The document summarizes the financial results of CIECH Group for the first quarter of 2016. Key points include:
- Revenue increased 1.1% to PLN 826 million driven by higher soda ash volumes and favorable currency exchange rates.
- EBITDA grew 7.0% to PLN 206 million and the EBITDA margin expanded 1.4 percentage points to 25.0% due to lower energy and raw material costs.
- Net profit more than doubled to PLN 102 million mainly from higher soda ash prices and sales volumes along with cost savings.
This document summarizes the financial results of CIECH for 2015. Key highlights include:
- Revenue increased 0.9% to PLN 3.27 billion while adjusted EBITDA grew 46.4% to PLN 748 million, driven by higher soda prices and sales volumes as well as lower energy costs.
- Net profit increased 108% to PLN 346 million due to improved operating performance and significant decrease in financing costs from debt refinancing.
- All business segments saw increases in profits and margins except for the glass and silicates segment which was impacted by the end of a trading contract.
- The outlook for 2016 remains positive but faces challenges from the soda market environment and energy prices.
Financial results for the first half of 2016 were positive for CIECH S.A.:
- Revenue grew 2.1% year-over-year and adjusted EBITDA increased 14.0% due to higher sales volumes and favorable currency exchange rates.
- The adjusted EBITDA margin expanded to 25.6% from 23.0% in the prior year period.
- For the second half of the year, CIECH S.A. expects continued implementation of investment projects and challenges from volatility in raw material prices and currency exchange rates.
CIECH reported record financial results for 2016, with adjusted EBITDA reaching PLN 877 million, a 17.2% increase over 2015. Key events included completing investments that increased soda ash and sodium silicate production capacity. The soda ash segment performed strongly due to higher sales volumes and prices. The organic segment saw higher crop protection product sales but lower resin revenues. CIECH aims to further develop specialized products, pursue investment projects, and maintain cost competitiveness across its business segments in the coming quarters.
Financial results for Q1 2017
- Revenues increased 8.7% to PLN 898 million due to higher soda ash volumes from investments and currency effects.
- EBITDA decreased 8.4% to PLN 186 million due to lower soda ash prices and higher energy costs.
- Net profit decreased 23.6% to PLN 78 million mainly from lower soda ash margins.
- Outlook remains positive with plans to expand internationally, develop specialized products, and optimize costs.
CIECH is a leading Polish chemical company with over 70 years of experience in world markets. It has 8 production plants across Poland, Germany and Romania and over 3,700 employees. CIECH operates across four business segments: soda, organic, silicates and glass, and transport. In recent years, CIECH has optimized operations, invested in new projects, and refinanced debt to significantly increase profits. Looking ahead, CIECH aims to further grow its soda segment, expand in organic chemicals like plant protection, and pursue other investment and modernization projects to continue its stable development.
- Revenues for Q3 2017 were slightly lower than the previous year at PLN 836 million. EBITDA was also lower at PLN 178 million.
- The Soda segment saw higher soda sales volumes but lower prices. The Organic segment had higher sales of crop protection chemicals.
- Key investments in the future include expanding sodium bicarbonate and salt product portfolios and continuing R&D in resins and crop protection chemicals.
- For the full 9 months of 2017, revenues increased 2.8% to PLN 2.6 billion while costs of sales rose 10.8%, reducing the gross profit.
CIECH reported financial results for the first three quarters of 2016, with adjusted EBITDA rising 11.5% year-over-year to PLN 646.9 million. Revenue increased 3.6% to PLN 2,547.5 million. The soda segment performed well due to higher sales volumes and prices as well as lower energy costs. While some segments faced challenges like lower sales volumes, overall the company exceeded consensus forecasts for revenue and profits. CIECH expects further revenue growth through expanding product portfolios and global markets in coming quarters.
Financial results for H1 2017
Revenues for H1 2017 were PLN 1,781 million, up 5.2% year-on-year. Adjusted EBITDA was PLN 379 million, down 12.8% year-on-year due to planned production downtime and higher energy costs. The soda segment achieved revenues of PLN 619 million, down 3.9% year-on-year. The organic segment saw revenues rise 11.9% to PLN 226 million due to higher crop protection chemical sales. CIECH is continuing key investments in sodium bicarbonate production in Germany, expanding its salt product portfolio in Poland, and environmental protection investments.
This document summarizes the financial results of CIECH for 2015. Key highlights include:
- Revenue increased 0.9% to PLN 3.27 billion while adjusted EBITDA grew 46.4% to PLN 748 million, driven by higher soda prices and sales volumes as well as lower energy costs.
- Net profit increased 108% to PLN 346 million due to improved operating performance and significant decrease in financing costs from debt refinancing.
- All business segments saw increases in profits and margins except for the glass and silicates segment which was impacted by the end of a trading contract.
- The outlook for 2016 remains positive but faces challenges from the soda market environment and energy prices.
Financial results for the first half of 2016 were positive for CIECH S.A.:
- Revenue grew 2.1% year-over-year and adjusted EBITDA increased 14.0% due to higher sales volumes and favorable currency exchange rates.
- The adjusted EBITDA margin expanded to 25.6% from 23.0% in the prior year period.
- For the second half of the year, CIECH S.A. expects continued implementation of investment projects and challenges from volatility in raw material prices and currency exchange rates.
CIECH reported record financial results for 2016, with adjusted EBITDA reaching PLN 877 million, a 17.2% increase over 2015. Key events included completing investments that increased soda ash and sodium silicate production capacity. The soda ash segment performed strongly due to higher sales volumes and prices. The organic segment saw higher crop protection product sales but lower resin revenues. CIECH aims to further develop specialized products, pursue investment projects, and maintain cost competitiveness across its business segments in the coming quarters.
Financial results for Q1 2017
- Revenues increased 8.7% to PLN 898 million due to higher soda ash volumes from investments and currency effects.
- EBITDA decreased 8.4% to PLN 186 million due to lower soda ash prices and higher energy costs.
- Net profit decreased 23.6% to PLN 78 million mainly from lower soda ash margins.
- Outlook remains positive with plans to expand internationally, develop specialized products, and optimize costs.
CIECH is a leading Polish chemical company with over 70 years of experience in world markets. It has 8 production plants across Poland, Germany and Romania and over 3,700 employees. CIECH operates across four business segments: soda, organic, silicates and glass, and transport. In recent years, CIECH has optimized operations, invested in new projects, and refinanced debt to significantly increase profits. Looking ahead, CIECH aims to further grow its soda segment, expand in organic chemicals like plant protection, and pursue other investment and modernization projects to continue its stable development.
- Revenues for Q3 2017 were slightly lower than the previous year at PLN 836 million. EBITDA was also lower at PLN 178 million.
- The Soda segment saw higher soda sales volumes but lower prices. The Organic segment had higher sales of crop protection chemicals.
- Key investments in the future include expanding sodium bicarbonate and salt product portfolios and continuing R&D in resins and crop protection chemicals.
- For the full 9 months of 2017, revenues increased 2.8% to PLN 2.6 billion while costs of sales rose 10.8%, reducing the gross profit.
CIECH reported financial results for the first three quarters of 2016, with adjusted EBITDA rising 11.5% year-over-year to PLN 646.9 million. Revenue increased 3.6% to PLN 2,547.5 million. The soda segment performed well due to higher sales volumes and prices as well as lower energy costs. While some segments faced challenges like lower sales volumes, overall the company exceeded consensus forecasts for revenue and profits. CIECH expects further revenue growth through expanding product portfolios and global markets in coming quarters.
Financial results for H1 2017
Revenues for H1 2017 were PLN 1,781 million, up 5.2% year-on-year. Adjusted EBITDA was PLN 379 million, down 12.8% year-on-year due to planned production downtime and higher energy costs. The soda segment achieved revenues of PLN 619 million, down 3.9% year-on-year. The organic segment saw revenues rise 11.9% to PLN 226 million due to higher crop protection chemical sales. CIECH is continuing key investments in sodium bicarbonate production in Germany, expanding its salt product portfolio in Poland, and environmental protection investments.
2014 Half-Year Results - The slides for the analyst presentationLafarge
- Sales were up 3% like-for-like in Q2, with cement volumes up 4% due to price increases and higher demand. EBITDA was up 9% at constant rates, supported by cost cutting measures.
- Cost-saving and innovation initiatives delivered €165M in savings in Q2, on track to meet annual targets. EBITDA margin increased 140bps to 24.3% due to cost measures and price rises.
- €1.1Bn of divestments have been secured year-to-date, with €0.4Bn received in the first half, supporting debt reduction goals. Outlook for 2014 cement market growth remains at 2-5%.
HeidelbergCement reported solid results for the first quarter of 2016, with mid-single digit increases in both cement and aggregates volumes and a 13% increase in operating EBITDA. The company saw strong operational performance across all business lines leading to margin improvements. Additionally, net debt was reduced to €5.9 billion while leverage decreased to 2.2x. The company increased its full year operating EBITDA target to "high single to double digit growth" and remains on track to complete the Italcementi acquisition in the second half of 2016.
- Group revenue was stable at €2.8 billion, while operating income improved 19.9% to €138 million due to margin improvements across all business lines.
- Sales volumes grew for cement, aggregates, and ready-mixed concrete due to market recovery in North America, Europe, and Asia.
- Outlook for 2016 was raised, expecting further sales volume growth and a moderate rise in revenue with a high single to double digit increase in operating income. The acquisition of Italcementi is expected to be concluded in the second half of 2016.
The document provides a trading statement and financial information for HeidelbergCement for 2014. Some key points:
- Solid volume increases were seen in all business lines across the group. Revenue increased 8% on a like-for-like basis and operating EBITDA increased 9% on a like-for-like basis.
- The disposal of the Building Products business line was successfully completed for 1.4 billion USD. Net debt was reduced to below 7 billion EUR.
- 5.6 million tons of new cement capacity was commissioned in Africa, Indonesia, and Kazakhstan.
- In North America, the market recovery continued with prices up across all business lines and regions. Volumes also increased
HeidelbergCement reported its 2015 full year results and 2016 outlook. Key points:
- 2015 was the best year since the financial crisis with EBITDA up 14% to €2.6 billion and group profit up 65% to €800 million.
- Net debt was reduced to €5.3 billion, significantly below the target of 2.5x leverage.
- The Italcementi acquisition remains on track with synergy potential increased to €400 million.
- Outlook for 2016 is for mid to high single digit organic growth in revenues, EBITDA, and operating income.
HeidelbergCement achieved its key operational and financial targets for 2014. Revenue increased 4% to €12.6 billion and operating EBITDA increased 3% to €2.3 billion. Net debt was significantly reduced through the successful disposal of the building products business for over €1.2 billion. The dividend was proposed to increase 25% to €0.75 per share. For 2015, double digit percentage increases are expected in revenue, operating income and net income, and net debt/EBITDA is targeted to remain below 2.8x.
The document provides a summary of CIECH Group's financial results for the 2017 fiscal year (2017FY) and the fourth quarter of 2017. Some key highlights include total revenues of PLN 3,579 million for 2017FY, adjusted EBITDA of PLN 808 million for 2017FY, and adjusted EBITDA margin of 22.6% for 2017FY. The soda ash and salt segment saw higher sales volumes but lower prices. The organic segment had record sales in crop protection chemicals. Costs increased for some raw materials. Currency fluctuations negatively impacted results.
Este documento discute la demanda de mercado y cómo se forma a partir de la demanda individual. Explica que la curva de demanda del mercado se obtiene sumando horizontalmente las curvas de demanda individuales para cada precio. También analiza los factores que pueden causar cambios en la curva de demanda del mercado, como los ingresos, precios de bienes sustitutos o complementarios, gustos y el número de compradores. Finalmente, distingue entre el efecto sustitución y el efecto renta como las razones por las cuales la cantidad demandada var
The document lists the daily schedules and assignments for OSIS student officers at SMK Negeri 1 Sanana. It assigns one student to be on duty each weekday (Monday through Friday) and assigns two students to be on duty for each half of the weekend (Saturday and Sunday). A total of 9 students are assigned for each day of the week.
Este documento describe y compara los principales sistemas económicos: economía de mercado, economía planificada y sistemas mixtos. Explica que la economía de mercado se basa en la toma de decisiones a través del mecanismo del mercado, mientras que la economía planificada es controlada centralmente por el estado. También analiza las ventajas e inconvenientes de cada sistema y proporciona ejemplos de países que aplican cada uno.
Contract theory is the study of how individuals and businesses construct legal agreements. It analyzes how parties make decisions to create contracts terms in uncertain conditions and with asymmetric information. Kenneth Arrow and economists Oliver Hart and Bengt Holmström have made significant contributions to the field. Hart and Holmström won the Nobel Prize in Economics in 2016 for their work developing theoretical tools for understanding real-life contracts and institutions.
2014 Half-Year Results - The slides for the analyst presentationLafarge
- Sales were up 3% like-for-like in Q2, with cement volumes up 4% due to price increases and higher demand. EBITDA was up 9% at constant rates, supported by cost cutting measures.
- Cost-saving and innovation initiatives delivered €165M in savings in Q2, on track to meet annual targets. EBITDA margin increased 140bps to 24.3% due to cost measures and price rises.
- €1.1Bn of divestments have been secured year-to-date, with €0.4Bn received in the first half, supporting debt reduction goals. Outlook for 2014 cement market growth remains at 2-5%.
HeidelbergCement reported solid results for the first quarter of 2016, with mid-single digit increases in both cement and aggregates volumes and a 13% increase in operating EBITDA. The company saw strong operational performance across all business lines leading to margin improvements. Additionally, net debt was reduced to €5.9 billion while leverage decreased to 2.2x. The company increased its full year operating EBITDA target to "high single to double digit growth" and remains on track to complete the Italcementi acquisition in the second half of 2016.
- Group revenue was stable at €2.8 billion, while operating income improved 19.9% to €138 million due to margin improvements across all business lines.
- Sales volumes grew for cement, aggregates, and ready-mixed concrete due to market recovery in North America, Europe, and Asia.
- Outlook for 2016 was raised, expecting further sales volume growth and a moderate rise in revenue with a high single to double digit increase in operating income. The acquisition of Italcementi is expected to be concluded in the second half of 2016.
The document provides a trading statement and financial information for HeidelbergCement for 2014. Some key points:
- Solid volume increases were seen in all business lines across the group. Revenue increased 8% on a like-for-like basis and operating EBITDA increased 9% on a like-for-like basis.
- The disposal of the Building Products business line was successfully completed for 1.4 billion USD. Net debt was reduced to below 7 billion EUR.
- 5.6 million tons of new cement capacity was commissioned in Africa, Indonesia, and Kazakhstan.
- In North America, the market recovery continued with prices up across all business lines and regions. Volumes also increased
HeidelbergCement reported its 2015 full year results and 2016 outlook. Key points:
- 2015 was the best year since the financial crisis with EBITDA up 14% to €2.6 billion and group profit up 65% to €800 million.
- Net debt was reduced to €5.3 billion, significantly below the target of 2.5x leverage.
- The Italcementi acquisition remains on track with synergy potential increased to €400 million.
- Outlook for 2016 is for mid to high single digit organic growth in revenues, EBITDA, and operating income.
HeidelbergCement achieved its key operational and financial targets for 2014. Revenue increased 4% to €12.6 billion and operating EBITDA increased 3% to €2.3 billion. Net debt was significantly reduced through the successful disposal of the building products business for over €1.2 billion. The dividend was proposed to increase 25% to €0.75 per share. For 2015, double digit percentage increases are expected in revenue, operating income and net income, and net debt/EBITDA is targeted to remain below 2.8x.
The document provides a summary of CIECH Group's financial results for the 2017 fiscal year (2017FY) and the fourth quarter of 2017. Some key highlights include total revenues of PLN 3,579 million for 2017FY, adjusted EBITDA of PLN 808 million for 2017FY, and adjusted EBITDA margin of 22.6% for 2017FY. The soda ash and salt segment saw higher sales volumes but lower prices. The organic segment had record sales in crop protection chemicals. Costs increased for some raw materials. Currency fluctuations negatively impacted results.
Este documento discute la demanda de mercado y cómo se forma a partir de la demanda individual. Explica que la curva de demanda del mercado se obtiene sumando horizontalmente las curvas de demanda individuales para cada precio. También analiza los factores que pueden causar cambios en la curva de demanda del mercado, como los ingresos, precios de bienes sustitutos o complementarios, gustos y el número de compradores. Finalmente, distingue entre el efecto sustitución y el efecto renta como las razones por las cuales la cantidad demandada var
The document lists the daily schedules and assignments for OSIS student officers at SMK Negeri 1 Sanana. It assigns one student to be on duty each weekday (Monday through Friday) and assigns two students to be on duty for each half of the weekend (Saturday and Sunday). A total of 9 students are assigned for each day of the week.
Este documento describe y compara los principales sistemas económicos: economía de mercado, economía planificada y sistemas mixtos. Explica que la economía de mercado se basa en la toma de decisiones a través del mecanismo del mercado, mientras que la economía planificada es controlada centralmente por el estado. También analiza las ventajas e inconvenientes de cada sistema y proporciona ejemplos de países que aplican cada uno.
Contract theory is the study of how individuals and businesses construct legal agreements. It analyzes how parties make decisions to create contracts terms in uncertain conditions and with asymmetric information. Kenneth Arrow and economists Oliver Hart and Bengt Holmström have made significant contributions to the field. Hart and Holmström won the Nobel Prize in Economics in 2016 for their work developing theoretical tools for understanding real-life contracts and institutions.
Este documento discute las teorías económicas de la economía política y la política económica. Explica que la economía política estudia las relaciones entre individuos en la producción social, mientras que la política económica se refiere a las estrategias y acciones que los gobiernos implementan para influir en la economía. También introduce la economía conductual, que integra perspectivas psicológicas para explicar que los humanos no siempre son racionales y pueden mostrar inconsistencias en el tiempo, preocupación por la justicia y otros factores.
This document provides an overview of recruitment and employment correspondence, including drafting job notices, application letters, interviews, offers of employment, job descriptions, letters of acceptance, resignation, and promotion. It includes templates and tips for writing a job application letter, cover letter, resume/CV, and preparing for a job interview. Sample application letters are provided for three friends applying for different positions. The document aims to help students properly draft various correspondence related to the recruitment and employment process.
Kemira's organic revenue growth and profitability improvement continues
Second quarter in 2013:
- Organic revenue growth was 4%. Reported revenue increased 1% to EUR 569.3 million (562.3).
- Operative EBIT increased 11% to EUR 40.0 million (36.0) with a margin of 7.0% (6.4%).
- The reported earnings per share were reduced to EUR 0.02 (0.20), due to the non-recurring restructuring charges.
- Kemira signed a deal to acquire 3F Chimica S.p.A, a privately owned Italian polymer producer.
The interim report summarizes Kemira's financial performance from January to March 2013. Key points include:
- Organic revenue growth of 3% and operative EBIT increased 9% to EUR 42.2 million due to cost savings and sales volume growth.
- Earnings per share decreased to EUR 0.01 mainly due to a EUR 23 million write-down related to divesting shares in a joint venture.
- Net debt decreased to EUR 357 million due to proceeds from divesting food/pharmaceutical and joint venture businesses.
This document provides an overview and results for HeidelbergCement for 2016. Key points include:
- Volumes increased across all business lines, with cement volumes up 3%, aggregates up 3%, and ready-mix up 1%. Operating EBITDA and income grew organically by 5% and 6% respectively.
- Results were mixed by region, with strong growth in North America offset by pressure in Southern Europe and weather impacts elsewhere. Integration of Italcementi assets is ongoing.
- An outlook for 2017 forecasts continued volume growth, with a focus on cost efficiency and improving profitability of recently acquired assets. Net debt is expected to remain below €9 billion.
Ahlstrom-Munksjö's first quarter after the merger. Net sales increased 2.8% and EBITDA 0.2% - both q/q. Merger synergy benefits annual run rate was about EUR 13 million at the end of Q2/17, majority from SG&A cost
Presentation of the CEO Dr. Bernd Scheifele, Annual General Meeting 2017HeidelbergCement
The document discusses HeidelbergCement's annual general meeting in 2017. It summarizes that in 2016, HeidelbergCement strengthened its position through acquiring Italcementi, achieved an investment grade rating, and increased results. Key financial figures for 2016 show revenue growth due to the acquisition and increased profits. An outlook expects further growth in 2017 despite challenging market conditions.
This document summarizes HeidelbergCement's third quarter 2016 results. Key points include:
- Operating EBITDA increased 2% and operating income increased 4% compared to the prior year on a like-for-like basis.
- Integration of the Italcementi acquisition is progressing faster than planned, with synergies above €400 million already achieved.
- Volumes increased across all business lines (cement, aggregates, ready-mix concrete, asphalt) in all regions.
- Margin improvement programs like the "Competence Center RMC" aim to further boost margins over the next few years.
- The outlook for 2016 is confirmed despite some challenging market conditions.
The document summarizes Enea CG's financial and operational results for Q1 2016. Key points include:
- Sales volumes and revenue grew compared to Q1 2015 across most business areas.
- EBITDA increased 31.3% to PLN 668.3 million due to growth in distribution, generation, and mining.
- LW Bogdanka mining volumes complied with production plans and were higher than Q1 2015. EBITDA grew 20% despite a coal price drop.
- Cost optimization initiatives resulted in PLN 86 million in savings in Q1 2016, focusing on business process efficiency and outsourcing rationalization.
- Revenue increased 11.2% to €222.1 million due to additional capacities in Chongqing and strong demand for IC substrates.
- EBITDA rose 75.4% to €52 million thanks to higher earnings from Chongqing and positive valuation effects. The EBITDA margin increased to 23.4%.
- Profit for the period improved to €13.5 million compared to a loss of €11.2 million in the prior year, as investments in recent years increased productivity.
Hera Group reported Q1 2012 results that were largely in line with Q1 2011 results despite impacts from the Italian recession. EBITDA was slightly higher than in Q1 2011 due to performance in operations offsetting higher taxes. Net profits were affected by some extraordinary negative factors totaling around 12.7 million euros. Capex was in line with Q1 2011 and cash generation fully funded capex and seasonal changes in working capital. Net debt remained stable at 2,006 million euros, in line with the end of 2011.
The document provides an investor update on AkzoNobel's Q2 2013 results. Key highlights include revenue declining 4% due to divestments, operating income of €322 million, and net income attributable to shareholders of €429 million. Challenging market conditions impacted Decorative Paints and Specialty Chemicals in particular. The Performance Improvement Program delivered €131 million in benefits in 1H2013 and is on track to achieve its €500 million target by year-end. Restructuring costs are expected to be €325 million for the full year.
Ramirent's Half Year Financial Report 2016Annika Berg
- Net sales and comparable EBITA increased slightly in the first half of 2016 compared to the previous year. Net sales grew by 5.1% to 315.4 MEUR and comparable EBITA grew by 3.5 MEUR to 24.8 MEUR.
- Sales growth continued in the second quarter, with net sales up 6.3% to 169.4 MEUR compared to Q2 2015. Comparable EBITA increased slightly to 17.5 MEUR.
- By segment, Finland saw double-digit sales growth and improved profitability in Q2. Sweden had sales growth of 9.3% but lower comparable EBITA due to relocation costs and credit losses. Norway
2012 fourth quarter and preliminary full year resultsEni
eni reported its 2012 fourth quarter and preliminary full year results. Some key points:
- Production increased to 1.747 million boe/day in Q4 2012, up from 1.678 million boe/day in Q4 2011.
- Adjusted net profit was €1.518 billion in Q4 2012, down slightly from €1.575 billion in Q4 2011.
- Net debt was reduced by over €12 billion from end 2011 to end 2012 through asset sales and cash flow.
- Production is forecast to increase over 3% in 2013 at $90 per barrel, with progress on key project start-ups.
The document provides an investor update on AkzoNobel's Q1 2016 results. Key highlights include:
- Volumes and profitability increased in all business areas despite challenging markets and currency headwinds.
- Operating income was up 17% and net income attributable to shareholders was up 50%.
- Net cash outflow was reduced significantly.
- An offer was agreed to acquire BASF's Industrial Coatings business.
- A €500 million bond was issued with a ten-year maturity and 1.125% coupon rate.
The document provides an overview of HeidelbergCement's half year 2016 results. Key points include:
- Solid start to the year with volume increases across all business lines and an 8.5% increase in operating EBITDA.
- Net debt was reduced to €5.9 billion while leverage decreased to 2.2x.
- 45% of Italcementi shares have been acquired and the mandatory takeover offer for the remaining shares will begin at the end of August.
- Regional results were positively reported across most areas with particularly strong performance in North America where margins continued to improve.
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- EBITDA improved 32.5% to €138.3 million due to the positive contributions from the Chinese plants, and the EBITDA margin increased to 26.8%. Net profit more than tripled to €55.4 million.
- The company upgraded its full-year guidance, now expecting 6-8% revenue growth and an EBITDA margin of
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
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“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
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2. 2
1Q16 – executivesummary
Financial results for 1Q16
+7.0%
EBITDA (Adj.) growth
Maintenance of average selling prices of soda ash in PLN
and EUR contracts
Sale of additional volumes of soda ash under the Soda +200
investment
Favourable currency situation and lower prices of energy sources
(mainly gas) and coke
Lower sale of plant protection products yoy as a result of successful
pre-season sale in November and December 2015
25.0%
EBITDA (Adj.) margin
+1.4 p.p.
EBITDA (Adj.) margin growth
EBITDA (Adj.) – adjusted EBITDA (adjusted by unusual one-off events, in 1Q16, mainly a change in the level of provisions PLN -2.7 million), increase quoted yoy
3. 1. Market situation and major events
2. Financial results for 1Q16
3. Outlook for next quarters
4. 4
Beneficial external environment
Market situation
Weaker PLN and RON
increased export revenue
Lower energy and raw
material prices yoy
mainly gas, coke and coal
10
14
18
22
26
1-month gas contracts in Germany [MWh]*Q1 2015 Q1 2016
3,2
3,6
4
4,4
4,8
USDPLN EURPLNQ1 2015 Q1 2016
3,6
3,8
4
4,2
4,4
USDRONQ1 2015 Q1 2016
* EGTH1MON OECM Index listing
5. 5
Market environment
Market situation
The global and European soda ash market
continues to be balanced*
*Source: IHS reports
Noticeable
pressure soda
prices in overseas
markets*
inflow of Chinese soda
Transfer of settlements of EU
subsidies for farmers
Freezing of a large part of
rapeseed and wheat crops
a necessity of re-sowing
6. 6
The most important events of 1Q16
The most important events
Launch of the second stage of the Soda
+200 project and sale of additional
volumes of soda ash
(in 1Q mainly light and dense compacted)
Maintenance of attractive soda ash
prices (average rollover)
Contracts in PLN and EUR – a slight growth of prices
Contracts in USD – drop of prices
Marketing of a new
ZIEMOVIT brand
in the Home and Garden
segment
Continuation of extension of the furnace
for sodium silicate production
Lower costs of debt
by approx. PLN 16 million in 1Q16
Lower sale of plant protection products
yoy as a result of successful pre-season
sale in November and December 2015
7. 1. Market situation and major events
2. Financial results for 1Q16
3. Outlook for next quarters
8. 8
Rekord EBITDA (Adj.)
[PLN million] 1Q16 1Q15 yoy
1Q16
consensus
1Q16
forecasted range
Revenue 826 817 1.1% 855 815 – 914
Gross sales profit 244 214 14.0% - -
Gross sales margin 29.5% 26.1% 3.4 p.p. - -
EBIT 150 117 28,4% 146 138 – 156
EBIT margin 18.2% 14.3% 3.9 p.p. 17.0% 15.6% - 18.8%
EBITDA 204 173 17,6% 204 195 – 212
EBITDA margin 24.6% 21.2% 3.4 p.p. 23.8% 21.9% - 25.5%
Adjusted EBITDA 206 193 7,0% 204 195 – 212
Adjusted EBITDA margin 25.0% 23.6% 1.4 p.p. 23.8% 21.9% - 25.5%
Net result 102 53 92,1% 105 84 – 118
Net margin 12.4% 6.5% 5.9 p.p. 12.3% 9.2% - 14.2%
Financial results for 1Q16
EBITDA (Adj.) – adjusted EBITDA (adjusted by unusual one-off events, in 1Q2016, mainly a change in the level of provisions PLN -2.7 million); PAP consensus of 10 May of the current year, based on forecasts from
11 brokerage houses
10. 10
EBITDA (Adj.)
77%
82% 86%
101%
82% 84%
93%
92%
89%
22%
15%
11%
17%
9%
5%
15%
9%
7%
7%
9%
4%
6%
5%
3%
3%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
EBITDA (Adj.) – adjusted EBITDA (adjusted by unusual one-off events, in 1Q2016, mainly a change in the level of provisions PLN -2.7 million)
2014 2015 2016
119 154 143 95 193 188 199 168 206
Financial results for 1Q16
Organic segment Glass and silicates segment Transport segment OtherSoda segment
11. 11
Soda segment
Financial results for 1Q16
Q1 Q2 Q3 Q4
536 590
557
574
574
2 241
2015 2016
158 183
158
185
155
656
2015 2016
In plus:
Higher production volumes
Favourable market situation – balancing of the European soda ash
market with a trend for growth in demand
An insignificant selling prices growth of soda of Polish and German
origin (in connection with the market situation and effective sales
negotiations)
Lower prices of furnace fuel (coke) and power sources (coal, gas)
Favourable currency situation – weakening of PLN and RON
Growth of the volume of sale of dry salt and maintenance of prices
Continued increase of effectiveness of soda production process
In minus:
Drop in soda sale prices in Romania with regard to overseas
export, as a result of pressure on the part of Chinese producers
Sale of additional volumes of light and compacted soda at lower
prices (in connection with the launch of dense soda production –
the Soda +200 project)
Partial use of more expensive coal from other suppliers (fulfilment
of earlier obligations)
+10.1% +15.4%
Revenue [PLN million] EBITDA (Adj.) [PLN million]
Share in total revenue (main products)
Dense soda ash 42%
Light soda ash 12%
Salt 5%
Sodium bicarbonate 5%
EBITDA (Adj.) – adjusted EBITDA (adjusted by unusual one-off events, in 1Q2016, mainly a change in the level of provisions PLN -2.7 million), yoy comparison
12. 12
Organic segment
224 185
209
154
183
770
2015 2016
33
19
18
10
24
85
2015 2016
In plus:
Lower prices of raw materials as a result of a very low level of oil
prices in 1Q16 (lower by approx. 30% vs. 1Q15)
AGRO products – freezing of a large part of rapeseed and wheat
crops
Materials – growth in margin thanks to intensification of
manufacture of products for specialized applications;
development of saturated polyester resin sale
Materials – favourable market situation: growth in production of
paints and varnishes in Poland by 12% in 1Q16, in comparison
with 1Q15 (quantitative approach)
Foams – growth in sale volumes
In minus:
AGRO products – lower sale of plant protection products yoy
as a result of successful pre-seasonal sale in November and
December 2015 (transfer of revenues between quarters); delay
of settlements of EU subsidies for farmers
Materials – consolidation of large paint producers; intensive
price war in the European market on the part of suppliers from
Asia and price reductions
Foams – lower selling prices
Financial results for 1Q16
-17.5% -43.6%
Q1 Q2 Q3 Q4
EBITDA (Adj.) – adjusted EBITDA (adjusted by unusual one-off events, in 1Q2016, mainly a change in the level of provisions PLN -2.7 million), yoy comparison
Revenue [PLN million] EBITDA (Adj.) [PLN million]
Share in total revenue (main products)
Resins 10%
PUR foams 7%
Plant protection chemicals 5%
13. 13
Silicates and glass segment
37 38
50
51
38
175
2015 2016
7 6
10
11
5
33
2015 2016
In plus:
Favourable influence of weakening of PLN towards EUR
Significant demand of the construction market for silicate
products
Improvement of effectiveness of silicate production in Romania
as a result of the implemented modernization of the production
installation
In minus:
Lower sale of packaging glass as a result of growth of
competition in the packaging market
Aggressive activity of competitors in the sodium silicate market
Lower sale of potassium silicates used in drilling due to the low
level of oil prices (discontinuation of development of the oil
exploration segment)
Financial results for 1Q16
+2.0% -16.6%
Q1 Q2 Q3 Q4
Revenue [PLN million] EBITDA (Adj.) [PLN million]
Share in total revenue (main products)
Glass blocks and packaging 2%
Sodium silicate cullets 1%
Sodium water glass 1%
EBITDA (Adj.) – adjusted EBITDA (adjusted by unusual one-off events, in 1Q2016, mainly a change in the level of provisions PLN -2.7 million), yoy comparison
14. 14
Transport segment
29 32
34
31
30
123
2015 2016
4.1 4.1
4.1
3.4
1.8
13,3
2015 2016
In plus:
Development of sale of services offered to clients from
outside the capital group
In minus:
Drop in execution of orders for road transport
Extinguishment of the business of the CIECH Transclean
company
Financial results for 1Q16
+12.1% +0.1%
Q1 Q2 Q3 Q4
Revenue [PLN million] EBITDA (Adj.) [PLN million]
EBITDA (Adj.) – adjusted EBITDA (adjusted by unusual one-off events, in 1Q2016, mainly a change in the level of provisions PLN -2.7 million), yoy comparison
15. 15
Debt
1 261
1 479
1 213 1 182
1 361
1 447
3.9
3.5
2.7
2.3
1.8 1.9
2011 2012 2013 2014 2015 1Q2016
Net debt Net debt / EBITDA (Adj.)
[PLN million] At the end of 1Q16 At the end of 2015 yoy
Debt ratio 64.1% 65.7% -1.6 p.p.
Long-term debt ratio 45.7% 46.1% -0.4 p.p.
Debt to equity ratio 178.8% 191.5% -12.7 p.p.
Gross financial liabilities (PLN million) 1,579 1,564 +1.0%
Net financial liabilities (PLN million) 1,447 1,361 +6.3%
The Group systematically
reduces its debt. At the end of
1Q16, the net debt / EBITDA
(Adj.) ratio amounted to 1.9.
According to the adopted
strategy, the Group
endeavours to reduce the
ratio to the level below 1 in
2019.
Thanks to refinancing of the
debt in 1Q 2016, the Group’s
costs of debt servicing were
much lower
Financial results for 1Q16
Methodology for calculating the metrics is consistent with the financial statement
16. 16
Cash flow
[PLN million] 1Q16 1Q15
EBITDA 204 173
Working capital -112 -21
Interest and taxes paid -13 -5
Others -13 -5
Cash flow from operating activities 66 144
CAPEX -138 -114
Other 3 -1
Cash flow from investment activities -135 -115
Free cash flow -68 27
Debt financing 0 15
Other -2 -56
Cash flow from financial activities -2 -41
Total net flow -71 -11
Closing balance of cash 132 38
Financial results for 1Q16
Simplified
17. 1. Market situation and major events
2. Financial results for 1Q16
3. Outlook for next quarters
18. 18
Challenges connected with the market environment
2016 Outlook
Soda market – supply and prices
Macroeconomic situation, including
the economic situation in China
Prices of energy
sources, in
particular gas
Prices of oil and oil-derivative raw
materials Supply of technological steam to CSR
19. 19
High CAPEX connected with continuation of large projects
2016 Outlook
Modernization and
extension of the furnace
for sodium silicate
production
Continuation of construction of
the installation for treatment of
nitrogen and sulphur oxide
fumes
Final stage of the
SODA +200 project
+ approx. 1,000 other projects
=
CAPEX: PLN 623 million (2016)
20. 20
Pillars of continued development – soda and organic segments
2016 Outlook
Soda segment Organic segment
Soda ash, baking soda, salt Plant protection products, materials, foams
Sale of additional volumes of soda originating from new
production capacity Development of the product portfolio in the
area of plant protection products, including the
ZIEMOVIT product line
Optimization of the salt product portfolio
Growth of product quality and concentration on more
processed products
Growth of effectiveness of the AGRO area in
CIECH Sarzyna
Increase of the share of dry salt in revenues, reduction of
exposure to weather conditions
Extension of the product portfolio of foams
with high-margin products
Expansion to foreign markets
Growth of innovativeness thanks to new initiatives in the R&D area
Glass and Silicates Segment Implementation of the contract with
Solvay for supply of sodium silicate
Use of new silicate
applicationsSodium silicates, potassium silicates
22. 22
Why CIECH?
Modern and diversified chemical group
on a stable progress path
Innovative approach
to business
Diversification, also within segments
Stable increase in profits and margins since 2013 and potential for further
effective growth in all segments
Financial backing from a strong dominant shareholder
Dynamic development of the organic segment
and increasing its share in the Group’s revenue
Extending the portfolio based on recent
consumer trends
Modernised
plants
Appendices
24. 24
CIECH’s share price in 1Q16 on the market
60
80
100
120
140
160
180
CIECH WIG WIG-CHEMIA
Appendices
Share and index values recalculated as appropriate
25. Segment
25
CIECH group — business segments
Soda segment
Salt
Organic segment
Transport segment
Glass and silicates segment
CIECH Soda Polska
CIECH Soda Deutschland
CIECH Soda Romania
CIECH Cargo
CIECH Sarzyna
CIECH Pianki
CIECH Vitrosilicon
Appendices
26. This document has been prepared solely for informational purposes. It includes only summary information, is not exhaustive, and may not be used as a sole basis for any assessment or analysis. CIECH S.A. makes no guarantees (explicit or
implicit) regarding information presented herein and such information, including forecasts, estimates and opinions, should not be unduly relied upon. CIECH S.A. does not accept any responsibility for possible mistakes, omissions or irregularities
found herein. The document is based on sources of information which CIECH S.A. deems to be reliable and accurate, however, it does not guarantee them to be exhaustive nor to fully reflect the actual situation. This document does not
constitute an advertisement or a public offer of securities. It may include forward-looking statements that involve investment risks or uncertainties and may significantly differ from actual results. CIECH S.A does not accept any responsibility for
consequences of decisions made based on this document. The responsibility lies exclusively with the party using the document. This document is protected by the Copyright and Related Rights Act. Copying, publishing or distributing it requires
prior written consent of CIECH S.A.
CONTACT FOR INVESTORS:
Joanna Siedlaczek - Investor Relations Expert
+48 669 600 567, joanna.siedlaczek@ciechgroup.com
Modern and diversified chemical group
on a stable progress path