IZOBLOK SUMMARISES FINANCIAL YEAR 2020/2021
In the reporting period, revenues of the IZOBLOK Group amounted to PLN 186.5 million, consolidated EBITDA amounted to PLN 9.6 million with a net loss of PLN 11.2 million, adjusted EBITDA on an individual level amounted to PLN 13.3 million, and adjusted net profit amounted to PLN 3.9 million. Operating cash flow generated on consolidated level amounted to PLN 3.5 million, while standalone cash flow amounted to PLN 8.7 million.
The pandemic had a very negative impact on the performance of the company, additionally, unit results for the year 2020/21 were impacted by other events resulting from the pandemic such as a supply chain disruption related to a shortage of semiconductors, which led to a write-down of PLN 32.6 million on the share value of a subsidiary in Germany.
“2020/21 was a time when we faced an unforeseen change in market circumstances and business conditions as a result of the COVID-19 pandemic worldwide. Global restrictions implemented in relation with the pandemic, still exisitng disruptions in supply chains, and an abrupt increase in costs have directly impacted and continue to negatively impact the IZOBLOK Group’s business activity.
The Company has completed its overview of strategic options. The analysis of an overview of potential options conducted in the current market conditions has indicated, that the Norwegian group BEWI ASA will be the most appropriate investor for the company. The presence of a strategic investor will help the company to achieve its long-term goals in the face of changing difficult market conditions, and to develop IZOBLOK’s business activity for the benefit of the Company’s current and future shareholders.
Summarising a challenging business year 2020/21, I would like to thank all those involved in the development of the IZOBLOK Group: The Team, Contractors, Shareholders and Financing Authorities” – says Przemysław Skrzydlak, President of IZOBLOK S.A.