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Q1 revenues dip at Polish chemical producer CIECH
May '13
Ciech published its report for Q1 2013. EBITDA (operating profit plus the value of depreciation/amortisation) amounted to PLN 132 million, compared to PLN 95 million in Q4 2012 and PLN 126 million in the same period a year earlier.

Revenue amounted to PLN 993 million, compared to PLN 1,020 million in Q4 2012 and PLN 1,172 million in Q1 2012. Net profit amounted to PLN 45 million, compared to PLN 68 million in the last quarter and PLN 10 million in the first quarter of the previous year.

Solid Q1 results are the consequence of a good standing of the soda segment, which generates approx. 75% of the operating profit plus depreciation/amortisation. The growing EBITDA profitability results from the Group's continued restructuring measures.

We have closed another quarter of intense work to improve the Group's profitability, leading to measurable effects, such as better operating profitability, said Dariusz Krawczyk, President of the Management Board of Ciech SA. We expect that our continued efforts will produce effects in the following quarters, he added.

In spite of the exceptionally long winter, which negatively influenced the sale of plant protection products, the absence of some of the production capacities in the glass segment in Scandinavia and low sale prices in US Govora, a Romanian soda plant, the operating results and net profit are above market consensus.

The situation in our Romanian plants is another challenge for the Ciech Group, said Dariusz Krawczyk. We need to continue to implement a deep restructuring of our foreign plants in Romania and Germany. We will have to work hard and make some tough decisions, Krawczyk added.

The Ciech Group continues its deep restructuring programme. Some of the implemented initiatives include projects to improve production effectiveness and profitability, to divest non-operating assets and reorganise employment in the Group's Polish and foreign companies.

At the same time, the Ciech Group plans to develop its production capacities in Polish soda plants. The implementation of these plans depends on whether it will be possible to integrate some of the plants into the Pomeranian Special Economic Zone.


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