PL
Integrated
Report 2021
  • Our strategy
  • Projected financial results in the strategy period

Projected financial results in the strategy period

The Company Management Board estimates that as a result of accomplishment of the operating tasks, the consolidated revenue will increase by PLN 1.7 billion by 2025, reaching the level of PLN 5.1 billion, EBITDA will grow by PLN 252 million, to PLN 864 million, and net profit will grow by PLN 129 million, reaching the level of PLN 508 million in 2025.

Read also:
PLN +1.7
billion
Assumed increase in consolidated revenue by 2025
PLN +252
billion
Assumed increase in EBITDA by 2025
PLN +129
billion
Assumed increase in net profit by 2025

The following table shows the major financial targets assumed for 2025:

Consolidated data
(in PLN million)		 2020
base year		 2020 (1)
adjusted		 2025P(3) Change
(%) 2025/2020 (1)
Sales revenue, of which: 3,533 3,467 5,143 +48%
EPS 1,280 1,280 2,072 +62%
ASS 1,605 1,605 2,306 +44%
FPS (1) 938 872 1,070 +23%
EBITDA (2) 672 612 864 +41%
Net profit on operating activities 526 466 650 +39%
Net profit 430 379 508 +34%
(1)For comparability purposes data have been adjusted for one-off positive effect of the lockdown generated by the FPS in the period from March to October 2020, resulting from lower plastic film imports from Middle and Far East to Europe, in the amount estimated at PLN 66 million of sales revenue, PLN 60 million of EBITDA and EBIT, and PLN 51 million of net profit (calculated based on the effective tax rate for 2020).
(2) EBITDA – operating profit plus depreciation and amortisation.
(3) The 2025 assumptions take into account the changes to the investment plan introduced in July 2021.

Assumptions

The above financial results projection for 2025 has not been audited by a statutory auditor and has been prepared based on a series of assumptions, expectations and forecasts and is, therefore, subject to the risk of uncertainty and may change due to both external and internal factors.

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Selected assumptions, expectations and forecasts made in the financial projections for the Strategy period

  • During the Strategy period the business conditions will not change significantly, specifically as regards legal, tax and administrative regulations
  • No extraordinary one-off events will occur, which could not have been foreseen as at the date of this Strategy publication
  • The situation related to SARS-CoV-2 coronavirus spreading will not significantly affect the operating activities of the particular segments
  • The dividend paid out will comply with the policy assumed in this Strategy
  • Capital expenditure will comply with the plan assumed in this Strategy
  • The Strategy does not include any major acquisition or divestment processes
  • Average annual GDP growth rate in Poland/in the Euro zone in the Strategy period:
    ca. 4.9%/6.0% in 2021, and ca. 3.7%/1.6% in the years 2022–2025
  • Annual inflation (Poland): 1.5%  in 2021 and 2.1% in the years 2022–2025
  • Average aluminium price: 1,900 USD/ton
  • PLN/USD mean exchange rate:  3.69
  • PLN/EUR mean exchange rate:  4.35
  • USD/EUR mean exchange rate: 1.18

Debt level, investment plans and their financing

PLN million Accumulated data for 2021–2025
Cash flow from operating activities 2,927
Cash flow from investing activities -1,321
Dividends paid out -2,002
Balance as at the end of 2025
Net debt 919

The planned accumulated capital expenditure in the Strategy period will amount to PLN 1,321 million, out of which PLN 768 million will be allocated to development projects serving systematic improvement of processes as well as development of new technologies and products in accordance with the operating tasks assumed by the Capital Group Segments. The capital expenditure plan will be financed from own cash flow from operating activities and from bank loans, whereas safe level of financial ratios shall be maintained during the Strategy period. The planned level of net debt at the end of 2025 is estimated as PLN 919 million. The financial ratios shall be kept at safe level, as follows:

x 1.1
Net debt to EBITDA
48
%
Net debt to equity
Development strategy
2022 perspectives