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Pegas Nonwovens' revenues up 7.0% in 2017

28 Mar '18
3 min read

The consolidated revenues of Pegas Nonwovens for fiscal 2017 grew 7.0 per cent y-o-y to a total of €220.8 million. The rise was related to the growth in sales volumes resulting from the launch of new production capacities. Revenues were also positively affected by the development in polymer prices, which grew by an average of more than 10 per cent y-o-y.

In 2017, EBITDA amounted to €44.7 million, down by 4.3 per cent y-o-y. The achieved result showed that the company achieved its target, which it had set in the range €43.0–50.0 million. The y-o-y decline in EBITDA is related in significant part to the revaluation of the share option plan and its acceleration due to the change of control of the company. EBITDA adjusted for the effect of the revaluation of the share option plan and other one-off items, reached €47.8 million.

In the fourth quarter of 2017, EBITDA reached €13.7 million, up by 8.7 per cent y-o-y. The year-on-year increase was related primarily to the impact of the revaluation of the share option plan. For the reported period, consolidated revenues reached €53.4 million, up by 10.0 per cent y-o-y.

Net profit reached €8.7 million in 2017, down by 38.3 per cent y-o-y. The decline in net profit was caused by a combination of the above-mentioned factors such as lower EBITDA, higher depreciation and amortisation or higher unrealised foreign exchange differences in the compared periods. In the fourth quarter of 2017, the company recorded a net profit in the amount of €3.5 million.

"Strong production output, which reached almost 29 thousand tonnes in the fourth quarter, was the main reason why the fourth quarter was the strongest from the operating performance standpoint. The quarterly EBITDA of €13.7 million represents one of our best quarterly results. The full-year EBITDA reached €44.7 million, meaning that we managed to achieve our target set in the range of €43–50 million. Adjusted for one-off effects, EBITDA amounted to €47.8 million, which is quite close to last year's figure. Again, I can conclude that from the financial point of view, 2017 was a successful year," said František Rezác, CEO and member of the board of Pegas Nonwovens.

"This year we will, of course, again focus on further optimising production-operational parameters, improving existing products and developing new ones, resp. quality improvement projects with the objective of meeting the needs of our customers. The increase in production capacity and expected sales volumes leads us to raise our 2018 EBITDA guidance, which we are setting to a range between CZK 1.22 and 1.38 billion. Furthermore, we plan for total Capex not to exceed the level of CZK 1.05 billion. I am confident that we will be able to fulfil these goals in 2018," concluded Rezác. (RR)

Fibre2Fashion News Desk – India

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