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May 16, 2019 12:00 AM

Pianki sales up 1% in 2018

Simon Robinson
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    Warsaw — Ciech, which owns local flexible foamer, Pianki, had total sales of PLN 3.7bn in the 2018 financial year. This is up 2.60% on the 2017 numbers.

    Adjusted EBITDA across the business fell 21.5% and reached PLN 654m.in the 2018 financial year.

    At the company's Pianki business, sales rose 1.0% between 2017 and 2018. They reached PLN 317m in the 2018 period. This compares with PLN 314m.in 2017.

    Pianki claims a 16% share of the polish market for polyurethane. It estimates total Polish flexible foam production to be from 210 to 220 kT/year.

    It adds that much of this is sold in furniture to Germany.

    Ciech continued in its annual statement that exports stagnated in 2018. It suggests that this is due to a slower German market. The Polish Central Statistical Office said that furniture production grew by 5.9% in Poland in 2018. This compares with a 7.5% growth rate in 2017.

    Pianki is accounted for in Ciech's Organic Segment. This business had sales which rose 1.7% between 2017 and 2018.They reached PLN 886m.in 2018. This compares with PLN 871m.in 2017.

    At the same time, Adjusted EBITDA in the division fell 21.6%. It reached PLN 75.9m.in 2018. This compares with PLN 96.8m.in 2017.

    Most of the growth in the division came from the purchase of a crop protection business in Spain. However, the increased prices of PU resins and foams in the year helped the numbers.

    Ciech numbers Q1 2019 ( PLN m)
    Group 2018 2017 Change %
    Sales 3673 3579 2.60
    Adjusted EBITDA 654 833 -21.5
    Margin % 17.8 23.3
    Organic Segment
    Sales 886 871 1.72
    Adjusted EBITDA 75.9 96.8 -21.6
    Margin % 8.6 11.1
    Pianki
    Sales 317 314 0.96
    Source: Ciech
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