PFNonwovens, a producer of nonwovens textiles, recorded revenues of CZK 6,484.8 million ($282.21 million) in 2018, up by 5.1 per cent yoy. In Q4 2018, revenues reached CZK 1,682.1 million ($73.20 million), up by 16.2 per cent yoy. Polymer prices on average grew by more than 6 per cent yoy which impacted sales positively which in turn led to increase in revenues.

EBITDA adjusted for the effect of the revaluation of the share option plan reached CZK 1.346 billion ($0.59 billion), thus growing by 7.9 per cent yoy, said a media statement by PFNonwovens. The achieved result means that the company achieved its target, which it had set in the range CZK 1,220–1,380 million ($53–60 million). In Q4 2018, EBITDA reached CZK 347.1 million ($15.09 million), down by 1.7 per cent yoy. In Q4 2018, the company achieved a net profit of CZK 377.7 million ($16.42 million).

“The year-on-year increase in EBITDA was the result of several factors, namely the growth in sales volumes, an improved product mix, with positive support from the polymer price pass-through mechanism. These very good financial results were further bolstered by an increased production capacity compared to 2017, where full-year output in 2018 exceeded last year’s number and reached almost 110 thousand tonnes,” said Marian Rašík, member of the board of PFNonwoven and chief financial officer of the PFNonwovens Group.

“As far as our investment projects are concerned, the construction of the South African plant is proceeding according to plan. Currently, we are finishing up building works and finalising the assembly of the production line. Test operations will be underway in the second quarter, with a gradual ramping up of the line. Excluding any unforeseen events, we will be in commercial production mode by the end of the first half,” added Rasik.

“The Znojmo-Prímetice semi-commercial production line project has entered its realisation phase. Building modifications have been completed and currently the production line is in the process of being installed. Everything is continuing according to the approved schedule and commercial operations on the line are planned for the third quarter of 2019.

“Taking these investment projects into consideration, this year we are again planning to increase our production output and accordingly also the sales volumes. On the basis of our expectations for 2019, we have set our EBITDA guidance in the range from CZK 1.30 to 1.45 billion. The execution and completion of our investment projects is also accounted for in ourplanned CAPEX, which should not exceed CZK 1.45 billion.” (PC)