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 | |||
