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Good Second Quarter for Selena Group

In the second quarter of 2010 Selena Group achieved sales of PLN 236.7 m, which is by 57.7% more than […]

In the second quarter of 2010 Selena Group achieved sales of PLN 236.7 m, which is by 57.7% more than in the corresponding period of 2009. Net profit came in at PLN 20.4 m (versus PLN 3 m for the second quarter of 2009), and operating profit amounted to PLN 12.8 m, more than 40% higher than in the corresponding period of 2009 (PLN 9.1 m). The strong performance in the second quarter of 2010 allowed Selena to make up for the long and severe winter that dealt a hard blow to the construction sector.

In the first half of 2010, Selena Group posted a cumulated net profit of PLN 14.8 m, up 30.2% on the corresponding period of 2009. The Group’s sales amounted to PLN 367.7 m, which is 45% more year-on-year. The net profit achieved by the Group was positively impacted by the profit on financial activity of PLN 7.7 m. This result was driven by the appreciation (by approximately 10%) of the local currencies, such as: the Russian rouble, Kazakh tenge, Turkish lira and Ukrainian hryvnia.

The first half of 2010 was successful in terms of our financial performance and completed investments. As a result of acquisition of Matizol, Selena gained new product competencies which gave the Group a stronger foothold in the roofing products market. The consistent delivery of the adopted strategy in the Central and Easter Europe also bore fruit. The strategy seeks to restore profitability to the levels from before the global crisis. We are currently working on further stages of our acquisition project with integration of PMI Izolacja – Matizol and Spanish Quilosa being under way. The key objective for Selena in the second half of 2010 will be first of all to ensure timely completion of our investment in China, where production is to be launched by the end of 2010. Besides, according to the share issue objectives announced during the IPO in 2008, we are working on implementation of a modern IT system in the Group. The new solution will help reduce operating costs, and the optimisation of our financial, sales and administrative processes will ensure continued growth of value of our franchise” – said Krzysztof Domarecki, the CEO of SELENA FM SA, the Group’s managing company.

The increase in sales was mainly driven by the consolidation of the newly acquired or established companies in Selena FM Group. The uplift in sales, compared with the first half of 2009, generated by Quilosa, Matizol, Selena Turkey, Kvadro and Tytan EOS amounted to approx. PLN 104 m.

The positive results achieved in the reporting period were also influenced by the strong sales in the emerging markets: in Russia, Ukraine, Brazil and Turkey. In Russia, the economic growth fuelled an increase in new investments and led to improvement of the construction market. This was reflected in the sales achieved by Russian Selena Vostok – these increased by approx. 60% compared with the first half of 2009. Turkish Selena Danısmanlık expanded its offering with Tytan brand products, which helped it acquire new customers and stand up to its foreign competitors. In Brazil, Selena is gradually expanding its distribution network, increasing the sales of Tytan Professional products. In the Spanish market, despite its continued stagnation and freeze of most development and refurbishment investments, sales increased by 10%, as assumed in the forecast and the budget for 2010.

We do not expect any material changes in the construction market in the second half of 2010. At the same time we observe a recovery of the refurbishment sector. Even though the effects of the slowdown have not worn off yet, the Polish construction market still has a high potential, and the growing number of commenced investments in the first half of 2010 will trigger an increase in demand for construction products and services. Selena’s strong position in the domestic market was confirmed by the title Construction Brand of the Year, awarded to Tytan Professional in the category of foams and silicones. This makes us look with optimism into 2011” – added the CEO of SELENA FM SA.

Selena’s activities in the next two quarters of 2010 will focus on improving the Group’s position, primarily in the CEE region and Asia, and will also aim to further diversify the range of products in foreign markets.

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