Based on unaudited results, PFNonwovens recorded consolidated revenues of CZK 3.34 billion ($151.9 million) in the first half 2020, up by 6% yoy.

Positive impact on revenues had increase of the sold tons. The development in the price of polymers had a negative effect on the year-on-year development of revenues. Positive impact on revenues on a year-on-year basis had year-on-year impact of IFRS 15 adjustment, on the basis of which the Group recognizes revenues from finished products, which are produced on order for a specific customer, immediately following the production of the given product.

In the first half of 2020, EBITDA amounted to CZK 659.6 million ($30 million). The main reason for the year-on-year increase was the higher production and sales volumes in tons compared to the first half of 2019 thanks to the full operation of two new lines in the Czech Republic and South Africa.

“The EBITDA of CZK 659.6 million achieved in the first half met the bottom range of expectations, nevertheless, it rose by 8.9%% year-on-year. Sales and production volumes in tons rose year-on-year primarily due to the newly launched production line in the Czech Republic in June 2019 and the subsequent commercial production launch of another production line in South Africa in November 2019. Despite these positive factors, the financial results of the Group were negatively impacted by discounts provided to customers during contract negotiations for 2020-2021,” says Marian Rašík, chief financial officer and Member of the Board of PFNonwovens.