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Selena achieves a net profit of PLN 28 m after 3 quarters of 2010

After three quarters of 2010, the Group posted sales of PLN 652.1 m, up 36% on the corresponding period of […]

After three quarters of 2010, the Group posted sales of PLN 652.1 m, up 36% on the corresponding period of the previous year. The net profit came in at PLN 27.8 m, with a net profit margin of 4.3%, while the operating profit was PLN 34.5 m.

Such performance means that already in September 2010 Selena Group exceeded its sales figure achieved in 2009 (PLN 652.1 m after three quarters of 2010 vs. PLN 650 m for the whole 2009). The increase in sales and earnings is a result of the Group’s consistent geographical expansion and development of new product lines. The year-on-year increase in revenue by PLN 167.4 m was mainly driven by: consolidation of the newly acquired entities – manufacturer of roofing materials Izolacja – Matizol of Gorlice, and Spanish Quilosa, a leader in the Iberian market of sealants and adhesives. Another contributing factor was the organic growth of sales in Poland, Eastern Europe and Brazil.

Selena Group achieved its historically highest sales in the domestic market (PLN 225.6 m), which is a result of introduction of new products, well-received by the market, including sealants with special applicators or roof coverings and shingles offered by Matizol. Total sales in Poland accounted for 35% of the Group’s revenue. As a result of the good economic climate in the Eastern markets, Selena also posted a major increase in sales in Russia, Kazakhstan and the Ukraine. The almost 30% increase in sales in Brazil came in the wake of a stronger foothold gained in that market by Tytan Professional and development of a new direct distribution system.

Selena’s consolidation in the Eastern markets is one of the key elements of our strategy. In line with our business model, through our trading companies we are sending to Kazakhstan, Russia, or the Ukraine more than 200 products under Tytan and Artelit brands. Their quality is highly valued by our Eastern business partners. This is confirmed not only by the steady increase in sales in that region, but also by the awards won by our products, for example the Polish Quality Emblem “Trustworthy”, extended to our Kazakhstan company Selena CA L.L.P.” – said Krzysztof Domarecki, the CEO of Selena FM SA, the Group’s holding company.

The third quarter is traditionally the best time for the seasonal construction sector. Selena Group posted an increase in sales and strong performance despite the shortage on the raw materials’ market and continued growth of their prices, and the appreciation of the zloty. In the third quarter of 2010, Selena Group achieved sales of PLN 284 m, which is by 26% more than in the corresponding period of 2009. Net profit for the quarter came in at PLN 12.9 m (versus PLN 21.3 m for the third quarter of 2009), and operating profit amounted to PLN 25.1 m, down 28% on the corresponding period of 2009 (PLN 34.7 m). The decrease in profit in the third quarter of 2010 vs. the third quarter of 2009 was caused by the final settlement of PLN 12.5 m for the acquisition of Quilosa.

In the third quarter of 2010 Selena brought a number of new products to international markets. In Russia, Ukraine and Kazakhstan Selena launched adhesives in cardboard cartridges which are very popular in those markets. In the Central and Eastern Europe, Selena started the sale of transparent adhesives and a new line of sealants “Durability and Comfort”, which are highly durable and easy-to-apply. In accordance with its marketing strategy, the Group focuses on promoting its own brand: in September, Selena introduced in the Italian market the products under its key brand Tytan Professional.

Selena Group expects a further increase in sales into 2011. To keep operating costs down, the Group’s Executive Team will continue enablement and integration programmes designed to remodel sales processes and ensure full utilisation of the global distribution network. The first savings will be observed already in 2011, but full synergies are expected to appear starting from 2012. One of the initiatives is optimisation of the Group’s organisation and financial structure, by inter alia consolidation of the Group’s Head Office, a process that will be completed in 2011. At the same time, the Group plans to increase its spend on research and development of new products to improve its competitiveness and increase innovation. The Group also sustains its acquisition plans focused on Asia and Central Europe to gain a stronger position in those regions.

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