4Q23 results overview: Sales in 4Q23 arrived at PLN 45.7m (down 42.6% y/y and 43.9% q/q), which was lower than the company’s preliminary expectations of PLN 51.2m. EBITDA came in at PLN 3.1m (down 80.7% y/y and 63.1% q/q), while the bottom line was PLN 2.7m (down 76.7% y/y).
1Q24 results preview: Sunex posted revenues at PLN 37.1m (down 63.1% y/y and 18.7% q/q) for 1Q24. We believe this extremely low level of sales will bring the bottom line to a loss of PLN 6m in 1Q24, compared to profit of PLN 9.7m in 1Q23. EBITDA is likely to come in at PLN -3.7m for 1Q24. The company publishes its 1Q24 results on 28 May 2024.
Share issue later this year: At the recent ABB, Mr Romuald Kalyciok obtained PLN 24m from the sale of shares. According to the announcement, the firm’s main owner will ultimately acquire shares in the new issue of Sunex. Proceeds obtained from the new share issue will be used to support Sunex's development through M&A and development of production capabilities at Racibórz.
