10 Mar 2016
Songwon Industrial Group concludes FY 2015 with stable growth and positive financial results
• Sales in 2015 totaled 654,421 Mil. KRW
• Gross profit was 140,580 Mil. KRW
• Gross profit margin widened to 21.5%
• EBITDA increased to 14.1%
Ulsan, Korea – March 10, 2016 – Songwon Industrial Group (www.songwon.com) today reported its financial results for FY2015. Sales and profits continued to grow in Q4/2015 and contributed to the overall stable growth for the full year. In Q4, Songwon achieved sales revenues of 166,470 Mil. KRW, an increase of 1.0% over Q4/2014.
Throughout 2015, all of Songwon’s key operational results greatly improved. The company achieved a gross profit of 21.5%, 8 percent points higher over 2014. Songwon’s operating profit was 49.4 bn KRW, an improvement of 1,354% compared to 2014, and the EBITDA was 92,562 – a 139.9% increase over last year.
In 2015, sales were fairly stable and continued to grow in line with expectations. Margins experienced constant improvement during the year, due to the positive impact of lower raw material costs combined with Songwon’s careful price/volume management. Throughout 2015, all of Songwon’s manufacturing facilities operated steadily and at high utilization rates which enabled Songwon to achieve acceptable margin results for the year.
In 2015, Songwon further consolidated its competitive position by focusing on developing an even broader business portfolio, as well as building strong customer and supplier relationships by anticipating market needs. Songwon’s business portfolio for specialty chemical applications is starting to give the expected results and the company expects this trend to continue in the coming year. Looking ahead, Songwon anticipates further economic uncertainties in medium and long term economic growth scenarios and forex instability to determine the dynamics for 2016.
Commenting, Hans-Peter Wüest, Chief Financial Officer, said: “Overall the 2015 YTD results indicate a successful year for Songwon Industrial Group. Despite the ongoing weak and unpredictable growth outlook, we are confident that the preparations we have made in 2014 and 2015 have provided us with a sound basis for Songwon to successfully deliver its targets for the coming year.”
The FY2015 Report can be downloaded at: www.songwon.com/en/investors/financialresults.
Reader enquiries
Songwon Industrial Co., Ltd.
Walzmühlestrasse 48
8500 Frauenfeld
Switzerland
Notes for editors
About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is the 2nd largest manufacturer of polymer stabilizers in the world with an almost 50 year history of breakthrough solutions. A leader in the development and production of additives and specialty chemicals, Songwon provides added-value products and innovative solutions to the plastics industry.
The company’s extensive product portfolio includes polymer stabilizers, alkylphenols and alkylcresols, PVC stabilizers, plasticizers, tin intermediates, polyurethanes, SAP and flocculants.
With headquarters in Ulsan, Korea, the Songwon Industrial Group comprises 17 companies including 2 joint ventures (JV) and 2 representative offices, located in 10 different countries on 3 continents. The company has 10 manufacturing facilities, 3 of which are located in Korea, and the others in Germany, China, USA, India, Abu Dhabi, as well as 2 manufacturing JV plants in China, one of which is currently under construction. Songwon also has a worldwide network sales and customer service offices, logistics hubs and stocking distributors.
For more information, please go to: www.songwon.com.
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SONGWON Industrial Group
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