The Ciech Group implements another element of the scheme aiming at the financial results improvement. The reduction of operating expenses and rationalization of investment expenditures will amount to PLN 192 million of savings.
On 10 February, the Management Board of Ciech SA made a decision on the implementation of the next part of the saving scheme covering the whole Chemical Group. It results it the reduction of operating expenses by PLN 71 million and investments expenditures by PLN 121 million.
– This decision is considered as the element of the whole scheme of the rationalization of expenses and the increase in revenues. Its aim is to improve financial results of the Group, which we have already announced – says Ryszard Kunicki, president of Ciech. – We react regularly to risks arising from unfavorable market conditions that are changing fast – he adds.
Initially the plans as regards real investments of the Group for 2009 provided for outlays amounting to PLN 411,3 million. The optimization and time extension of some projects resulted in the reduction of this amount to however still significant amount of PLN 289,8 million.
The Board of the Ciech Group is responsible for the preparation of the saving scheme. It was appointed about one month ago, the aim of which was to minimize the influence of crisis on the Group’s business activity. It is comprised of the Management Board of Ciech SA, heads of Divisions, presidents of key production companies, and the director of the Strategy and Capital Investments Office. The Board regularly monitors the Group’s affairs in order to react quickly to any risks arising from unfavorably changing market conditions.
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press release download:  Savings in the Ciech Chemical Group |
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Ciech Chemical Group is the largest chemical concern in Poland and one of the leaders in the Central European market. It includes more than 30 companies, it is among one hundred largest economic organisations in Poland. The main Group’s products include soda Ash (second place in Europe), salt, phosphorus and multi-component fertilizers, plant protection chemicals, epoxy and polyester resins and other organic chemical products used in the glassmaking industry, furniture industry, building industry and agriculture. With annual revenues of approximately PLN 3.5 billion, Ciech Chemical Group is among one hundred largest Polish enterprises (49th position on “Lista 500” [“List of 500”] prepared by Polityka weekly magazine and 59th position on “Lista 500” prepared by Rzeczpospolita daily in 2007). As from February 2005, Ciech SA has been listed at the Warsaw Stock Exchange. The greatest shareholders of the company include the State Treasury (36.68 percent of shares and votes at the General Shareholders’ Meeting), Pioneer Pekao Investment Management SA (18.77 percent) PZU "Złota Jesień" Open Pension Fund (6.12 percent). You can find more information at www.ciech.com.
Media contact:
Krzysztof Grad, spokesman of Ciech Chemical Group, director of Communication Office of Ciech SA,
tel.: (0 22) 639 13 18, mob.: 0 669 600 011, e-mail: krzysztof.grad@ciech.com | |
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