Pegas Nonwovens recorded consolidated revenues of €167.4 million ($197.6 million) in the first nine months 2017, up by 6.1% yoy. The increase in the price of polymers had a positive effect on the year-on-year comparison of revenues. Polymer prices rose during the first two quarters. They weakened slightly during the course of the third quarter, however, they started rising again at the beginning of September. In the third quarter of 2017, the growth in revenues was also positively affected by the commercial launch of the new production line in Přímětice.  

František Řezáč, CEO and member of the Board of Pegas Nonwovens, comments:”In the third quarter, EBITDA reached €10.3 million ($12.2 million) and, adjusted for the effect of the revaluation of the share option plan, amounted to €12.3 million ($14.5 million). Production output supported by the new line, which ran in commercial production mode during the full third quarter, reached a record volume of almost 28 thousand tons. The development in polymer prices had a positive effect on the financial results and helped to partially mitigate the negative impact of the polymer price pass-through mechanism from the first half of the year. With respect to the achieved results in the first nine months of this year, we confirm our outlook for full year EBITDA in the range from €43 to 50 million ($50 to 59 million). The company’s financial results were in line with our expectations, nevertheless, probably the most important moment to occur in the third quarter was the voluntary takeover bid made by the R2G group. On the basis of this bid, the R2G group became the majority shareholder of the company and its ownership share is currently at 88.5%.”