PFNonwovens has recorded consolidated revenues of CZK 4,529.9 million in the first nine months fiscal 2018, up by 1.9 per cent year-on-year. The increase in the price of polymers had a positive effect on the year-on-year comparison of revenues. Sales volumes also rose in line with the increase in production due to new production capacity launched in 2017.

In the first nine months of 2018, EBITDA amounted to CZK 1,000.0 million, up by 21.6 per cent. The increase in EBITDA was primarily the result of new production capacity being put into operation in the second quarter of fiscal 2017. Likewise, in the first half of this year, the polymer price pass-through mechanism had a positive impact as the price of polymers remained more or less stagnant compared with the growth in polymer prices registered in the first half of last year. A more significant increase in the polymer price indices to the annual maximum occurred in June, and these annual maximum levels continued for the entire period of the third quarter. On a year-on-year comparison basis, the effect of the revaluation of the share option plan was positive. EBITDA, adjusted for the effect of the revaluation of the share option plan, increased by 11.7 per cent to CZK 1,004.1 million.

During the first nine months of this year, profit from operations (EBIT) amounted to CZK 651.6 million, up by 34.5 per cent over the same period in 2017. Net profit reached CZK 437.5 million in the first nine months of 2018, up by 218.2 per cent. The increase in net profit resulted primarily from better financial results at the EBITDA level and concurrently the booked unrealised foreign exchange changes in the compared periods.

"With respect to the achieved results in the first nine months of this year, we can confirm our outlook for full year EBITDA in the range CZK 1.22 to 1.38 billion. The company's financial results were in line with our expectations enabling us to focus on our strategic projects," said Marian Rašík, CFO and member of the board of PFNonwovens.

The construction of the production plant in South Africa has advanced so far as to enable the installation of the production line to be commenced. The project is continuing according to schedule and the company continues to expect the ramp up and first commercial deliveries from the line at the end of the first half of next year.

"Likewise, the new semi-commercial production line in Znojmo-Prímetice is progressing according to schedule and, therefore, the planned launch of commercial production on the line remains unchanged and is expected during the third quarter of 2019," concluded Rašík. (RR)