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Selena Group reported PLN 650 m in revenues

After the four quarters of 2009 the Selena Group posted cumulative sales of PLN 651.1 m vs. PLN 529.6 m […]

After the four quarters of 2009 the Selena Group posted cumulative sales of PLN 651.1 m vs. PLN 529.6 m achieved in 2008, which is an increase by 23%. The gross profit in this period amounted to PLN 233.5 m, up 45%. The operating profit came in at PLN 20.9 m, compared with PLN 7.7 m posted in 2008. The net profit was PLN 4.7 m.

The 2009 performance of the Selena Group is an effect of the organic growth and the consistent acquisition strategy. Despite the unfavourable macroeconomic conditions, Selena maintained focus on its objectives, strengthening its global distribution network and consolidating new entities. 2009 saw the acquisition of Quilosa, a leading Spanish producer of adhesives and sealants, and Kvadro, a Russian distributor.

As a result of the transactions, Selena gained stronger foothold in the Southern Europe and in the Russian market. Foreign sales increased by PLN 94.2 m. The key contributor to the growth of foreign sales was consolidation of the Quilosa revenues for the period from July to December 2009, amounting to more than PLN 67 m. The performance was also driven by the organic growth and the increase in sales in Selena’s other markets, specifically in Turkey, Ukraine and China.

Domestic sales rose by PLN 27.3 m as a result of increased sales to the existing customers, acquisition of new business and development of new product sales (including the TYTAN EOS insulation systems).

The performance was favourably affected by the EUR/PLN exchange rate, which boosted the profitability of exports and reduced the cost of production input.

Given the continued economic slowdown, 2009 was a difficult period for the construction sector. Most of our markets suffered GDP decreases and the number of residential developments fell notably, directly impacting on the demand for construction materials. Notwithstanding these challenges, we achieved an increase in revenues and gross profit margin both due to acquisitions and the organic growth. Our performance reflects our strategy and our global operating model which is designed to reduce the risk attached to downturns in individual regional markets. Foreign sales accounted for as much as 65.3% of Selena Group’s total revenue” – said Krzysztof Domarecki, the CEO of SELENA FM SA, the Group’s managing company.

After the four quarters of 2009, the net profit of the Group decreased to PLN 4.7 m, which is attributable to the write-down of the PLN 18 m worth of receivables from the Russian distributor.

The Group’s consolidated debt is maintained at a low level and its ability to generate operating cash flows is strong, forming a sound basis for the Group’s operations in 2010 and continuation of its acquisition goals.

In 2010 the Selena Group will continue its existing geographic expansion strategy. As before, the priority expansion target will be China, where a sales network is being built and at the end of 2010 a manufacturing plant of foams and adhesives will be launched in the Nantong economic zone. The first results of the Chinese investment will be reflected in the Group’s sales only in 2011. For 2011, the Group also plans further integration of Quilosa.

In Poland, Selena is awaiting the decision of the Polish Competition and Consumer Protection Authority regarding the purchase of “Izolacja – Matizol” – producer of roofing felt and shingles. Integration of Matizol will substantially improve Selena’s position in the segment of roofing products and will directly affect the Group’s sales.

The Selena Group will also continue its strategy of growth through acquisitions in Europe and Asia.

We are moderately optimistic about 2010. Due to the smaller number of building permits issued in 2009, the construction market is unlikely to improve in 2010. A slight GDP growth of 2% is expected in the domestic market. Overall, the markets of the Central and Eastern Europe should see some economic upturn with GDP growing by 2-4%. The situation in the Western Europe is expected to remain unchanged. Despite the unfavourable outlook for the construction industry we believe that 2010 will bring us an increase in sales as a result of the Group’s completed acquisitions and investments” – commented Krzysztof Domarecki.

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