Back IZOBLOK shows first consolidated results after successful M&A transaction
After the first half of the 2016/2017 Financial Year, IZOBLOK shows its first financial results already as a Corporate Group. Sales revenue was PLN 67,615 thousand, while the profit was PLN 6,436 thousand. The EBIDTA was at a level of PLN 11,090 ths. As a unit level, IZOBLOK S.A. reached sales revenue at a level of PLN 45,853 thousand and a profit of PLN 5,992 thousand, which was higher compared to corresponding period by 334%. EBITDA reached PLN 9,533 thousand compared to corresponding period from the previous year, where it was PLN 8,103 thousand – that givs 17.7 % growth. Sales revenue after two quarters of 2016/2017 reached PLN 7,401 thousand and increased by 13.25%, while operational costs increased only by 8.9%.
The profit in unit terms on operating activity was at PLN 6,86,5 thousand and increased by 6,95 % compared to the first half of the previous year.
When analyzing the financial data for the two quarters of the 2016/2017 financial year, it is worth noting the sustaining good profitability at the individual and consolidated sales levels as well as EBIDTA. Both the sales revenue as well as the results worked out for the first half of 2016/2017 fulfilled our expectations. It was a very demanding year for us: issue of shares in order to partially finance the acquisition of our biggest competitor, significant contracts, consolidation and rebranding activities. This was a time of a very intensive work. I am very satisfied that we have managed to execute and achieve so many good things in those two quarters – says Przemysław Skrzydlak, CEO of IZOBLOK S.A.
The main impact on last year order book had deals with Audi, Jaguar Land Rover, Johnson Controls oraz HP Pelzer Group – in total roughly 30 million EUR. The Company’s shares are in the long-term upward trend. Shares have been going up since kick-off in December 2016. At that time there was 22,90 PLN per one share while at the end of 2016 178,55 PLN/ share. Recommendation od “BUY IT” was given by DM Noble Securities and DM BZ WBK with target level estimated at pln 205 per share and pln 245 per share, respectively. A successful deal M&A – takeover of the biggest German competitor SSW Pearl Foam GmbH wich was partly-financed by the June issue of shares, it was considered a transaction of the year and awarded Top Cross-Border M&A Deal of the Year and Top Polish Investor in Germany at FDI Poland Investor Awards. Thanks to this deal IZOBLOK became the established market leader in EPP manufacturing market for automotive industry. Since the end of August 2016 together with SSW Pearl Foam GmbH, IZOBLOK S.A. has formed a Capital Group with a share of 25% in the European EPP market. Moreover the Company was awarded by Forbes Diamonds and The Eagles of Export as well as by ADIENT (the world’s biggest car seats supplier) – with Bronze Supplier Performance Award.
