring to the financial results achieved in the reported period, Przemysław Skrzydlak, CEO, said:
“The Company’s Management Board is pleased to present the results achieved, which confirm the successful strategy that the Company is pursuing, particularly in the context of the challenges we have faced over the last 3 years. Despite the constant volatility: the economic climate, costs, energy carrier prices and ESG (Environmental, Social, and Governance) pressures to which the entire industry is subjected, the company has consistently met its operational targets.
There is still a great deal of uncertainty in Europe about the dynamics of the market expansion of electric cars, manufacturers are facing a significant drop in demand for electric vehicles and there is increasing pressure on the price of electric cars caused by a large influx of cheaper Chinese cars. As a result, negative impacts can be expected, affecting the margins of the entire supply chain. The market is seeing pressure for price adjustments due to lower raw material and energy prices, while at the same time companies, including IZOBLOK, are facing new challenges such as a surge in wage costs, services and the strengthening of the zloty and high interest rates. IZOBLOK is growing steadily and has good growth prospects thanks to its highly diversified client portfolio.
The Company’s Management Board expects revenue growth in the following years. One of the priorities of the Management Board’s activities in the coming quarters is to make strategic investments that will enable the company to achieve its operational goals.
During the reporting period, IZOBLOK did not record any payment bottlenecks from contractors and the execution of existing contracts is proceeding as planned. Due to the continuing high volatility of the environment, a change in expectations in subsequent reporting periods cannot be ruled out.
The Management Board would like to extend its special thanks to all the company’s employees (in Poland and Germany) and the members of the company’s bodies (including the members of the Supervisory Board), for the good work and personal contribution they have made in building IZOBLOK’s success and position on the market.”
Przemyslaw 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 IV Q 2022/2023

In the period of 12 months in the financial year 2022/2023, the Capital Group IZOBLOK earned a consolidated operating revenue of PLN 252,787,000, which means an increase of 58.0% compared to the same period of the previous financial year. The consolidated operating profit totalled PLN 8,108,000, while EBITDA in the reported period amounted to PLN 19,946,000.

“The automotive market has stabilized at a reasonable level, with remarkable price adjustments due to lower energy prices. This is all the more risky because the energy market is highly volatile and it’s difficult to determine the level at which it will stabilise. We’re trying to make appropriate adjustments with our customers on an ongoing basis so that the risk distribution of energy cost variability is rational. We can see a general trend in which, after the crisis, the market has split into companies that are accelerating again and have good growth prospects, but we also see companies for whom the last two years have been disastrous.

IZOBLOK is the market leader and will soon prepare for further consolidation. The operational objectives for the next quarters include, among others, the launching of key projects that will significantly increase the company’s revenues and market share. The optimisation of processes and their automation are now in progress. The recent quarters have shown how much the work and commitment of IZOBLOK employees affect the company’s success.

In the reporting period, IZOBLOK didn’t record any payment backlogs on the part of contractors and the implementation of existing contracts is proceeding as planned. However, due to the persistent high variability of the environment, it’s impossible to exclude changes in expectations and forecasts in the next reporting periods”, says Przemysław Skrzydlak, the 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 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 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 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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