During this period, good business conditions persisted on both the domestic and foreign markets served by the Group’s companies. This was reflected in both projected sales growth rate and generated margins. The Management Board estimates that the highest growth rate in the second quarter will be recorded by the Aluminium Systems Segment (ca. 20 %) and the Flexible Packaging Segment (ca. 15 %). The Extruded Products Segment’s revenue will increase by ca. 3 %; however, given the persistently low aluminium prices on global markets (a 12 % decline in USD and a ca. 8 % in PLN), the real growth was at the level of ca. 10 % (taking into account the decrease in raw material prices). The sales of other (smaller) segments was similar to the sales recorded in the corresponding period in the previous year. Consolidated sales revenue will amount to ca. 550 million PLN, i.e. it will be higher by ca. 11 % than the last year’s figure.
As estimated by the Management Board, consolidated operating profit in the second quarter will increase from 62.2 million PLN recorded last year to ca. 70 million PLN (+12 %) in the present year. Consolidated profit at EBITDA level (earnings before interest, taxes, depreciation and amortisation) will increase from 84.2 million PLN to ca. 95 million PLN (also an increase by ca. 12 %). The balance of financing activities in the quarter (costs of interest, exchange rate differences on balance sheet items valuation, including foreign currency loans) will be negative and amount to ca. 3 million PLN (in the second quarter of 2015, the balance amounted to +5.9 million PLN). The results of the present quarter will include 25 million PLN of a deferred income tax asset related to a project implemented in the Special Economic Zone, which will increase the result for the period. As a result, as estimated by the Management Board, the consolidated net profit, as compared to the second quarter of 2015, will grow from 57.6 million PLN to ca. 77 million PLN, i.e. by more than 30 %. According to estimates, at the end of June 2016, the Group’s net debt will amount to 320 million PLN.
The above forecast was prepared on the basis of the following assumptions.
Q2 2015 Q2 2016 (forecast) Change
- average EUR/PLN exch. rate in Q 4.09 4.36 +6 %
- average USD/PLN exch. rate in Q 3.69 3.86 +4 %
- average 3M alum. price in Q 1,787 USD/t 1,582 USD/t -12 %