Global Insider 02/2010 - Seco-Warwick

2/2010
FIRST HALF YEAR - RESULTS. HIGH SPIRITS PREVAIL DESPITE LOSS.
SECO/WARWICK Group ended the first halfyear
with revenues of PLN 65 million (approx.
$22,706,800 USD) and net loss of PLN 3,8
million (approx. $1,327,500 USD). Despite the
loss, it is worth emphasizing, that there has
been a remarkable sales increase (income in the
second quarter was 77% higher than in the
second quarter of 2009), profitability
improvement (at that time the net profit was
USD 191 thousand, compared to losses in the
same quarter of last year) and the recordbreaking
portfolio of orders. The peak backlog
level, which came to USD 49 million in the end
of June, gives us a solid base for income in the
second half of the 2010 and at the beginning of
2011.
The overall result of the Group is that the
SECO/WARWICK S.A. sales are at the level of
USD 12,21 million. SWSA ended the first halfyear
with slight revenue and has secured an
order portfolio worth USD 21,57 million (at the
end of 2009 order portfolio was worth USD 7
million). SECO/WARWICK Allied India and
Retech Systems LLC managed quite well during
tough market conditions, ending the half-year
with minimal income. These companies have
built an impressive order portfolio: Seco/
Warwick Allied India - USD 24,64 million at the
end of June and Retech Systems - USD 29,39
million at the end of July.
Elterma has recorded an increase of sales in
the midyear of 2010. In the first half-year, the
company has received orders for the total value
of USD 16,07 million and generated revenue of
USD 7,21 million, compared to 5,6 million last
year. Although the execution of the orders has
caused gradual improvement in the results, at
the end of June/ Elterma recorded a net loss of
over USD 0,7 million.
SECO/WARWICK Corp. closed the first halfyear
of 2010 with net loss of USD 1,07 million,
despite a sales increase to the value of USD 5,6
million in June of this year, compared to USD
4,6 million last year. In the first-half of 2010, the
company has received orders for the total value
of USD 11,07 million and the backlog at the
end of June was USD 9,1 million.
We present the results of SECO/WARWICK
Group for the second quarter of 2010 with
satisfaction, as they reflect a progressive
improvement of the Group's economic situation
and market growth. The dynamic increase in
the order portfolio since the end of 2009
becomes visible in terms of income, which has
decidedly improved in the past quarter. As we
promised to the exchange investors, the Group
has also regained its profitability. Despite
difficult and long-lasting slowdown of the
world's economy, the Group systematically
executed the development strategy, investments
and dynamic business activities. Our
consistency and determination has started to
deliver positive effects, and this will be even
more evident at the end of 2010.
Presented backlog includes Seco/Warwick S.A., Elterma, Seco/Warwick
Corporation (USA) and SW Retech
Transformation of the Group's sales structure within
2008-2010, according to industries.
JUST IN
Seco Warwick Allied Pvt. Ltd.,
India has recently received a 7.5
million USD order from Hindalco
for supply of Seven Vertical Soaking
Pit furnaces for heating Aluminium
Slabs/Ingots for their Can body
stock manufacturing project at
Hirakud, Sambalpur - Orissa plant.
The furnaces are electrically heated
with maximum charge temperature
of 600 deg C. The furnaces will be
designed for holding 8 nos. ingots
per furnace, maximum furnace
holding capacity of 128 MT.
Hindalco Industries Limited is the metals
flagship company of the Aditya Birla Group,
the world's largest aluminium rolling
company and one of the biggest producers of
primary aluminium in Asia.
8
Poland SECO/WA • USA • RWICK China • POLSKA India • Russia