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Net profit of the Boryszew Group exceeds PLN 233 million after Q3 2017

For the first three quarters of 2017, Boryszew, one of the largest industrial groups in Poland, recorded a net profit of over PLN 233 million, representing a year-to-year increase of 33 percent.

For the first nine months of 2017, the Boryszew Group produced a revenue in excess of PLN 4.69 billion, a figure eleven percent higher than the one recorded in the previous year. EBITDA reached the level of PLN 393 million after the first three quarters of 2017, which represented an increase of 15 percent in relation to the corresponding period in 2016.

Jarosław Michniuk, President of the Management Board of Boryszew S.A. stated that "A consistent increase in an operating profit is of key importance, and added that The improvement results from our development projects, owing to which the production capacities and unit margins have grown, and from the successful restructuring process in the Automotive Segment in both the Maflow Group and Boryszew Automotive Plastics. Currently, our attention is focused on the development of innovation in the Group and on the works aimed at consolidating the R&D area."

Increase recorded by respective segments

The most noticeable year-to-year increase in revenue produced by Boryszew was recorded in the Metals Segment, reaching 17 percent, which translated into PLN 2.83 billion. The biggest increase, expressed as a percentage, i.e. 22 percent, was observed by NPA Skawina, a branch of Boryszew, and it resulted from higher sales of the majority of wire rod product mix. In the second most important segment for the Group, the Automotive Segment, revenue increased by 5 percent year-to-year and totalled PLN 1.51 billion.

Jarosław Michniuk, President of Boryszew, explained that "An increase in revenue in the Automotive Segment can be attributed to the acquisition of new contracts, mainly by the Maflow Group. The revenue growth in the Metals Segment was influenced by rises in the prices of metals on the London Metal Exchange and larger sales volumes."

After the first three quarters of 2017, EBITDA earned by the Automotive Segment reached the level of PLN 149 million, thus improving the result recorded in the previous year by 48 percent. The situation in the Metals Segment was also better – EBITDA totalled PLN 216 million and was 10 percent higher than the figure recorded for the first nine months of 2016.

Jarosław Michniuk, President of Boryszew, commented that "The Automotive Segment was the main contributor to the improvement in profitability, as its EBITDA increased by 48 percent, whereas the highest increase in terms of percentage was recorded by the Chemistry Segment (77 percent)."

International situation

Over the first nine months of 2017, the average prices of four metals, which are basic for the Boryszew Group, increased significantly, i.e. aluminium (by 23 percent), copper (by 26 percent), lead (by 27 percent) and zinc (by 42 percent).

For the Automotive Segment, accounting for more than 30 percent of the turnover of the Boryszew Group, a growth in the sales of cars was important. According to the data provided by ACEA, over the first three quarters of 2017, the European passenger car market grew by 3.7 percent in comparison with the corresponding period of 2016. After the first three quarters of 2017, the Volkswagen Group, which is the key account of Boryszew in the Automotive Segment, recorded a year-to-year increase in car sales in Europe of 2.4 percent.
 


EXCELLENT RESULTS OF THE BORYSZEW GROUP IN THE I QUARTER OF 2017

 

In the first quarter of 2017 Boryszew, one of the largest industrial groups in Poland, achieved net profit in the amount of PLN 78 million (increase by 77% y/y), EBITDA of PLN 128.3 million (increase by 30% y/y) and PLN 93.6 million of operating profit (increase by over 40% y/y).

The results for the first quarter of 2017

The net profit of the Boryszew Group in the first quarter of 2017 was over PLN 78.1 million and it was higher by PLN 34 million than the net profit achieved in the corresponding period in the previous year. The EBITDA of the Boryszew Group was PLN 128.3 million, while the operating profit was PLN 93.6 million.

The first quarter of 2017 was another good period for our Group. "As expected, we have improved the results in the automotive segment as much as possible, both in Maflow and in Boryszew Automotive Plastics. We continue to optimise the production processes in this field and increase the margins. In the Metals segment, the first quarter has brought an expected improvement in the aluminium products and a quite varied situation in other plants of the Segment," says Jarosław Michniuk, President of the Management Board of Boryszew S.A. "One should also note the improvement in the Chemicals segment, particularly in Boryszew S.A. ERG branch, due to, among others, introduction of new products," the CEO of Boryszew adds.

In 2016, GK Boryszew generated PLN 1.60 billion in sales revenue, against PLN 1.48 billion in the corresponding period in the previous year.

"Over 8% of the revenue increase results mainly from the improved sales volumes in the Metals segment, the increase in metals prices in the LME exchange, and improved sales to the key customer in the Maflow segment," the CEO of Boryszew explains.

Forecast of EBITDA results and net profit of Boryszew Group in 2017

In March, the Boryszew Group published a forecast for 2017. It assumes an increase in net profit to PLN 305.5 million and an increase of EBITDA to PLN 539.7 million.
"The very good results of the first quarter confirm the accuracy of our forecasts," says Jarosław Michniuk. "PLN 78 million in net profit and over PLN 128 million in EBITDA profit are respectively 25.6% and 23.8% of the forecast. As for today, we do not see the risks for the implementation of our ambitious plans for this year," the CEO of Boryszew adds.


OFFICIAL LAUNCH OF THE AUTOMOTIVE COMPONENTS FACTORY IN PRENZLAU

Boryszew, the largest Polish automotive manufacturer, has concluded works related to the launch of the plant in Prenzlau. On 19 April 2017, a batch production of plastic galvanised automotive components officially started. The value of the project was EUR 22 million which makes it one of the largest Polish greenfield projects in Germany.

Boryszew has concluded a project in German town of Prenzlau that is the key to the growth of the automotive segment. In the hall of approx. 14.5 thousand m2, one of the most modern technological lines in Europe has been created, intended for galvanisation of plastic parts, with a capacity of 400 thousand m2 of galvanised surface per year. The components manufactured in it will go to Volkswagen, Audi, BMW, Daimler, and Toyota cars.

"Our new plant in Prenzlau will have a very important role in terms of the implementation of the assumption of the automotive segment growth," says Jarosław Michniuk, the President of the Management Board of Boryszew S.A. "We are increasing the production capacity in terms of galvanised products by four times and the efficiency by using extremely high abilities of our employees and the latest production solutions," the CEO of Boryszew adds.

"I am glad that the construction works went extremely smoothly," says Lutz Suhrbier, the manager of the Prenzlau plant. "Boryszew is one of the largest employers in the region, therefore, it was important for us to quickly finish the investment process. There had been only 13 months from the completion of the necessary project documents to obtaining the full production capacity."

The most important information about the Boryszew Group plant in Prenzlau

• Name of the plant: Boryszew Oberflächentechnik Deutschland GmbH

• Location: Prenzlau (Prenzlau Nord), Brandenburg, Germany

• Plant profile: factory of plastic parts with a galvanisation line for the automotive segment.

• Plant activity: production of decorative galvanised plastic components as the first equipment for car manufacturers (OEM)

• The specificity of the product: highly specialised products, both due to the process of manufacturing technology and their application in individual car models.

• Production technology:

injection process—25 injection moulding machines of varying mould closing power (40-700t) and size of the produced parts

galvanisation process—Atotech galvanisation line

• Plant customers: Volkswagen, Audi, BMW, Daimler, Toyota

• Investment value: EUR 22 million

• Financing of the investment:

EUR 10 million—loan from Bank Gospodarstwa Krajowego
EUR 8 million—own funds
EUR 4 million—grant from ILB (Investitionsbank des Landes Brandenburg)

• Investment parameters:

Lot size: 44 thousand m2
Plant size: 14.5 thousand m2
Galvanisation line performance: 400 thousand m per year
Employment: 350 persons

 


OVER PLN 191 MILLION OF THE BORYSZEW GROUP'S NET PROFIT

In 2016, Boryszew—one of the largest industrial industrial groups in Poland—has achieved over PLN 191 million in net profit (increase by 107.5 million yoy), PLN 382.2 million in EBITDA profit (increase by PLN 123.3 million yoy), PLN 259.0 million in operating profit (increase by PLN 120.9 million yoy).

Results in 2016

The net profit of the Boryszew Group in 2016 was over PLN 191 million; it was higher by PLN 107.5 million than the result achieved in the corresponding period in the previous year. The EBITDA of the Boryszew Group was PLN 382.2 million, while the operating profit of the Boryszew Group was PLN 229 million.
"The 2016 results are definitely better than the ones achieved in the previous year. In our view, the most important result is the increase in the operating profit. It is mainly due to the effects of the restructuring activities in the automotive segment, a significant 30% increase in sales of the Maflow Group, and the increase in product prices in the BAP Group," says Jarosław Michniuk, President of the Management Board of Boryszew S.A. "In the non-ferrous metals segment, the results of the Aluminium Smelter in Konin are the key to achieving such good results. It is the effect of the implemented investment programme aimed at an increase of the share in the sales of highly processed specialised articles for the automotive and packaging segments. The investments have resulted in an increase in both productivity and achieved margins, the CEO of Boryszew adds.
In 2016, GK Boryszew generated PLN 5.58 billion in sales revenue, against PLN 5.68 billion in 2015.
“A slight decrease in revenue of the Boryszew Group is caused by the reduction in sales volume in the metals segment and the end of the low-margin operating activity of Boryszew S.A. Commercial Branch," the CEO of Boryszew explains

Forecast of EBITDA results and net profit of Boryszew Group in 2017

The Boryszew Group have published a forecast for 2017. It assumes an increase in net profit to PLN 305.5 million and an increase of EBITDA to PLN 539.7 million. The key assumptions for the forecast are the USD/PLN exchange rate at PLN 3.9, EUR/PLN at PLN 4.3, and WIBOR at 1.65%.
"The forecast of the Group's results published today is based on a few solid foundations," says Jarosław Michniuk. "The key is to improve profitability while maintaining the current sales levels in the BAP Group. The other factor is an increase in sales and improvement of operational efficiency in Maflow. We also assume an increase in profitability in the non-ferrous metals segment which will largely a result of the implementation of investment programmes in the Aluminium Konin Smelter and NPA Skawina," the CEO of Boryszew adds


Boryszew Group with over PLN 172 million of net profit in 2016 Q3 results

The biggest Polish automotive producer, Boryszew Group, made a net profit of PLN 172 million (giving PLN 111.3 million growth y/y), PLN 333.6 million in EBITDA (giving PLN 138.8 million growth y/y), PLN 243.9 million profit on operating activities (giving PLN 136.7 million y/y).

2016 Q3 results

Net profit of Boryszew Group in 2016 Q3 is PLN 172 million which is PLN 111.3 million greater compared to 2015 Q3. EBITDA is PLN 333.6 million while the profit on operating activities is PLN 243.9 million

2016 Q3 results prove the Group’s positive condition. It is central to the Group to maintain our automotive companies. Maflow Group, a manufacture of car wiring systems, has performed significantly better. It is also noticeable how Polish plants in Tychy and Chełmek as well as Boryszew Automotive Plastics have improved their results. Yet another quarter proves that restructuring efforts have a solid influence on every level of financial statement. What’s more important we keep gaining new contracts, says Jarosław Michniuk, CEO of Boryszew Group SA. Non-ferrous metal segment, Walcownia Metali Dziedzice in particular, improved sales supplying building sector in Poland. Huta Aluminium w Koninie consistenly increases unit margins as a result of various investments. The sale of Łucka building has also affected the final Q3 results, he adds.


Q3 2016 resulted in PLN 4.17 billion of sales revenue compared to PLN 4.34 billion Q3 2015.


Metal prices on LSE and the Group’s sales restructure resulted in a slight decline in sales, CEO of Boryszew Group explains.
 



Maflow plant in Mexico starts new projects

In November, the latest Boryszew Group plant – Maflow Mexico – starts production of dedicated car components for VW Teramont. It is another project for the European automotive giant, Volkswagen Group. The project is planned to be run till 2022.

Maflow Mexico was built in Q1 2016 and immediately started the production. The plant was built both to meet the needs of Boryszew’s main business partner in car segment – Volkswagen Group and to cater to highly promising NAFTA markets.


The building and validating the factory itself was succeeded really smoothly. Just as we planned, we have been also implementing the project for Audi for several months now. We produce A/C wiring dedicated for Audi Q5 model, says Marek Mroczkowski, Managing Director at Boryszew SA, Maflow branch.


In November 2016, Mexican plan will start implementing the next project for VW BSUV dedicated for VW Teramont cars.


We focus our efforts on continuous increase of production capacity of Silao plant. Q3 paved the way for key projects for VW – Tiguan, Jetta and Golf. It will provide us with the expected volumes for VW and Audi, says Cezary Pyszkowski, Board Member of Boryszew, who is responsible for the development of automotive segment.


New board management members at Boryszew SA

On 6 September 2016, Supervisory Board of Boryszew SA has appointed Jarosław Michniuk as a Chief Executive Officer. He replaced Piotr Szeliga who will remain on the company’s board and will be responsible for the metals division development.

 

Boryszew’s Management Board has also appointed Aleksander Baryś, who is now responsible for managing financial activities.

 

We have decided to introduce new Management Board members primarily to accelerate the dynamic growth of production and our business activities abroad. In just a few years, we have become an international company with revenues exceeding billion US dollars. We now want to maintain this growth and strengthening the company’s structure is one of the ways to do it.
Jarosław Michniuk, who will start operating in October, has extensive international management experience in managing international corporate structures. It is perfectly in line with our growth plans, says Janusz Siemieniec, Chairman of Supervisory Board at Boryszew S.A. – W nowym składzie, członkowie Zarządu odpowiedzialni będą za poszczególne segmenty biznesowe Grupy: Piotr Szeliga – za segment metalowy, Cezary Pyszkowski – za motoryzację, Mikołaj Budzanowski – za projekty rozwojowe, a Aleksander Baryś będzie odpowiedzialny za finanse Grupy – adds Siemieniec. – Each board member will be responsible for separate business segments: Piotr Szeliga for metals division, Cezary Pyszkowski for car division, Mikołaj Budzanowski for development projects and Aleksander Baryś for the company’s financial activities.


Boryszew Group: over 95 million of net profit in 2016 1H

First six months in 2016 at Boryszew Group resulted in PLN 96 million of net profit (giving PLN 42.1 million growth y/y), PLN 155 million of profit on operating activities (giving PLN 86 million y/y) and PLN 214 million in EBITDA (giving 68 per cent growth y/y).

 

2016 1H results

 

First-half profit on operating activities of Boryszew Group is PLN 154.9 million which proved an increase compared to last year’s PLN 86 million. Boryszew Group’s EBIDTA is PLN 213.9 million while net profit is PLN 95.7 million.
 

First six months show the significant impact of automotive division on the overall results. Over PLN 50 million of profit on operating activities, which last year was proving to be a loss, is a clear proof of the successful restricting process and assures us about the chosen direction. It is worth noticing that Maflow and BAP has both contributed to such positive results, says Piotr Szeliga, CEO at Boryszew SA. Non-ferrous metals division results are consistently driven by the performance of Huta Aluminium in Konin. The results are stimulated by investments having a crucial effect on production capacity in the production division with highest margins. A slight decrease was noted by NPA Skawina and it was mainly due to sales receivables at one of the main clients, he adds. For Walcownia Metali Dziedzice it is yet another fruitful quarter which noted record-breaking operating results, with increasing volumes and good prices. We hope to continue this trend.

After first six months of 2016, Grupa Boryszew noted PLN 2.85 billion of sales revenue, compared to PLN 3.06 billion in 1H 2015.

A slight drop of sales revenue was mainly a result of metal prices drop on LSE. The prices of raw materials which are core for our business have dropped by 3 per cent up to 6 per cent. A subtle sales volumes drop, primarily in trade sector, is due to both our decision about extinguishing the trading activities and sales restructure, Szeliga adds.

 


Boryszew signs bank financing for restoring productive capacity in Prenzlau

Boryszew has signed bank financing with Bank Gospodarstwa Krajowego (BGK) for restoring plant productive capacity. Prenzlau’s plant provides plastic injection moulding solutions and produces galvanized elements for motor industry. The investment is co-financed by Land Brandenburg in co-operation with PKO Bank Polski Niederlassung Deutschland.

 

A total cost of € 21 million of Prenzlau’s investment helps not only to regain lost potential but also to take technological leap forward and – most importantly – significantly improve the productive capacity. The plant of 15,000 square metres will operate with modern assembly line galvinising plastic elements with overall capacity of 400,000 square metres per year. The factory will be officially launched by the end of 2016.

“The plant in Prenzlau is key for the development of our motor sector. It will provide a competitive advantage thanks to modern and unique technologies at European level,” says Cezary Pyszkowski, Board Member of Boryszew SA.

„One of the main reason to decide about such major investment is the potential of our well-trained and motivated staff. I am truly glad that I can now officially announce this next step as it is crucial for us,” says Lutz SuhrbierGeneral, Manager at Boryszew OberflächentechnikDeutschland GmbH

“Foreign investment financing is still quite rare in Polish banking. BGK is the ultimate predecessor and its goal is to build strong national banking which supports enterprise. We provided long-term financing and it’s much longer than this offered by other commercial banks. Based on that we are able to meet these undertakings and we can assist Boryszew with international expansion on very demanding German market,” adds Dariusz Kacprzyk, CEO of Bank Gospodarstwa Krajowego.

The investment will be financed with compensation funds from destroyed plant during the fire, a loan, the company’s own funds and additional funding that Boryszew proceeds to obtain from Investitionsbank des Landes Brandenburg (ILB). The investment is also supported by Bank Polski Niederlassung Deutschland.

***
Boryszew Group is one of the biggest Polish industrial groups. It employs over 8,000 staff in 13 countries stretched over 3 continents. The Group is a car component manufacturer for car industry and specializes in a non-ferrous metals processing. In 1H 2015, the Group posted 3 PLN billion of a net revenue with a net profit of PLN 53 million.


Boryszew among 30 biggest Polish companies according to „Wprost”

Boryszew Group was ranked 29th on Wprost weekly list of “200 biggest Polish companies”. Companies were ranked by cash revenue on sales. With over PLN 5 billion of cash revenue on sales in 2014, Boryszew was one of the leaders.

The list of 200 biggest Polish companies published by Wprost weekly puts together a unique group of domestic companies which noted the highest revenues and profits. Boryszew, ranked 29th, was the only company from motor industry included the ranking and the second best from chemicals.

„Boryszew is continually focused on growing and following our strategy. Our position in the ranking definitely proves it and is also something to be pleased about,” says Piotr Szeliga, President of the Board of Boryszew. “Nevertheless, we are convinced that we can achieve even better results – we optimize business processes and implement new technological solutions while still seeking for innovation. We will do our best to get higher on the next Wprost ranking,” Szeliga adds.


***
Boryszew Group is one of the biggest Polish industrial groups. It employs over 8,000 staff in 13 countries stretched over 3 continents. In Q1 2015, the Group posted PLN 1.5 billion of a net revenue with EBIT of PLN 50 million and a net profit of PLN 37 million.

 


Boryszew Group to have nearly PLN 37 million of net profit

Boryszew Group’s 1Q 2015 financial results showed PLN 36,8 mln of net profit and nearly PLN 50 million of operating profit. Annualised net income per share was PLN 0.55 against PLN 0.06 compared to the same quarter last year. Sales revenue from continuing operations of PLN 1.5 billion were over 20 per cent higher than in IQ.

1Q 2014 Results

Operating profit of Boryszew Group after 1Q 2015 was PLN 49.9 million and is nearly PLN 17 million higher compared to the same period last year. Group’s annualised EBITDA exceeded PLN 340 million (against PLN 203 million) with net income of PLN 36.8 million.

First quarter results this year are better in every aspect compared to last year” – says Piotr Szeliga, President of the Board of Boryszew S.A. ‘’Automotive sector stabilized the outcome and seeming slip while compared to last year was just the results of high tools sales in 1Q 2014.’’ – says Szeliga. ‘’The company has settled a good quarter for Group’s metal companies. Aluminium segment had an operating profit of nearly PLN 19 million compared to 6.5 last year where Zinc and Lead segment tripled its performance. It proves the scale of hard work. I need to also mention NPA Skawina which, by completing its modernization and increasing the production capacity, turned to have historical results. Chemicals have also doubled its operating profit. We introduce safe plasticizers on the market and improve production effectivess with great success’’ – Piotr Szeliga adds.

Sales revenue of Boryszew Group in 1Q 2015 were nearly PLN 1.5 billion.

‘’Group’s sales revenue improved by 21 per cent’’– says Boryszew’s President of the Board. ‘’Aluminum segment had the most significant rise in sales. This follows both modernization of production line at Huta Aluminium in Konin and ground-breaking volumes in NPA Skawina.’’ – says Piotr Szeliga. ‘’Let’s not forget about considerable decline in Net debt to EBITDA radio which was 2.7 versus 4.1 last year. We manage to reduce the debt despite huge sales jump and working capital demand’’.
 


Boryszew Group delighted with bumper financial results Over of PLN 156 million net profit

Boryszew Group’s operating profit in 2014 was over PLN 210 million (138 per cent growth y/y) with net income of PLN 156 million (183 per cent growth y/y). Group’s income was over PLN 5 billion with EBTIDA of PLN 323 million. The results turned out to be the best in the company’s history.

Boryszew Group’s operating profit was over PLN 210 million which was PLN 122 million higher compared to 2013. Boryszew’s net income, including discontinued operations, was PLN 155.9 million. It was PLN 101.1 million higher than in 2013.

‘’2014 was a ground-breaking year for the company – we had a net income of PLN 156 million and over PLN 210 million of operating profit. It proves our growth strategy to be successful and that it gives measurable results,’’ says Piotr Szeliga, President of the Board of Boryszew SA.
‘’Those achievements is the result of a profitable year both in metal market and automotive segment. Please note overall outstanding growth. Net income per share grew from PLN 0.05 in 2013 to over PLN 0.5. Debt EBIDTA ratio has declined and reached 2.7. It had a huge impact on investors and financial institutions. Significant improvement in debt ratio was the key reason for paying dividend for 2014,’’ Szeliga adds.

Group’s income was over PLN 5 billion and they were over PLN 200 million compared to 2013.

‘’Boryszew’s income success is based on few factors. First and foremost, it came from sales volume growth which was 7 per cent y/y. GKB sales are continually growing since July 2012. The second thing is that investments from last two years give us cost advantage. It has then a direct impact on exploring new markets,’’ says Piotr Szeliga.
 


Boryszew ERG with new patent

Boryszew ERG Branch in Sochaczew received a patent for a new method of obtaining bis(2-ethylhexyl) terephthalate. It will help the company to expand its product portfolio, mainly the manufacture of toys and other PVC products.

 

Boryszew ERG’s new patent is a response to dioctyl phthalate withdrawal as it was classified as a SVHC (substance of very high concern) by Annex XIV of REACH Regulation.
’’Bis(2-ethylhexyl) terephthalate is a new generation, non-toxic, highly functional plasticizer with great parametres. Bringing it to the market cuts off the risks of the use of phthalate plasticisers and its damaging effect on health and environment,’’ said Ireneusz Dusiński, co-founder of patented method.
‘’Having terephthalate in our portfolio strengthens our market position in the segment of PVC processing. It also helps to expand other Boryszew segments where phthalate is prohibited or significantly restricted due to its damaging influence i.e. food contact products. Currently, there are only two terephthalate producers in Poland,’’ – said Marlena Krohn, Managing Director, Boryszew ERG Branch in Sochaczew.
A new method of obtaining bis(2-ethylhexyl) terephthalate is yet not the only achievement of Boryszew ERG. The company introduced an innovative and effective aircraft deicer using a formic acid. Borygo Runway KF is a potassium formate 50-percent solution deicing runways, ramps and airport pavement.
 


New Management Member in Boryszew S.A.

On 22 December 2014 Supervisory Board of Boryszew SA introduced Cezary Pyszkowski as a Management Board Member of Boryszew SA. Paweł Surówka leaves the company to join financial sector taking new managerial role in a financial institution in Germany.
Cezary Pyszkowski holds an MBA in Economics from University of Szczecin. He has completed his post-graduate diploma from Warsaw School of Economics. Pyszkowski has also studied at the Academy of Management and Banking at the Bocconi University in Milan.
His experience covers a wide range of investment banking activities. From 2008 to 2014 he was worked at UniCredit CAIB Poland SA taking various managerial roles and in 2012 he was appointed Managing Director, Corporate & Investment Banking. He also worked at the CDM Pekao Securities (1997 – 2005) and at the Brokerage House of Pomorski Bank Kredytowy (1995 – 1997).
‘Our new Board Member specializes in M&A management. His experience in the process optimization is particularly important for the company as I believe that we are now in the crucial phase of restructuring of our German automotive plants,’ says Piotr Szeliga, President of the Board of Boryszew SA.
‘Boryszew Group is an international company with its business stretched over all continents. I am very glad that I have the chance to be part of it,’ says Cezary Pyszkowski. ‘My key goal is to complete the restructuring process, provide continuous dynamic development of automotive sector and enter new markets in North and Central America,’ says Pyszkowski.
 


Boryszew Group with over 100 per cent of net profit after IIIQ 2014

Boryszew Group net profit after IIIQ 2014 was PLN 106.9 million (125% growth y/y) with PLN 156.7 million of operating profit (68% growth y/y) with revenue of PLN 3.82 billion (4% growth y/y).
Results after IIIQ 2014
EBIT of Boryszew Group after IIIQ 2014 was PLN 158 million with EBITDA of PLN 242 million. The company’s net profit was PLN 106.9 million.
‘IIIQ 2014 reflects the company’s excellent position. As we have expected, we managed to increase both the operating and net profits,’ says Piotr Szeliga, President of the Board of Boryszew SA.‘A growth of automotive sector was driven mainly by new projects which – as it usually is – bring the most margin in the first period of the contract,’ Szeliga adds. ‘We also noticed a spectacular improvement in zinc and lead sector. Optimised materials strategy and higher sales gave nearly three times better profit increase.’
After IIIQ 2014 Boryszew had PLN 3.82 billion of sales revenue compared to PLN 3.69 billion for the corresponding period of 2013.
‘I am glad to say that the revenue increase by 4% is due mainly to higher sales volumes coming from the automotive companies. The revenue growth was over PLN 115 million as well as of aluminium and zinc and lead sector,’ says Boryszew’s President. ‘We make every effort to build our customer base and find other potential areas where we can start the production. We fully recognize the huge power of scale effect. Quarter-over-quarter sales growth was 7%, ‘ Szeliga adds.
‘We also focus on reducing Boryszew’s deb. In IIIQ 2014 the interest rate debt / EBITDA ratio fell down to 3.3,’ says Piotr Szeliga.
 


Boryszew’s Investor Relations ranked highly by Parkiet Gazeta Giełdy

Boryszew was highly ranked in a research conducted by Gazeta Giełdy Parkiet on WIG 30 companies and the quality of investor relations. The company took prestigious 9th place with evaluation above average compared to the entire index.
Research was done on 15 September – 15 October having over 27.5 thousand respondents. The questions analysed the quality of investor relations and various communication channels offered by blue chips.
‘We strongly focus on choosing communication tools adapted to each individual group of customers and their expectations. We do that by implementing new solutions using modern technologies to reach both individual and institutional investors. I am very proud that our efforts were appreciated and it resulted in a highly ranked position in Parkiet’s research,’ says Piotr Szeliga, President of the Board of Boryszew SA. ‘I know, however, that there are certain areas where we could improve and we will continue the great work to become the leader in further rankings.’
***
Boryszew Group is one of the biggest industrial group in Poland. It employs over 8,000 staff in dozens of manufacturing plants stretched over 3 continents. After IH 2014 Boryszew Group achieved a net profit of PLN 51 million and 79.1 million of operating profit with revenues of PLN 2.53 billion
 


Boryszew Group to have 72 percent net-income growth in 1H 2014

Net income of Boryszew Group in 1H 2014 was PLN 50.2 million (giving 72% growth y/y) with operating profit of PLN 79.1 million (66% growth y/y) and revenue of PLN 2.53 billion (3,8 % growth y/y)

1H 2014 Financial Results

Operating profit of Boryszew Group in 1H 2014 was PLN 79.1 million having EBITDA of PLN 130.8 million with net income of PLN 50.2 million.

‘’The first half of 2014 was a time where for the first time we could see all-together results of our restructuring efforts and new automotive projects. Automotive income increased by PLN 115 million having operating income of PLN 24 million compared to PLN 2.3 million in corresponding period of 2013. What’s more important, both Maflow and BAP noted a valid improvement’’, says Piotr Szeliga, President of the Board of Boryszew S.A. ‘’The performance of aluminium sector was slightly weaker compared to last year. It was due to temporary slow-down of production capacity of Huta Aluminium Konin to modernise. Once the project is implemented we expect its stable improvement,’’ Piotr Szeliga adds.

‘’The outlook of other segments reflects our expectations. Thanks to those both companies (Baterpol SA in particular) Zinc and Lead segment showed a convincing improvement due to companies’ operating income. Various saving programs such as consolidation of power purchasing have also reduced the operating costs of Boryszew Group.’’

Boryszew’s sales revenue in 1H 2014 was PLN 2.53 billion compared to PLN 2.44 billion for the corresponding period of 2013.

‘’The increase of Boryszew’s revenue by almost 4 percent is a results of boosted sales in automotive companies giving them a revenue growth of approximately PLN 115 million. It translates into 14 percent growth. Apart from Zinc and Lead sector, non-ferrous metals noted a slight revenue decline which is mainly due to weaker dollar and lower metal prices on LME. It also had an impact on an aluminum segment where plant was temporarily shut down to modernise.", says Piotr Szeliga.


„In 1H 2014 the Company proved a significant increase in debt to EBITDA ratio achieving 3.5 (compared to 4.6 in 1H 2013)’’, Piotr Szeliga adds.
 


Boryszew Group awarded with Volkswagen Group Award

Boryszew S.A. was the first Polish company to receive the prestigious Global Champion award given annually by Volkswagen Group for its best suppliers.
Each year, Volkswagen's partners meet to honour the overall entrepreneurial performance of the company's key suppliers. Boryszew Group received Global Champion award which is the most prestigious category.
''Boryszew is the first Polish company recognised as a equal partner for global leader and it makes us proud. It also proves that Boryszew's strategy is correct as we constantly build our automotive portfolio,'' says Paweł Surówka, Member of the Board who is in charge of automotive. ''It was a great pleasure to receive the award qnd hear that Boryszew is ''the industry world champion.'' This makes our team the masters,'' Paweł Surówka added.
Today, Boryszew supplies for the major brands, mainly Golf, Passat, Octavia, Superb, Audi A3, Audi A4, Tiguan.
Volkswagen honoured its most innovative component suppliers. The key factors were both the extensive experience in providing new solutions dedicated to each production platform and ability to manage the whole process including planning and implementation. A gala took place in Leipzig Porsche plant.
The awards were presented by Prof. Martin Winterkorn, Chairman of the Board Management of Volkswagen Aktiengesellschaft, and Dr. Francisco Javier Garcia Sanz, Member of the Board of Management of Volkswagen AS.
 


Boryszew S.A. Signs Conditional Purchase Agreement for Tensho Poland Corporation acquisition

 Boryszew SA signed a conditional purchase agreement with Mitsui & Co. Ltd., Tensho Electric Industries Co. Ltd. and Sanko Corp. Ltd. for the acquisition of Tensho Poland Corporation. The agreement applies to the purchase of the plastic component factory in Ostaszewo near Toruń in Pomeranian Special Economic Zone. The transaction value is EUR 10.6 million.

 

 On 18 April this year, Boryszew SA singed a conditional purchase agreement to buy 80 per cent of shares for € 1.6 million while taking over TPC debt for $ 9 million. The total transaction value is € 10.6 million.
Upon the purchase agreement, Boryszew SA and TPC signed a cooperation agreement. Its aims at helping new partners to exploit Boryszew’s potential of distribution and sales power. At the same time, Boryszew will benefit both from the new technology and support while exploring new regions, such as Mexico.
‘Another automotive acquisition does not only strengthens our position on this market but also builds new opportunities for acquiring new contracts outside the sector. Acquired facility is modern and well-organized. It also manufactures high-tech components for home appliances which is the business segment that we focus on. Therefore, it is a chance to build our experience and create new competencies,’ says Piotr Szeliga, Boryszew’s President of the Board.
Tensho Poland Corporation Sp. z o. o. is a part of TENSHO ELECTRIC INDUSTRIES, a Japanese group. TPC manufactures high-quality plastic products, including components for TV industry (both external and internal assembly parts), automotive, packaging and other products for logistics (plastic pallets containers, boxes) as well as containers for medical waste. Tensho Group has plants in Japan, China and North America.
‘The factory which is located in Pomeranian Special Economic Zone produces automotive parts, including Volkswagen cars,’ says Paweł Surówka, Board Member of Boryszew who is responsible for the automotive sector.
‘The acquisition of the factory develops existing cooperation with car manufacturers swiftly providing additional production capacity. Additionally, it provides access to other Japanese car manufacturers, such as Toyota and Honda. Of note, the factory holds 17 modern units and 2 fully equipped painting lines and a team of 150 well-trained employees,’ he adds.
The factory in Ostaszew has a team of approx. 150 employees producing high-tech components for companies like Sharp and Toshiba. Also, Tensho is the supplier of T1 for Subaru and VW and T2 for Honda, Nissan, Toyota and Hino Motors.
 

 


Signing The Letter of Intent to Purchase Tensho Poland Corporation

Letter of intent concerns purchase of Tensho Poland Corporation Ltd. (TPC). The purchase includes buying 80% of the shares for € 1.6 million which are redeemed from Mitsui & Co. Limited, Mitsui & Co. Deutschland, Tensho Electic Industries Co. Ltd., Sanko Corp. Ltd and from the acquisition of TPC € 9 million interest debt. This constitutes to €10.6 million.
TPC manufactures high-quality plastic products, including components for TV industry (both external and internal assembly parts), automotive, packaging and other products for logistics (plastic pallets containers, boxes) as well as containers for medical waste.
 


Two new Supervisory Board Members in Boryszew S.A.

The Extraordinary General Meeting of Boryszew SA introduced Janusz Siemienic and Jan Bogolubow as the Supervisory Board members. New members will replace Sebastian Bogusławski and Dariusz Jarosz who resigned from their duties.
‘I am sure that the experience of new Supervisory Board members will meet our shareholders’ needs and bring value add to Boryszew Group,’ says Piotr Szeliga, Boryszew’s President of the Board.
Apart from the new members, Boryszew’s Supervisory Board consists of: Arkadiusz Krężel, Zygmunt Urbaniak, Mirosław Kutnik oraz Tadeusz Pietka.
Professional experience and formal qualifications of the new Supervisory Board members:
 

Janusz Siemieniec is a graduate of Wrocław University of Technology of the Faculty of Electrical Engineering.
For the last eight years he has managed many renewable energy projects while serving as a Board Member of an investment company Nordwind Ltd. and NordEnergy Ltd. In 2000 - 2006 he was President of the Board of Spółka Restrukturyzacji Kopalń SA in Katowice (a restructuring company involved in decommissioning of mines) and Supervisory Board Member of Kopex SA. Since 1990 till 2000 he was the CEO of KWK Nowa Ruda in Nowa Ruda and Chairman of the Supervisory Board of Węglozbyt SA. Previously, he held management positions in energy and mining companies.
Upon completing enterprise management course at the French Institute of Management (IGF), Mr. Siemieniec has completed several trainings organized by the Ministry of Treasury for Management and Supervisory Board Members of commercial law companies.
 

Jan Bogolubow holds a doctoral degree in technical sciences with the focus on chemical technology. He also holds an MBA degree from University of Management and Marketing in Warsaw (Partner of the University of Denver in USA). Mr. Bogolubow completed studies both in marketing and management and Polish and Dutch European Studies (European integration).
Since October 2007, Mr. Bogolubow is the President of the Board of Zarządca Rozliczeń SA. In 1999 – 2008 he was a member and chairman of several Supervisory Boards in companies owned by State Treasury, including Huta Katowice SA and Jastrzębska Spółka Węglowa SA where he was the Chairman of the Board. Since 1999 he worked at the Ministry of Economy as Chief Specialist, Minister Counselor and Department of Energy's (DOE) Deputy Chief.
In 1993 – 1998 he was the Chief Specialist, Deputy Head of Department, Head of Delegation at Węglokoks SA. Since 1986 until 1993, he was the independent technologist, Shift Supervisor, Head of Sales Division, Head of the Sales Office of "Przyjaźń" coke plant in Dąbrowa Górnicza.
 


Boryszew plans to consolidate shares

Boryszew SA convenes an Extraordinary General Meeting of Shareholders scheduled for 17 February 2014 in order to decide on the company’s share consolidation.
Boryszew SA plans to resplit on 10-for-1 basis. Therefore, every 10 shares will be merged into one. It will result in the increase of the nominal share value of Boryszew SA from PLN 0.10 to PLN 1.00. This will also decrease the numer of shares from 2.200.000.000 to 220.000.000. This will not affect the company’s share capital.
‘The share consolidation corresponds with new regulations introduced by the Warsaw Stock Exchange,” says Piotr Szeliga, President of the Board of Boryszew. "However, conducting the resplit doesn’t affect our efforts to constantly increase the value of Boryszew and achieve better core results,’ Boryszew’s President of the Board adds.
 

 


 


Boryszew sponsoring Kapitalna Warszawa concert

Boryszew S.A. was a sponsor of the concert organized by the Warsaw Stock Exchange: Kapitalna Warszawa. The concert summed up the first edition of Festival of Wojciech Młynarski's Songs and took place on 27 January 2014 in Ateneum Theatre in Warsaw.


Boryszew among analysts’ top recommendation at the beginning of 2014

According to the survey regarding investment preferences conducted by Gazeta Giełdy Parkiet among 10 broker's office, Boryszew was among the most frequently mentioned companies in WIG40 index.


Boryszew’s first contract for new plants in Toruń

On the territory belonging to Boryszew S.A. and Elana branch, Boryszew Group starts its production of automotive components. The first contract was signed with Volkswagen Group worth PLN 120 million.
 

As Boryszew Group continues its development of automotive, it started the production of automotive components in Toruń for two German-giant models: Caddy and T6. At the same, as a part of the agreement, the company will produce components for VW Tiguan in Germany. The total value of all contracts signed in recent weeks, including production in Germany is worth PLN 240 million.
‘Toruń has always been very essential for Boryszew Group. It is not only due to the common history, but also thanks to great level of business openness and friendliness. Also, a rapid development of infrastructure played an important role for this project. Hence, we decided to settle the production here,’ says Paweł Surówka, Member of the Board at Boryszew S.A. and in chargé for the automotive segment.
The contract with VW Group worth PLN 120 million includes production and delivery of interior plastic components for T6 and Volkswagen Caddy.
‘On one hand, the contract with VW Group proves the trust in the quality of our products and also demonstrates the ability to quickly provide new production capacity responding to demand from our business partners,’ says Paweł Surówka. ‘On the other hand, it is a test for our potential. I am fully confident that we can pass the test with flying colors which will the rewarded wth further contracts for new plants opening in Toruń.’
Boryszew’s development is now spreading abroad. Except for the existing plants in Germany, the Czech Republic, France, Spain, China and Brazil, we opened a new factory in Russia. Its opening is scheduled for 4Q this year.
"The new factories in BRIC countries bring an immense opportunity for the entire group, and particularly important considering constant difficulties on the European market," says Boryszew’s Board Member. ‘It is also a great chance for Polish workers and managers to experience and understand completely different business and production cultures as the key management in our plants is Polish.’
 


Q3 2013 financial results

Boryszew’s net profit in Q3 2013 was PLN 47,4 million with operating profit of PLN 93,1 million and sales revenue of PLN 3,7 billion.
 

Q3 2013 financial results
 

Boryszew Group reported a third quarter 2013 operating profit of PLN 93,1 million with EBITDA of PLN 188,6 million. Boryszew’s net profit in the third quarter was PLN 47,4 million.
‘’In the third quarter of 2013 we reported a slight reverse of market trends compared to the first half of the year,’’ – says Piotr Szeliga, President of the Board of Boryszew S.A. ‘’Europe’s decline in car sales, affecting the results of Boryszew’s automotive activity, hasn’t yet been compensated by our growing businesses in Brazil, China and Russia. However, the market is now recovering, and combined with Maflow’s nearly completed restructuring and BAP’s rapid progress, the situationappears cautiously optimistic. We are also happy about Impexmetal’s results, particularly in the aluminum and copper segments. We are working on maintaining this trend and further increase of margins and sales volumes,’’ – adds President of the Board of Boryszew.
After three quarters of 2013, Boryszew Group generated PLN 3.7 billion of sales revenue, which is 0.7% less than in the same period of 2012.
‘’This slight decrease in the Group's revenue is related mainly to the automotive market’s condition in Europe,’’ – says President of the Board of Boryszew. "Also, the aluminum segment, despite achieving its tonnages, recorded a sales decrease. It is linked directly to the decrease in metal prices on the London Stock Exchange. Copper,zinc, and lead segments recorded sales volume increases. It’s worth noting that Walcownia Metali Dziedzice achieved historically high results in addition to ZM Silesia Oława Branch delivering steady growth.’’ Piotr Szeliga adds: “What’s more important is that this year’s results don’t include one-off events and this provides a solid foundation for development.’’


BORYSZEW ERG TEAMED UP WITH THE MARIE CURIE – SKŁODOWSKA UNIVERSITY IN LUBLIN

Boryszew ERG – a Boryszew Group member company - has established a long-term co-operation with the Maria Curie-Skłodowska University in Lublin. It will offer student internships and the chance to conduct research together with the BORYSZEW ERG team and mass-produced innovative chemicals.

 

On 30 October Boryszew ERG signed a long-term co-operation agreement with the Maria Curie-Skłodowska University in Lublin.
‘’The agreement is multi-dimensional. On one hand, Marie Curie-Skłodowska University students from the reputable Faculty of Chemistry will have the opportunity to get internships in our facilities and this will surely be a starting point for their careers. On the other hand, we hope that students and our researchers will work on new and innovative products which will ultimately be implemented and mass-produced,’’- says Marlene Krohn, CEO of Boryszew ERG.

The company, together with the university, plans to use National Research and Development Centre funds.

‘’We want to make use of the maximum of grants from NRDC funds supporting researchers and entrepreneurs during their research,’’ - says Marlene Krohn. ‘’This will help us achieve these ambitious projects which had been grounded due to the lack of budget," – the CEO of Boryszew ERG adds.

***
Boryszew Group is one of the largest Polish industrial groups with a quickly growing segment of non-ferrous metals and automotive. The Group member companies specialised in manufacturing and trading, employ nearly 9,000 staff on three continents. Boryszew S.A. income in 2012 reached over PLN 5 billion with net income exceeding PLN 96 million.

***
Boryszew ERG is the only Polish manufacturer with over fifty years of tradition and experience in the production of monoethylene glycol and monopropylene glycol, used in the anti-freeze liquids Borygo® for car radiators. The Company’s portfolio includes brake fluids and windshield wipers in addition to ergo lids, adhesives, plasticizers, heat stabilizers and other chemical products.
 


BORYSZEW ACCELERATES ITS RESTRUCTURING - 1H 2013 RESULTS

1H 2013 results

Boryszew’s operating profit after the first half of 2013 was PLN 47.6 million. EBITDA was PLN 101.7 million. Boryszew’s net profit was PLN 29.1 million.
‘’The first half of 2013 was fully in line with our expectations. We expected a decline in the automotive segment and worse results in the zinc and lead sectors. Lower operating profits and net profits compared to last year are due to less one-off events,’’ says Piotr Szeliga, President of the Board at Boryszew. ‘’We are now restructuring the Group's automotive segment. It is almost finished, Maflow expects better results each quarter. However, Boryszew Automotive Plastics companies are only half way and therefore it will gradually improve its income statements until the end of next year,’’ Piotr Szeliga adds.
In the first quarter of 2013 Boryszew generated PLN 2.44 billion revenue compared to PLN 2.51 billion over the same period of 2012. ‘’Boryszew’s revenues are stable and at a high level. Despite the difficult situation especially in the automotive market, Boryszew Group’s revenues are almost the same as a year ago, achieving higher sales in other segments,’’ says President of the Board at Boryszew. ‘’WM Dziedzice’s historically high volumes of sales are the highlight - sales quantity increased by 3.6 thousand tones, i.e. by 30%.’’
Investments
Currently the Group has two large investment projects:

  •  Production capacity development for high-margin aluminum products by around 10k tonnes per year
  •  Value of the investment is PLN 40 million
  •  Deadline for the project is 1Q of 2014
  •  Building plastics parts factory in Russia for Boryszew’s major customer - Volkswagen
  •  Value of investment is 10 million euros
  •  Deadline for the project is 3Q and 4Q of 2013

BORYSZEW S.A. - WARSAW STOCK EXCHANGE BLUE CHIP

On 23 September 2013 Boryszew S.A. joined the WIG 30 – the most prestigious index for blue chips on the WSE.

Boryszew SA, the dynamic and growing international company in the non-ferrous metals and automotive sectors, joined the WIG 30 on 23 September - the most prestigious index for WSE blue chips.
‘’The scale of our business both in terms of turnover and geographic scope definitely makes us a WIG30 index member. I am sure that this was gratifying information for our shareholders, especially since Boryszew is the WSE leader in terms of liquidity. It will also motivate us to work even harder which will be reflected not only in the financial results but also in the satisfaction of our shareholders as our share price increases,’’ says Piotr Szeliga, Boryszew’s President of the Board. ‘’Our development strategy for the automotive sector is being implemented in effective and consistent manner, and our determination and efforts to put into practice the development plan, shared with and accepted by our shareholders, is appreciated by the market as a whole,’’ Piotr Szeliga adds

 


IMPEXMETAL, BORYSZEW’S COMPANY AS 20TH MEMBER OF CENTRAL EUROPE ENERGY PARTNERS (CEEP)

Impexmetal from Boryszew Group became the 20th member of Central Europe Energy Partners (CEEP). This is one of the largest production and trading holdings. Impexmetal companies produce aluminum, copper, zinc, lead and bearings.
 

‘’The addition of Impexmetal Group will surely strengthen our business,’’ says Janusz Luks, Managing Director of Central Europe Energy Partners .. ‘’It is both due to its business scope and its international character,’’ Janusz Luks adds.
Impexmetal is a WSE-listed company with over 50 years of experience in foreign trade of non-ferrous metals and its semi-finished products and bearings. Impexmetal’s shares have been listed on the Warsaw Stock Exchange since 1997. Since 2005, the Company has been part of the Boryszew Group.
IMPEXMETAL SA is the owner or majority shareholder in 12 companies including six manufacturing plants. The key players are Huta Aluminium Konin, Hutmen SA Baterpol S.A. and FLT Bearings. Impexmetal was in the ranking of the 500 largest companies in CEE countries, prepared in co-operation with the international consulting firm Deloitte and published in Rzeczpospolita daily. The ranking included 955 companies from 19 countries.
The cost of energy and energy sources such as natural gas – crucial both for heating and in terms of raw materials – are very important components of production costs. Greenhouse gas emission policies and other initiatives of the EU over in 2030 and 2050 are also critical to the business. UE competitiveness among other countries is a foundation for the development of EU industry. This is the reason why Impexmetal decided to join CEEP.

CEEP is an international non-profit association based in Brussels. The Association represents the energy sector in Central Europe. CEEP’s main goal is to promote the integration of Central European energy sector under a common energy and security policy. Also, the ultimate aim of the Association is to share the knowledge and practical know-how and co-operation among energy sector and research institutes in this part of Europe.

CEEP has been operating since June 2010. Association members include companies and research institutes from Lithuania, Slovakia, Czech Republic, Romania, Hungary and Poland. Today, CEEP has 20 members. Potential future members represent CEEP region and such countries as Latvia, Estonia, Bulgaria and Croatia.

 


27 NEW ORDERS FOR BORYSZEW’S MAFLOW

In 2013, within eight months, Boryszew’s Maflow, which is an A/C assembly manufacturer, gained 27 new contracts.

New orders
 

Volkswagen Group (VW, Audi, Porsche, Skoda, Seat, Bentley, Scania, MAN), Jaguar Landrover, BMW, Renault, Paccar Group, Volvo Car have chosen Boryszew for new contracts which will provide Maflow’s revenue till 2023.

‘’Apart from VW Group, Boryszew gained new contracts from Jaguar, BMW and Renault which proves our restructuring process has been successful. Manufacturing plants without any contracts and managed by trustees, acquired by Boryszew in 2011, needed merely two years toachieve operational stability,’’ says Piotr Szeliga, Boryszew’s President of the Board, ‘’It is a big achievement for a Polish company to successfully compete with automotive leaders,’’ Piotr Szeliga adds.
 

''The new projects will provide an income for Boryszew’s Maflow till 2023. However, we have to remember that in the automotive industry the largest margins are only achieved in the first years of the contracts. Therefore, in order to keep up the profitability we have to actively seek new contracts," says Paweł Surówka, Board Member of Boryszew in charge of automotive development.

Maflow is successful not only in Europe. The company has orders in its manufacturing plants located on various continents. Currently, Maflow’s Chinese branch in Dalian is implementing production of parts for the German company BMW for six future projects. Jaguar Landrover - another well-known car manufacturer which currently belongs to Tata Motors – co-operates with Maflow’s plant in Shanghai. In India, Maflow will produce A/C assembly for Dacia Logan, Renault Group. The production will be held in Maflow’s Indian plant in Pune.
Contractors
The biggest customer of Boryszew’s Maflow is VW Group which provides around 40% of the company’s turnover. Additionally, the famous sports car manufacturer Porsche, which belongs to VW Group is now also in Maflow’s portfolio. Also, from 2015 Maflow will also supply Boxter and Caju - the latest version of PorscheBoxter and Cajun.

‘’It is interesting that we are becoming a major player for VW group for A/C assembly for hybrid and electric vehicles. It includes mainly such brands as Porsche Panamera Hybrid, Audi A6 and Audi A8 Hybrid and the latest VW E -Golf and E-UP; in the very near future they will be joined by Audi Q7 Hybrid,’’ says Piotr Wiśniewski, Managing Director in Maflow.

Research and development
As our client portfolio expands, Maflow invests in new production technologies, ie. induction brazing, bending processes after installation, an automatic assembly line as well as in products themselves i.e. IHX cables (Internal heat exchange – will increase efficiency of A/C systems while reducing the compressor si


BORYSZEW’S NEW WEBSITE

On 3 October Boryszew launched the new website www.boryszew.com.pl

 

Boryszew’s new website meets all the requirements for corporate websites of listed companies.
‘’Our aim is to provide the maximum utility. We want every client or investor to find all the required information on our website,‘’ says Paweł Surówka, Board Member of Boryszew S.A.

The new website introduced a different structure and layout. Now you can find specific corporate, product and investor relations data easily in dedicated sections.
‘’The new website is a reflection of all the changes in the Group. It now shows the company’s culture, diversity and unique scale of operations for the Polish market. We are engaged in re-shaping our communication which includes uploading conference videos. We also introduced an E-Press Officer who actively responds to questions and concerns raised by stakeholders online,‘’ says Piotr Szeliga, President of the Board, Boryszew
The website was created by Supermedia Interactive.
 


SHARE OF BORYSZEW S.A. TO BE THE LEADING LIQUID COMPANY ON WSE

According to the liquidity monthly report prepared by animujemy.pl in September Boryszew was 15th in terms of turnover. Turnover to capitalisation ratio was the highest on the WSE and amounted to 21%.

In September 2013, portal animujemy.pl published the monthly report on liquidity and subscription rights on the WSE's main market. According to the report, Boryszew shares were ranked 15th in terms of turnover and 17th in terms of the liquidity by turnover capitalisation ratio. Our shares are also the most liquid in the metal sector.

"Boryszew’s shares have always been very attractive for investors. Consistent business strategy and the dynamic growth in the very prospective automotive segment makes Boryszew’s shares long-term assets which can deliver a very high rate of return. It is worth noticing that our company brought the WSE a record-breaking return on investment,’’ says Miłosz Wiśniewski, Boryszew’s Vice President who is in charge of finances.
Animujemy.pl is a platform which monitors the liquidity of all companies listed on the WSE’s Main Market and New Connect.
Statistics and liquidity ratings of each company are published as public reports distributed to the media and investors.
 


Over 19 million of net profit for Boryszew Group

1Q 2013 results

The first quarter of 2013 brought Boryszew an operating profit of PLN 28 million which is PLN 33 million lower than the result achieved in the same period last year. Net profit of Boryszew after 1Q 2013 was over PLN 19 million.

‘’The first quarter of 2013 reflects the current macroeconomic climate and weaker condition of our key customers comparing to the previous year - especially in the automotive industry,’’ says Piotr Szeliga, Boryszew’s President of the Board. „Boryszew’s metal sector – mainly aluminum segment – provided positive financial results. A slightly worse performance from automotive segment, which was however included in the long-term restructuring plan, illustrates that the recession in that segment was still visible. However, considering the acquired and negotiated contracts and remedial actions taken, growth is expected in this segment,’’ Piotr Szeliga adds.

After the first quarter of 2013, Boryszew Group generated PLN 1.21 billion of revenue compared to PLN 1.25 billion in the same period of 2012.

‘’Boryszew’s revenue decreased by approximately 3.7% compared to last year,’’ says Boryszew’s President of the Board. ‘’However, taking into account a significant weakening of demand due to the crisis in EU countries our achieved outcome is fully acceptable. It is worth mentioning those one-time events which scored us around PLN 17 million had a crucial influence on last year’s results,’’ adds Piotr Szeliga.
 

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