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Financial performance in the third quarter of 2013

Selena Group after the three quarters of 2013, achieved cumulative sales of PLN 832m (€ 197m), which is up PLN […]

Selena Group after the three quarters of 2013, achieved cumulative sales of PLN 832m (€ 197m), which is up PLN 26.8m compared with the corresponding period of 2012. In the first nine months of 2013, EBIT amounted to PLN 44m, increasing by PLN 13.6 year-on-year. The net profit was PLN 25.3m, up PLN 17m year-on-year.

Selena’s trading performance in the period from January through September of 2013 was influenced by the situation in the international markets. The sales grew organically and resulted from improved effectiveness of the sales force and expansion of the product range in the Central and Eastern European markets, and particularly in Eastern Europe. The highest increases were observed in Russia, Ukraine and Kazakhstan – by approx. 15 percent in total. The first signs of recovery were also noted in Western Europe, including Spain. In the Middle East, Selena increased sales in Turkey, despite the turbulent political situation in that country in the first half of the year. Strong sales both in North and South America also contributed to Selena’s performance. The construction sector was in stagnation in Central Europe, including Poland.

After the three quarters of 2013, thegross profit margin increased from 27.8 percent in the third quarter of 2012 to 29.1 percent. It is primarily an effect of the measures taken to increase profitability, the operations of the central purchasing department and the stable prices of raw materials. During the nine months of 2013, Selena Group generated a net profit of PLN 25.3m. The profit was adversely affected by foreign exchange, including the depreciation of the rouble and Turkish lira vs. euro.

“Selena’s performance has been improving quarter-on-quarter, which results from the consistency in action and on-going optimisation of processes. With our markets diversified we maintained the momentum in sales. We are happy that the Supervisory Board approved Selena’s strategy for the years 2014-2016. The new strategy defines Selena’s new mission and clearly sets out the activities and programmes for the years to come. Our new mission statement is “Together we deliver better building performance”. This means we will be even more dedicated to identifying our customers’ needs and to delivering the products that are aligned with global trends and user requirements in the areas of construction, finishing and renovation works. Within the current range of our geographical activities and product portfolio we will focus on the programmes designed to raise the competitive edge of our products and to increase the Group’s operating effectiveness. This will position us well for a further improvement in profitability and in overall trading performance” – said Jarosław Michniuk, the CEO of Selena FM SA, the Group’s parent company.

The fourth quarter of the year typically delivers a lower gross profit margin, which is a seasonal trend in the construction industry. Selena will use the remainder of the year to prepare the production plants for the new season, with overhauls and machine maintenance. According to the projections of the European Commission and the International Monetary Fund, 2014 is going to bring a slight economic recovery. Selena hopes that the favourable trends will also be reflected in the construction materials sector.

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