Group in 2024
At the beginning of September 2024, the Management Board of Grupa Kęty S.A. informed about finalising the acquisition procedure and conclusion of the promised agreement on acquisition of 100% of shares in SELT Sp. z o.o. for the amount of PLN 394.9 million. The acquired company offers external blinds, pergolas, awnings, sunbreakers, and reflex screens, and avails of 5 plants furnished with modern machinery as well as its own fleet of transport vehicles.
Approximately 45% of its products are sold on foreign markets. In 2024, by the acquisition date, SELT Sp. z o.o. generated PLN 220.6 million sales, PLN 46.3 million EBITDA, and PLN 23.4 million net profit. The company acquisition will enable the Capital Group to extend the value chain, and the product portfolio of the Group in that promising market area. It will also result in a number of synergies, for example in purchasing, sales and customer service areas. The growing value of the European sun protection systems market, estimated at approximately EUR 10 billion, combined with the current market trends related to thermal performance improvement of the existing buildings, passive buildings construction, energy savings and protection against extreme weather conditions open new opportunities before the Capital Group and provide good perspectives for fast growth and income increase in this market area.
Other major developments in 2024
The activities of the particular operating segments focused on further extension of the scale of business and market share as well as performance of projects compliant with the binding Development Strategy of the Capital Group. At the Extruded Products Segment and Aluminium Systems Segment there were completed key projects set forth in the Strategy, whereas at the Flexible Packaging Segment aid was obtained in the form of a tax allowance worth 50% of eligible costs (capped at PLN 16 million) for projects carried out in 2024 and 2025, comprising conversion of the existing production and warehouse halls as well as purchase of assets, such as flexographic printers, laminating machines and auxiliary equipment.
MoreThere is planned a change in the position of the President of the Management Board of Grupa Kęty S.A. At the beginning of December, Mr Dariusz Mańko, who has performed the function for over 19 years, informed the Supervisory Board that he does not intend to run for another term at the Management Board. Termination of his carrier at the position by Mr Dariusz Mańko has been accompanied by granting him the title of the ‘CEO of the Year’ by the ‘Parkiet’ magazine at the ceremony of awarding the ‘Bulls and Bears’ and ‘Golden Wallets’ honours, and also ranking 11th in the main ranking of the ‘Polish Stock Exchange TOP30 CEOs Valuation’. In accordance with the decision of the Supervisory Board, the new President of the Management Board will be the current Vice President Roman Przybylski. The resolution will come into force in 2025, on the day next following the expiry of the term of the Management Board Members of the current term, i.e. post the Annual General Meeting of the Company which is to approve the financial statements of the Company for the year 2024.
Letter of the resigning President of the Management Board of the 11th termPrizes and honours were also granted to the companies of the Capital Group. Grupa Kęty S.A. ranked 22nd in the list of 50 Polish Global Companies with the ambition to expand internationally and to build strong brands, it also took the 15th position in the ranking of Climate-aware Corporates, and was awarded in the category of a ‘Good Company 2024’ at the European Business Forum gala in Katowice. Aluprof S.A. (a subsidiary of the Issuer) was awarded the ‘Market Leader in Joinery’ title and took the 6th position in the TOP BRAND ranking, whereas in the Builder Awards gala it became ‘The Building Company of the Year 2023’. The CEO of the company, Mr Tomasz Grela was honoured with the title of the ‘Personality of the Sector 2023’.
MoreYear 2024 also watched the performance of many projects and initiatives related to Corporate Social Responsibility and Sustainable Development, in that 85 projects within the ‘Together with the Group’ programme. Additionally, a dedicated edition of that program commenced under the motto ‘Together with the Group’ – We help flood victims!, which was the response of the organisation to the needs originating after the flood in southern Poland. The organisation was engaged in the ‘Ultrakrew’ blood donation promotion, ‘Let’s Clean the Beskids’ action, and cleaning the banks of the Soła River within the ‘Clean Vistula River’ initiative. ‘Grupa Kęty for the Children of the Podbeskidzie Region’ Foundation runs activities supporting the children and youths from children’s homes in starting their adult life, as well as a campaign for promoting child custody under the ‘Share Your Home’ motto.
More| Event | Date | Additional information |
|---|---|---|
| Q.2, 2024 | ||
| The Annual General Meeting of the Company passed a resolution on appointment of the Members of the Supervisory Board of the 12th term. Another resolution referred to assigning PLN 539,302,773.20 (say: five hundred and thirty nine million three hundred and two thousand and seven hundred seventy three zlotys 20/100) to dividend to be paid out to the Company shareholders, i.e. PLN 55.41 per share (in reference to the number of the Company shares as at the date of passing the resolution, namely 9,731,952). | 29 May | Current report No. 19/2024 |
| The Management Board of Grupa Kęty S.A. informed that it entered into a conditional preliminary agreement with two natural persons on the purchase 211,815 shares in SELT Sp. z o.o. with its registered office in Opole, KRS [court ID] No.: 0000589791, representing 100% of the share capital and the total number of votes in the General Meeting of the Company. | 14 June | Current report No. 25/2024 |
| Q.3, 2024 | ||
| The Management Board of Grupa Kęty S.A. informed about a decision on accepting the terms proposed by Powszechna Kasa Oszczędności Bank Polski S.A. and signing an agreement with regard to a term loan in the total amount of PLN 350 million. The loan was allocated to the purchase of 100% shares in SELT Sp. z o.o. | 28 August | Current report No. 36/2024 |
| The Management Board of Grupa Kęty S.A. informed that it entered into the promised agreement with two natural persons on the purchase of 211,815 shares in SELT sp. z o.o., representing 100% of the share capital and the total number of votes in the General Meeting of the company. The final sales price of the company shares amounted to PLN 394.9 million and was fully paid on the date of the agreement. | 2 September | Current report No. 37/2024 |
| The Extraordinary General Meeting of the Company passed a resolution on the issue of E and F series registered subscription warrants entitling to the take-up of L series ordinary bearer shares of the Company and conditional increase of the Company share capital by way of issue of L series ordinary bearer shares and exclusion of the rights issue for the existing shareholders in reference to both the shares and the warrants, in order to enable L series shares take-up by the Management Options Plan participants, as well as amendment to the Company Articles of Association by way of inclusion in the text of the Articles of the conditional share capital increase through the issue of L series shares. | 4 September | Current report No. 38/2024 |
| Q.4, 2024 | ||
| Information was received with regard to resignation of Mr Przemysław Gardocki from the function of a Member of the Issuer’s Management Board. | 8 October | Current report No. 45/2024 |
| The Management Board of Grupa Kęty S.A. informed about a decision on accepting the terms proposed by Bank POLSKA KASA OPIEKI S.A. with regard to amendment of the credit limit agreement concluded with the bank, which was earlier disclosed on 23 October 2023 in the current report No. 24/2023, and signing an annex to the agreement together with the other borrowers. | 23 October | Current report No. 47/2024 |
| The Extraordinary General Meeting of the Company passed a resolution on appointing Mr Grzegorz Piwowar Member of the Supervisory Board. | 21 November | Current report No. 52/2024 |
| The Management Board of Grupa Kęty S.A. informed about a decision on accepting the terms proposed by Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (hereinafter referred to as the Bank) as regards amendment of the terms of a multipurpose credit facility agreement concluded with the Bank, about which the Issuer informed in current report No. 28/2023 of 4 December 2023, and signing the agreement together with the other borrowers. | 22 November | Current report No. 55/2024 |
| The Management Board of Grupa Kęty S.A. informed that the Company Supervisory Board received information that President of the Company Management Board Dariusz Mańko does not intend to run for another term at the Management Board. Therefore, on 5 December 2024, the Supervisory Board passed Resolution No. XII/13/24 on appointing the current Vice President of the Management Board, Mr Roman Przybylski, President of the Management Board. The resolution comes into force in 2025, on the day next following the expiry of the term of the Management Board Members of the current term, i.e. post the Annual General Meeting of the Company which is to approve the financial statements of the Company for the year 2024. | 5 December | Current report No. 57/2024 |
| The Management Board of Grupa Kęty S.A. informed about a decision on accepting the terms proposed by BNP Paribas Bank Polska S.A. with regard to amendment of the multipurpose credit facility agreement concluded with the bank, which was earlier disclosed on 4 December 2023 in the current report No. 27/2023, and signing an annex to the agreement together with the other borrowers. | 9 December | Current report No. 59/2024 |
| Disclosure of the forecast of selected financial and operating results for the year 2025. | 17 December | Current report No. 63/2024 |
Financial and operating results
Year 2024 was a challenge to the Capital Group due to the difficult market situation, mainly in the construction and transportation industries. The volumes of order for the press plants in Europe were at historically low level, which resulted in strong pressure on trade margins. In the second half of the year, there was a growth in sales by 2% compared with the first half of the year, mainly thanks to the acquisition of SELT Sp. z o.o. and its inclusion in the Group’s consolidation.
In the second half of the year, there was a growth in sales by 2% compared with the first half of the year, mainly thanks to the acquisition of SELT Sp. z o.o. and its inclusion in the Group’s consolidation (the acquisition process has been discussed in Section 5.2).
In such volatile environment, the Capital Group of Grupa Kęty S.A. generated sales of PLN 5,144 million, which was lower by 1% y/y, reflecting mainly the pressure on margins and higher volumes y/y. In 2024, the share of foreign sales represented 49% and was by 2 p.p. lower y/y.
The 2024 EBITDA equalled PLN 932 million and was higher by 7% y/y (+ PLN 64 million).
Profit on operating activities in 2024 equalled PLN 721 million and was higher by 5% y/y (+ PLN 34 million).
Upon consideration of financial expenses, mainly on account of interest on loans and tax payables, net profit amounted to PLN 560 million and was higher by 4% y/y (+ PLN 21 million).
| Statement of profit or loss Consolidated data (PLN million) | 2022 | 2023 | 2024 | Change 2024/2023 (%) |
|---|---|---|---|---|
| Sales | 5,931 | 5,219 | 5,144 | -1% |
| – of which sales in Poland | 2,857 | 2,573 | 2,621 | 2% |
| – of which sales in other countries | 3,074 | 2,646 | 2,523 | -5% |
| EBITDA* | 1,031 | 868 | 932 | 7% |
| EBITDA margin** | 17. 4% | 16.6% | 18.1% | 1.5 p.p. |
| Net profit on operating activities | 865 | 687 | 721 | 5% |
| Operating margin*** | 14.6% | 13.2% | 14.0% | 0.8 p.p. |
| Net profit attributable to owners of the parent | 678 | 539 | 560 | 4% |
| Net margin**** | 11.4% | 10.3% | 10.9% | 0.6 p.p. |
** EBITDA margin – (net profit on operating activities + depreciation)/sales
*** Operating margin – net profit on operating activities/sales
**** Net margin – net profit attributable to owners of the parent/sales
| Balance sheet Consolidated data (PLN million) | Balance as at 31/12/2022 | Share structure (%) | Balance as at 31/12/2023 | Share structure (%) | Balance as at 31/12/2024 | Share structure (%) | Change 2024/2023 (%) |
|---|---|---|---|---|---|---|---|
| I. Non-current assets | 1,903 | 49% | 2,097 | 57% | 2,573 | 61% | 23% |
| – of which property, plant and equipment | 1,648 | 42% | 1,828 | 50% | 2,164 | 51% | 18% |
| II. Current assets | 1,983 | 51% | 1,558 | 43% | 1,648 | 39% | 6% |
| – of which inventories | 985 | 25% | 745 | 20% | 843 | 20% | 13% |
| – of which trade and other receivables | 852 | 22% | 705 | 19% | 710 | 17% | 1% |
| – of which cash and cash equivalents | 139 | 4% | 89 | 2% | 83 | 2% | -7% |
| Total assets | 3,886 | 100% | 3,655 | 100% | 4,221 | 100% | 15% |
| I. Equity | 1,942 | 50% | 1,890 | 52% | 1,937 | 46% | 2% |
| – of which share capital | 68 | 2% | 68 | 2% | 68 | 2% | 0% |
| – of which retained earnings | 1,807 | 47% | 1,741 | 48% | 1,761 | 42% | 1% |
| II. Non-current liabilities | 989 | 25% | 596 | 16% | 1,227 | 29% | 106% |
| – of which loan payables | 854 | 22% | 442 | 12% | 1,059 | 25% | 140% |
| – of which lease liabilities | 40 | 1% | 63 | 2% | 66 | 2% | 5% |
| III. Current liabilities | 955 | 25% | 1,169 | 32% | 1,057 | 25% | -10% |
| – of which short-term liabilities related to loans | 295 | 8% | 509 | 14% | 449 | 11% | -12% |
| – of which lease liabilities | 6 | 0% | 6 | 0% | 10 | 0% | 67% |
| – of which trade and other payables | 504 | 13% | 530 | 15% | 476 | 11% | -10% |
| Total equity/liabilities | 3,886 | 100% | 3,655 | 100% | 4,221 | 100% | 15% |
Parent company at Warsaw Stock Exchange
| Number of shares as at 31 December 2023 | Percentage of share capital and total number of votes | Number of shares as at 31 December 2024 | Percentage of share capital and total number of votes | |
| Nationale – Nederlanden OFE | 1,504,853 | 15.59% | 1,508,352 | 15.49% |
| Allianz Polska OFE | 1,626,277 | 16.85% | 1,464,264 | 15.04% |
| OFE PZU ZŁOTA JESIEŃ | 860,515 | 8.92% | 862,772 | 8.86% |
| Generali OFE | 784,074 | 8.12% | 786,131 | 8.08% |
| Vienna OFE | 627,891 | 6.51% | 575,887 | 5.92% |
| Other | 4,246,542 | 44.00% | 4,537,740 | 46.61% |
| Total | 9,650,152 | 100% | 9,735,146 | 100.00% |
By mid-February 2024, the prices of Grupa Kęty shares observed a downtrend, reaching the annual minimum on 13 February at PLN 655.0, whereas afterwards the trend reversed and the prices of shares soared, reaching the annual maximum on 24 June at PLN 906.5. Subsequently, the share prices dropped, reaching the level of PLN 682.5 at the last stock session of the year. On average, the prices of Grupa Kęty shares in 2024 were lower by roughly 6% y/y and amounted to PLN 682.5. The broad WIG market index rose by about 3% in that period.
In 2024, Grupa Kęty paid dividend of PLN 55.40 per share, resulting in 7.3% dividend yield in reference to the price as at the date of determining the right to dividend. Lower share price in 2024 resulted in a decrease in market capitalisation of the Company to PLN 6,644 million as at 31 December 2024. The lower closing price at the end of the year, with higher consolidated net profit attributable to owners of the parent and slightly higher consolidated equity attributable to owners of the parent, resulted in a drop in the price to earnings ratio and price to book value ratio, which at the end of 2024 equalled 11.8 and 3.4, respectively. Increase by 5% y/y in the consolidated net profit attributable to owners of the parent, with slightly higher number of shares, resulted in an increase in the earnings per share ratio, which amounted to PLN 58.04 at the end of 2024.
Capital market ratios of the Company
| Grupa Kęty | 31/12/2022 | 31/12/2023 | 31/12/2024 |
|---|---|---|---|
| Price to Earnings (P/E)* | 5.94 | 13.3 | 11.9 |
| Price to Book Value (P/BV)** | 2.1 | 3.8 | 3.4 |
| Dividend Yield (DY)*** | 9.4% | 9.3% | 7.3% |
| Dividend Per Share (DPS) | PLN 52.37 | PLN 62.50 | PLN 55.40 |
| Earnings Per Share (EPS) **** | PLN 70.26 | PLN 55.85 | PLN 57.52 |
| Market Capitalisation of the Company | PLN 4,024,113,384.00 | PLN 7,189,363,240.00 | PLN 6,644,237,145.00 |
** The Company’s market capitalisation at the end of the year divided by consolidated equity attributable to owners of the parent.
*** The ratio of dividend per one share in the respective year to the closing price as at the date of determining the right to dividend.
**** The ratio of consolidated net profit attributable to owners of the parent to the number of shares as at the balance-sheet date.