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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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