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Selena strong financial performance in 2013

Selena Group – global manufacturer and distributor of construction chemistry – in 2013 achieved cumulative sales of PLN 1.1 billion, […]

Selena Group – global manufacturer and distributor of construction chemistry – in 2013 achieved cumulative sales of PLN 1.1 billion, up by more than PLN 53 million compared with 2012. The operating profit (EBIT) amounted to PLN 50 million, increasing by nearly PLN 23 million, while the net profit was over PLN 20 million, up by PLN 16 million.

The increase in sales is a result of the initiatives carried out over the last several quarters whose aim was to increase the sales effectiveness and expand the product rage in Central and Eastern Europe. Selena’s trading performance in 2013 was influenced by the situation in the construction chemistry sector and the climate in the international markets. The key increases were noted in the following markets: Turkey – about 30%, both Americas – about 24% and Eastern Europe and Central Asia – more than 20%. Stagnation continued to prevail in the construction sector in Central Europe. However, in the second half of the year, a major recovery was observed in the Polish market, and the revival is observed also at the beginning of 2014. Sales in Polish zloty were adversely affected by the conversion of sales generated in local currencies, particularly in Russia, Turkey, Kazakhstan and Brazil.

In 2013, Selena continued to improve its gross profit margin, which amounted to 29.2% compared with 27.6% in 2012. This was primarily an effect of restructure of the Group’s companies and reduction of the cost of commodities purchased by Selena as a result of the efforts of the central purchasing department. The operating profit was substantially influenced by one-off items, such as provisions for the cost of restructure and court litigation and allowances for doubtful accounts. The net profit was PLN 20m, increasing five times on 2012. The profit was adversely affected by currency differences, including depreciation of the following local currencies versus euro: Russian rouble, Turkish lira, Brazilian real and Kazakh tenge.

2013 was also the year when Selena adopted its strategy for 2014 – 2016. It defines the Group’s new mission and clearly maps out the actions and programmes for the upcoming years. The new mission – “Together we deliver better building performance” – means an even more effective identification of customers’ needs and delivery of the products adjusted to the world trends and user expectations in the specific areas of construction, finishing and renovation works.

“In 2013, we continued implementation of optimisation measures. Their tangible effects included attainment of key annual objectives, including an increase in sales in the profitable markets and a further improvement in the operating profit margin. We also adopted our strategy for 2014-2016, which sets out our action plan going forward and brings us closer to our customers through our mission: “Together we deliver better building performance”. We focus on building our competitive advantage using new ideas and unique technological solutions, a process supervised by our R&D function. In 2013, we invested into and developed our research centres to generate a greater number of innovative products that will give Selena a competitive edge. Furthermore, as part of the strategy, we started implementation of an ERP-class solution that will help us increase the effectiveness of our processes by means of a system support. All these measures are designed to strengthen Selena’s position in international markets, optimise all the Group’s processes and increase the Company’s innovation and competitiveness in its markets, thus paving the way to steady improvement of trading performance. We are confident that the adopted strategy, its consistent implementation and our hard work will allow us to achieve the objectives we have set for ourselves” – said Jarosław Michniuk, the CEO of Selena FM SA, the parent entity of Selena Group.

Due to the uncertain situation in the east of Europe, Selena counts with the risk of business interruption in the eastern markets in the following quarters. The company is closely monitoring the developments and is working on mitigating measures should the situation deteriorate. At the same time, Selena is focusing on maximising the potential of its other markets – the emerging ones and developed alike.

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