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Selena: profitability improvement

Selena Group – global manufacturer and distributor of construction chemicals – after three quarters of 2012 achieved cumulative sales of […]

Selena Group – global manufacturer and distributor of construction chemicals – after three quarters of 2012 achieved cumulative sales of PLN 805m, up 6% on the corresponding period of 2011. Net profit year-to-date was PLN 9m, while the operating profit (EBIT) was PLN 30m.

After the three quarters, the Group’s operating profit margin stabilised at 28%, meaning that the gross profit margin went up by 7% year-on-year. It is mainly an effect of the programmes initiated earlier this year, designed to increase the Group’s operating effectiveness and reduce its costs of operations. As a result of the implemented measures, Selena reduced its general and administrative expenses by 3%.

In the third quarter of 2012, Selena’s sales came in at PLN 329m1% higher than in the third quarter of 2011. The net profit amounted to PLN 15m, while the operating profit was PLN 25m. The most substantial sales growth was observed in the Eastern Europe (Russia, Ukraine) and the Central Asia (Kazakhstan). In the third quarter, the Selena Group witnessed adverse conditions in some of its geographies – for example in Poland, the market showed visible signs of economic slowdown.

The Selena Group’s net profit after the three quarters of 2012 was mainly affected by: unfavourable foreign exchange differences arising on revaluation – the appreciation of the Polish zloty and a simultaneous depreciation of the Eastern European currencies: the Russian rouble and the Kazakh tenge, as well as higher debt service costs.

The optimizing and restructuring measures we undertook early this year have yielded positive results. Moreover, we are constantly looking for new directions for development – we are launching new, innovative products, we are offering goods tailored to the specific demands of individual markets and constantly improving their quality by means of new formulas – all to increase Selena’s competitiveness. On the other hand, the markets are now very uncertain about their future prospects for economic growth, which keeps the sales dynamics lower. We are facing a period of hard work, which will contribute to the Group’s further growth” – said Jarosław Michniuk, the CEO of Selena FM SA, the Group’s parent company.

Selena is cautious about its outlook for the upcoming quarters. The Group expects stagnation or indeed slowdown in many of its geographies, especially in Spain, Poland and the Central Europe – excluding the Eastern Europe and Central Asia, where further growths are expected. Also, the year-end will see a seasonal decrease in activity in construction markets. In such circumstances, Selena focuses on delivery of its restructuring programmes, e.g. in its companies in Spain, Turkey and China.

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