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.
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.
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 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.
- 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 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.
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.
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.
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.
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 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.
- 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 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.
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.
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.
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.
El sistema de información de una organizaciónJuliana almanza
El documento habla sobre la importancia de los sistemas de información para las organizaciones y la necesidad de que la dirección esté comprometida. Los sistemas de información proveen información clave para la toma de decisiones de la alta dirección y automatizan procesos como la planificación de suministros. Sin embargo, estos sistemas enfrentan problemas como la seguridad cibernética y requieren que la dirección comprenda estos desafíos a pesar de no tener conocimiento técnico. El compromiso de la dirección es crucial para la gestión
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
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.
Este documento resume varios factores de riesgo en el trabajo incluyendo ruido, vibraciones, altitud, químicos, biológicos, psicosociales, ergonómicos, saneamiento básico ambiental, eléctricos, locativos, mecánicos y físico-químicos. Describe los efectos auditivos y extra auditivos del ruido, así como los problemas musculoesqueléticos y circulatorios causados por las vibraciones. También explica los efectos agudos y crónicos de trabajar a altas
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 describe los conceptos de costos de producción, costos totales, beneficios económicos y utilidad contable desde las perspectivas de los economistas y los contadores. Explica que los economistas incluyen tanto los costos explícitos como los implícitos en el análisis, mientras que los contadores sólo consideran los costos explícitos. También analiza la función de producción y curva de costos totales de una fábrica de galletas hipotética.
La colección de fotos muestra momentos importantes en la vida de Samantha Montalvo González, incluyendo su bautizo, graduación de kínder, eventos escolares y celebraciones como sus quince años, documentando su crecimiento desde la niñez hasta la adolescencia.
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 annual results document summarizes Transnet's performance for the year ended 31 March 2015. Key highlights include an 8% increase in revenue to R61.2 billion, an 8.2% increase in EBITDA to R25.6 billion, capital investment of R33.6 billion, and overall rail volumes growth of 7.7% to 226.6 million tons. Safety performance was stable with a DIFR of 0.69.
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.
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.
El sistema de información de una organizaciónJuliana almanza
El documento habla sobre la importancia de los sistemas de información para las organizaciones y la necesidad de que la dirección esté comprometida. Los sistemas de información proveen información clave para la toma de decisiones de la alta dirección y automatizan procesos como la planificación de suministros. Sin embargo, estos sistemas enfrentan problemas como la seguridad cibernética y requieren que la dirección comprenda estos desafíos a pesar de no tener conocimiento técnico. El compromiso de la dirección es crucial para la gestión
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
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.
Este documento resume varios factores de riesgo en el trabajo incluyendo ruido, vibraciones, altitud, químicos, biológicos, psicosociales, ergonómicos, saneamiento básico ambiental, eléctricos, locativos, mecánicos y físico-químicos. Describe los efectos auditivos y extra auditivos del ruido, así como los problemas musculoesqueléticos y circulatorios causados por las vibraciones. También explica los efectos agudos y crónicos de trabajar a altas
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 describe los conceptos de costos de producción, costos totales, beneficios económicos y utilidad contable desde las perspectivas de los economistas y los contadores. Explica que los economistas incluyen tanto los costos explícitos como los implícitos en el análisis, mientras que los contadores sólo consideran los costos explícitos. También analiza la función de producción y curva de costos totales de una fábrica de galletas hipotética.
La colección de fotos muestra momentos importantes en la vida de Samantha Montalvo González, incluyendo su bautizo, graduación de kínder, eventos escolares y celebraciones como sus quince años, documentando su crecimiento desde la niñez hasta la adolescencia.
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 annual results document summarizes Transnet's performance for the year ended 31 March 2015. Key highlights include an 8% increase in revenue to R61.2 billion, an 8.2% increase in EBITDA to R25.6 billion, capital investment of R33.6 billion, and overall rail volumes growth of 7.7% to 226.6 million tons. Safety performance was stable with a DIFR of 0.69.
Investor presentation of financial results and operational data of Enea Capital Group in 2015. Discussion of financial results and major events in 2015.
1) Energy and fuel market and key operating data
2) Enea CG's financial results in Q4 2015 and 2015
3) LW Bogdanka CG's financial results in Q4 2015 and 2015
4) Balanced and long-term development of Enea CG
AkzoNobel reported improved financial performance in Q3 2015 compared to Q3 2014. Net income attributable to shareholders was up 39% and adjusted earnings per share increased 35%. Revenue increased 2% due to currency effects offsetting lower prices and volumes. All business areas were impacted by challenging market conditions but achieved improved operating income through cost reductions and currency benefits. AkzoNobel remains on track to meet 2015 targets and deliver further performance improvements.
The document discusses ENEA CG's performance in Q2 and H1 2014. It provides an overview of key projects implemented, including the purchase of shares in MPEC Sp. z o.o., negotiations to purchase shares of ECO S.A., and 35% progress on construction of a new 1,075MW power unit. Financial results for the periods showed increased electricity production, higher revenues and profits year-over-year, and improved EBITDA margins.
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.
Ramirent reported improved financial performance in Q2 2015 compared to Q2 2014 due to higher demand and efficiency actions. Key highlights included:
- Net sales increased 5.0% to €159.4 million, driven by growth in Sweden, Denmark, and the Baltics.
- EBITA improved 30.2% to €21.0 million due to sales growth and cost reductions from centralizing maintenance and establishing a shared services center.
- ROI improved to 12.3% from 11.9% over the last 12 months due to higher margins and a reduced non-productive fleet.
Elringklinger - Conference Call Q1 2014 Presentation Company Spotlight
Group sales were up 15.3% in Q1 2014 compared to Q1 2013, with organic growth of 13.4%. EBIT increased 28.4% to EUR 42.1 million despite higher expenses. The exhaust abatement division performed strongly with sales up 9.7% and EBIT increasing to EUR 7.7 million. For 2014, the company expects overall car production to increase 2-3% worldwide and guides for sales growth of 5-7% and adjusted EBIT of EUR 160-165 million.
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.
Investor presentation of financial results and operational data of Enea Capital Group in Q3 2015. Discussion of financial results and major events in 2015.
1) Energy market and key operating data
2) Enea CG's financial results in Q3 and Q1-Q3 2015
3) Update of Strategy for 2015-2020
4) New unit in Kozienice Power Plant
5) Acqusition of LW Bogdanka
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.
Investor presentation of financial results and operational data of Enea Capital Group in H1 2015. Discussion of financial results and major events in 2015.
AkzoNobel reported strong financial results for Q2 2015, with operating income up 38% year-over-year. All business areas showed improved performance driven by cost reductions and currency effects. The company completed the divestment of its Paper Chemicals business and concluded the triennial review of its ICI Pension Fund, reducing future cash contributions. AkzoNobel is on track to meet its targets for 2015 and continues progressing its strategic initiatives.
AkzoNobel reported strong financial results for Q2 2015, with operating income up 38% year-over-year driven by cost reductions and favorable exchange rates. All business areas improved performance despite challenging market conditions. The triennial review of the ICI Pension Fund was completed, reducing future annual cash contributions and further de-risking the fund through insurance policies. AkzoNobel remains on track to deliver its 2015 targets and continues progressing its strategic initiatives.
Get the financial highlights and an overview of our performance per business. You can access all our Financial Reports here: http://www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports.aspx
Mediobanca reported solid results for the first quarter of fiscal year 2016, with revenues in line with previous best quarters and a 53% increase in net profit to €244 million. Asset quality continued to improve with non-performing loans decreasing 2% and the CET1 ratio increasing 50 basis points to 12.5%. Looking ahead, Mediobanca expects continued growth driven by its retail and consumer banking divisions while corporate and investment banking transitions to an event-driven model focused on higher returns.
- Volumes and price/mix were up in all three business areas, but revenues were down 2% due to a 5% negative impact from adverse currency effects.
- Operating income was flat at €216 million as higher restructuring costs and currencies offset gains from cost control and efficiencies.
- Net income increased to €129 million mainly from lower financing expenses.
The document summarizes AkzoNobel's Q2 2014 results. It discusses positive volume growth across all three business areas but an overall 4% revenue decline mainly due to adverse currency effects. Operating income was up 10% and return on sales improved from 8.3% to 9.5%. The company is on track to meet its 2015 targets despite currency challenges and fragile economic conditions.
The document discusses ENEA CG's results for Q3 and Q1-Q3 2014 and provides an overview of the energy market and ENEA's new corporate governance structure. Some key points:
- ENEA CG reported an 11% increase in energy production for Q3 2014 and a 5.2% rise for Q1-Q3 2014 compared to the same periods in 2013. Financial results exceeded market consensus with a 2.2% net profit rise for Q3 and 26.4% increase for Q1-Q3.
- A new corporate governance structure treats ENEA CG as a homogeneous economic entity, standardizing interests and shortening decision-making. This is expected to increase
- AkzoNobel reported financial results for Q3 2014, with revenues down 2% due to currency effects and divestments offsetting 1% volume growth. Operating income was €335 million, up 11% year-over-year.
- All business areas saw continued fragile economic conditions impacting volumes. Decorative Paints revenues fell 8% due to divestments despite flat volumes. Performance Coatings revenues were flat as positive volumes offset negative price/mix and currencies. Specialty Chemicals revenues fell 1% on currency effects despite flat volumes.
- AkzoNobel remains on track to meet its 2015 targets despite the challenging economic environment and continues implementing improvement programs across all business areas.
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2. 2
2015 — executive summary
Financial results for 2015
+46.4%
EBITDA (Adj.) growth
Continued optimisation activities and consistent execution
of a strategy based on organic growth
Beneficial external environment
Significant decrease in financing costs
22.9%
EBITDA (Adj.) margin
+7.1 p.p.
EBITDA (Adj.) margin growth
EBITDA (Adj.) – adjusted EBITDA (see the appendix for one-off adjustments), growth measured YoY
3. 1. Market situation and major events
2. Financial results for 2015
3. Outlook for 2016
4. 4
Beneficial external environment
Market situation
0,88
0,9
0,92
0,94
0,96
0,98
1
2,80
3,20
3,60
4,00
4,40
4,80
USDPLN (L axis) EURPLN (L axis)
Q1 2014 Q4 2015
Higher soda prices in Europe
caused mainly by CIECH’s successful contracts
and a favourable market situation
Weaker PLN and
RON increased export
revenue
Lower energy and raw material
prices — beneficial contract
with Kompania Węglowa,
lower market prices of gas and coke
14
18
22
26
1-month gas contacts [EUR/Mwh]Q1 2014 Q4 2015
40
50
60
70
80
90
Coal market prices — ARA Index [USD]Q1 2014 Q4 2015
5. 5
Intensive commercial activity
Major events
Sale of additional volumes of
soda ash and dry salt
from expanded installations
Entry onto new markets
Increased
efficiency in
CIECH Sarzyna
distribution network, product
portfolio, Chwastox and
Agrosar advertising campaigns
Optimisation of
the CIECH Pianki
portfolio
focusing
on the highest margin
contracts
6. 6
Significant development investments
Major events
Q1 2015 Q1 2016 ~ Q2 2016
60,000
tonnes
140,000
tonnes
Full use of new
capabilites
Soda +200 project
Modernised salt installation
to intensify dry salt production
Investmement
in higher sodium
silicate production
power
thanks to a contract
with Solvay
7. 7
Debt refinancing
Major events
Significant decrease in financing costs
It was: 9.5% per year Currently: <2% per year
Influence on Q4 2015 result
Coupon costs: PLN 73 million
Existing unamortized financing costs:
PLN 25 million
Floating rates based on WIBOR/EURIBOR plus margin, which
depends on the net debt / EBITDA index
CIRS and IRS transactions for the whole loan amount
* At the end of 2014 ** At the end of 2015
Moody’s rating:
Ba3 / positive perspective
Standard & Poor’s rating:
BB- / stable perspective
Dual currency loan in PLN and EUR (up to PLN 1.34
million) and revolving loan (up to PLN 250 million)
Debt amount**: PLN 1.6 billion
High yield bonds, revolving credit up to
PLN 100 million, other loan agreements
Debt amount*: PLN 1.2 billion
8. 1. Market situation and major events
2. Financial results for 2015
3. Outlook for 2016
13. 13
Soda segment
Financial results for 2015
+9.2%
Revenue [PLN million] Q1 Q2 Q3 Q4
499 536
504 557
490
574
560
574
2 053
2,241
2014 2015
+50.5%
EBITDA (Adj.) [PLN million]
91
158
126
158
124
18595
155
436
656
2014 2015
Positive:
Higher soda prices on European markets, effective sales
negotiations
Higher sales volume due to new production capabilities in Poland
and Romania
Stronger USD and EUR, price competitiveness of European
manufacturers compared to North American import
Lower prices of energy carriers (coal, gas) and fuels (coke,
anthracite)
Increased soda production efficiency, lower energy and raw
material consumption
Negative:
Lower demand for light soda among cleaning agent manufacturers
High supply and active competitors in the salt market
Lower electricity prices in Germany
Downturn in the Chinese soda market leading to a decrease in
prices and greater activity of Chinese suppliers overseas, in
markets where the Group operates
Production capabilities of the salt installation not utilised in full
Share in total revenue (main products)
Dense soda ash 38.7%
Light soda ash 13.3%
Salt 5.2%
Sodium bicarbonate 4.7%
EBITDA (Adj.) – adjusted EBITDA (see the appendix for one-off adjustments)
14. 14
Organic segment
Financial results for 2015
-1.82%
Revenue [PLN million] Q1 Q2 Q3 Q4
225 224
217 209
193
154
149
183
784 770
2014 2015
+25.1%
26
33
23
18
16 10
2468
85
2014 2015
Positive:
Very low oil prices (lower by approx. 30% YoY) resulting in low raw
material prices
Epoxy resins — an increase in the sales volume, improved results
by selling specialist products (maintaining a favourable ratio
between product prices and raw material prices)
Unsaturated polyester resins — expanding sales of profitable
products (gel coats and top coats)
PUR foams — optimisation of the client portfolio by focusing on
high margin clients
AGRO products — successful preseason sales
Negative:
AGRO products — unfavourable weather conditions, dynamic
activities of new distributors, less purchases done by farmers
Epoxy resins and unsaturated polyester resins — a decrease in raw
material prices resulting in pressure on prices, continuing
oversupply (flow of cheap resins from the Far East)
Unsaturated polyester resins — a decrease in the sales volume,
intensified price competition due to the low use of capabilities by
competitors.
Share in total revenue (main products)
Resins 10.5%
PUR foams 6.7%
Plant protection chemicals 5.9%
EBITDA (Adj.) [PLN million]
EBITDA (Adj.) – adjusted EBITDA (see the appendix for one-off adjustments)
15. 15
Silicates and glass segment
Financial results for 2015
-50.08%
Revenue [PLN million] Q1 Q2 Q3 Q4
107
37
84
50
93
51
67
38
351
175
2014 2015
-7.47%
6 7
11 10
11 11
8 5
36
33
2014 2015
Positive:
Packaging glass — good sales results
Improved production efficiency (lower gas consumption, lower
number of production losses)
Negative:
No trading sales of sulphur (supply contract with Grupa Azoty has
ended)
Lower sales of potassium silicates
Higher competition on the domestic glass packaging market
Share in total revenue (main products)
Glass blocks and packaging 2.6%
Sodium silicate cullets 1.6%
Sodium water glass 0.9%
After adjusting for
soda trading in 2014:
Revenue:
PLN 166 million
EBITDA:
approx. PLN 6.5
million
185 175
2014 2015
30 33
2014 2015
-5.4% +11.9%
Revenue [PLN million] EBITDA [PLN million]
EBITDA (Adj.) [PLN million]
EBITDA (Adj.) – adjusted EBITDA (see the appendix for one-off adjustments)
16. 16
Transport segment
Financial results for 2015
+24.87%
Revenue [PLN million] Q1 Q2 Q3 Q4
25 29
25
34
25
31
24
3098
123
2014 2015
-2.06%
3,8 4,1
3,5 4,1
5,4 3,4
0,9
1,8
13,6 13,3
2014 2015
Positive:
Increase in transport and logistics services provided for external
clients
Fine coal and coke deliveries for CIECH Soda Polska taken over
from external contractors
Railway siding management in CIECH Sarzyna taken over from
external contractors
Successful intensification of restructuring activities
Taking over management of carriage for raw material purchases
Negative:
Development of transport activities hindered by maintenance
works on Polish State Railway lines
EBITDA (Adj.) [PLN million]
EBITDA (Adj.) – adjusted EBITDA (see the appendix for one-off adjustments)
17. 17
Debt
Financial results for 2015
1 261
1 479
1 213 1 182
1 4033,9
3,5
2,7
2,3
1,9
2011 2012 2013 2014 2015
Net debt Net debt/EBITDA (Adj.)
[PLN million] 2015 2014 YoY
Debt ratio 65.7% 69.3% -3.6 p.p.
Long-term debt ratio 46.1% 45.9% 0.2 p.p.
Debt to equity ratio 191.5% 225.3% -33.8 p.p.
Gross financial liabilities (PLN million) 1,605 1,232 30.3%
Net financial liabilities (PLN million) 1,403 1,183 18.6%
The Group’s debt is
consistently decreasing. At the
end of 2015, the ratio of net
debt to EBITDA (Adj.) was 1.9.
The Group’s strategy is to
lower the ratio to below 1 in
2019.
Debt ratio is lower
than in December 2014 and
equals 65.7%.
Methodology for calculating the metrics is consistent with the financial statement
18. 18
Cash flow
Financial results for 2015
[PLN million] 2015 2014
EBITDA 708 526
Working capital -97 96
Interest paid -127 -114
Taxes paid -21 -19
Other -6 -46
Cash flow from operating activities 457 443
CAPEX -504 -289
Other 18 5
Cash flow from investment activities -486 -284
Free cash flow -29 159
Debt financing 180 -153
Dividends 0 -60
Other 3 0
Cash flow from financial activities 183 -213
Total net flow 154 -54
Closing balance of cash 203 49
Simplified
19. 1. Market situation and major events
2. Financial results for 2015
3. Outlook for 2016
20. 20
Market environment — challenges
Outlook for 2016
Soda market — supply and prices
Macroeconomic context,
including the economic situation
in China
Prices of energy
sources
21. 21
Further development of the soda segment
Outlook for 2016
Sales of additional soda volumes
from expanded installations
Higher quality of products and a focus on highly
processed products
Higher share of dry salt in revenue,
lower exposure to weather conditions
Optimisation
of the salt
products
portfolio
Entry to new markets
22. 22
Dynamic development of the organic segment
Outlook for 2016
Developing the plant protection chemicals
portfolio, including the ZIEMOVIT product line
Higher efficiency
of AGRO sector
in CIECH Sarzyna
Developing foams portfolio
Focusing on high margin products
Expanding abroad
focusing on most promising
directions
23. 23
Other investments and projects
Outlook for 2016
Increased innovation
through new R&D projects
Modernisation
and expansion of
the sodium
silicate furnace
Transport services
for external clients
Continued construction of a fume
treatment installation to remove
nitrogen and sulphur oxides
24. 24
Why CIECH?
CIECH vs. its competitors
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
26. 26
One-off adjustments
Appendices
[PLN thousand] 2015 2014
EBITDA 707,538 526,302
One-off events, including: (40,884) 15,176
Impairment write-offs (a) (2,119) 17,791
Cash items (b) (1,143) 625
Non-cash items (excluding impairment write-offs) (c) (37,622) (3,239)
Adjusted EBITDA 748,422 511,126
(a) Impairment write-offs refer to creating/reversing write-offs of assets.
(b) Cash items include, but are not limited to, profit/loss from the sale of fixed tangible assets and other items
(including costs of abandoned activities, penalties and compensation received or paid).
(c) Non-cash items include, but are not limited to, fair value of investment properties, costs of liquidating inventory
and fixed tangible assets, costs of suspended investments, environmental provisions, liability and compensation
provisions, costs of unused production capabilities and other items (including extraordinary costs and other
provisions).
28. 28
CIECH’s share price on the market
Appendices
70
90
110
130
150
170
190
210
CIECH WIG index
Share and index values recalculated as appropriate
29. Segment
29CIECH Group — 2016
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
30. 30Appendices
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