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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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