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Selena: stable performance after three quarters of 2014

Selena Group – global manufacturer and distributor of construction chemistry – after 9 months of 2014 achieved consolidated sales revenue […]

Selena Group – global manufacturer and distributor of construction chemistry – after 9 months of 2014 achieved consolidated sales revenue of EUR 201.0m (PLN 840m), up by EUR 1.9m (PLN 8m) on the corresponding period of 2013. EBIT was posted at EUR 12.6m (PLN 53m), which is an increase of EUR 2,1m (PLN 9m) year-on-year. Net profit amounted to EUR 7.6m (PLN 31m), up 1.4m (PLN 6m).

In the third quarter, Selena Group’s revenues were mainly affected by the present political and economic situation in Eastern Europe and the related major decreases in foreign exchange rates. Selena posted stronger sales in markets such as: Poland, Turkey, Spain and both Americas (Brazil and USA). After the three quarters, gross margin was nearly at 30%, which is a growth of 1 percentage point compared to the corresponding period of the previous year. With such a result the Group is continually improving its EBIT.

“Despite the deteriorating economic and political situation in Eastern Europe, we are happy about Selena’s performance. The decreases in the Eastern markets were compensated for by growths in other regions, so on the whole our sales increased by 1%. In turn, we improved our EBIT by EUR 2.1m, which is by 20% compared with the previous year. The net profit we achieved after the three quarters of 2014 would have certainly been higher had it not been for the progressing devaluation of the Russian rouble and the Ukrainan hryvnia. We maintain focus on implementing our strategy, that is driving innovations and sharpening the competitive edge of our products. We also continue our optimisation programs and carry on with further savings’ initiatives in the markets hit by the Eastern crisis” – said Jarosław Michniuk, the CEO of Selena FM SA, parent company in the Selena Group.

In accordance with the seasonal trends, the fourth quarter of the year is generally characterised by lower sales. However, Selena expects that the budding growth in the construction sector will be sustained in the upcoming quarters.

In 2013, Selena adopted its strategy for the years 2014 – 2016. It defines the new mission of the Group and clearly maps out the actions and programmes for the next years. The new mission statement – “Together we deliver better building performance” – means even more effective recognition of customers’ needs and delivery of products that follow the global trends and meet user expectations in the specific areas of construction, finishing and repair works.

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