LA SEDA DE BARCELONA HAD AGGREGATE SALES OF MORE THAN €1.9 BILLION IN 2008
- The company sets aside €139 million for the group’s subsidiaries
- Cash at the end of the year amounted to €33.6 million
- EBITDA of €78.4 million reinforce the chemical group’s solvency
LA SEDA DE BARCELONA had aggregate sales amounting to 1.926 billion euros in 2008, which represents consolidated sales of 1.619 billion euro. Despite the fall in demand and oil prices and a PET industry average annual growth rate of about 4%, the company increased sales by 20% compared to 2007. Furthermore, the international company had a Cash Flow totaling 33.6 million euro at the end of the financial year.
In 2008, LA SEDA DE BARCELONA set aside 139 million euro for the subsidiaries of the international chemicals group. For the purpose of determining the market value of industrial assets in accordance with international accounting standards and in the current context of global economic downturn, LA SEDA DE BARCELONA has made a study of decline based on financial projections for the years 2009-2012.
Likewise, the pound’s devaluation against the euro, the generalized fall in global markets and significant fluctuations in oil prices have resulted in reduced margins for LA SEDA DE BARCELONA, as reflected by the company’s 78.4 million euro EBITDA. These will guarantee investments, financial depreciation and allow the company’s operations to be maintained, thereby reinforcing its sustainability.
At the same time, during the 2008 financial year, the Group destined 25 million euros to cover staff redundancies under Collective Redundancy Plan carried out in various subsidiaries of the SEDA GROUP, in a process to streamline the organization in order to achieve the necessary synergies in this new phase of consolidation following the acquisition of several companies.
Due to the acquisitions made in 2005 and 2007, LA SEDA DE BARCELONA is Europe’s leader in PET-Packaging and ranks third worldwide. The SEDA GROUP is the first European group able to supply and guarantee a PET container from its initial design to the finished product, bringing all of the manufacturing stages of a PET container together under one organization.
The company enjoys stable growth, focused on the PET-Packaging and PET Recycling divisions. During the first two months of this year, turnover has grown substantially as has activity at the production facilities, currently working at 100% capacity, due to the increase in demand from the food industry.
