ALTRI, SGPS, S.A. Public Company
Head Office: Rua do General Norton de Matos, 68, r/c - Porto Fiscal Number: 507 172 086
Share Capital: 25,641,459 Euro
Financial information - Second quarter of 2016 (Unaudited)This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards and with accordance with the International Accounting Standard 34 - Interim Financial Reporting, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.
The financial information was prepared in accordance with the International Financial Reporting Standards (IFRS).
Income Statement - 2Q 2016
thousand euro | 2Q 2015 | 2Q 2016 | 2Q16/2Q15 Var% | 1Q 2016 | 2Q16/1Q16 Var% |
Total Revenues | 158,709 | 142,155 | -10.4% | 161,706 | -12.1% |
Costs of sales | 57,468 | 57,635 | 0.3% | 60,240 | -4.3% |
External supplies and services | 38,268 | 38,189 | -0.2% | 40,325 | -5.3% |
Payroll expenses | 7,922 | 8,366 | 5.6% | 7,789 | 7.4% |
Other expenses | 1,600 | 1,740 | 8.7% | 1,254 | 38.8% |
Provisions and impairment losses | -19 | -96 | 405.3% | 8 | -1268.8% |
Total expenses (a) | 105,240 | 105,835 | 0.6% | 109,616 | -3.4% |
EBITDA (b) | 53,469 | 36,321 | -32.1% | 52,090 | -30.3% |
Margin | 33.7% | 25.6% | -8,1 pp | 32.2% | -6.7 pp |
Amortisation and depreciation | 12,991 | 13,293 | 2.3% | 13,263 | 0.2% |
EBIT (c) | 40,478 | 23,027 | -43.1% | 38,827 | -40.7% |
Margin | 25.5% | 16.2% | -9,3 pp | 24.0% | -7.8 pp |
Results of associated companies | 545 | 469 | -14.0% | 258 | 81.8% |
Financial expenses | -7,539 | -4,183 | -44.5% | -6,569 | -36.3% |
Financial income | 1,602 | 1,058 | -33.9% | 1,466 | -27.8% |
Financial profit | -5,393 | -2,655 | -50.8% | -4,845 | -45.2% |
Profit before income tax | 35,087 | 20,372 | -41.9% | 33,982 | -40.1% |
Income tax | -6,961 | -5,269 | -24.3% | -8,865 | -40.6% |
Minority interests | 10 | 0 | 0 | ||
Profit for the period attributable to parent company's shareholders | 28,115 | 15,103 | -46.3% | 25,117 | -39.9% |
Operating costs excluding amortisation, f inancial expenses and income tax
EBITDA = Earnings before interests, taxes, depreciation and amortisation
EBIT = Earnings before interest and taxes
The second quarter 2016 was characterized by a decrease in the BHKP paper pulp price. The average market price in USD (PIX) recorded in the period was approximately 9.1% below the average price in the first quarter of 2016 with the depreciation of the exchange rate EUR/USD enhancing this effect. Therefore, when measured in EUR, the average price of BHKP pulp in the second quarter of 2016 was about 11% lower than the average price recorded in the previous quarter.
The planned annual stoppages for maintenance of the industrial units Celbi (in May) and Celtejo (in April) had a significant impact in production and in unit costs.
Total revenues recorded in the 2nd quarter of 2016 amounted to 142.2 million Euro, a decrease of about 10% on the figures recorded in the same quarter of 2015 and a decrease of about 12% over the first quarter of 2016.
During the period under analysis were produced about 235,100 tons of pulp (-6% compared to the 1st quarter of 2016), of which about 26,900 tons were dissolving pulp (+16% when compared to the previous quarter of 2016). In terms of sales, in the second quarter of 2016 were sold about 241,400 tons of pulp (-5% over the first quarter of 2016), of which about 25,500 tons of dissolving pulp (-1% compared to the previous quarter).
In terms of exports, during the second quarter of 2016 Altri exported about 222,800 tons of pulp, which represents a decrease of about 4% over the previous quarter and an increase of 1% over the same period of 2015.
In the second quarter of 2016 the total pulp sales amounted to 119.2 million Euro, a decrease of about 11% comparing with the same period of 2015 and a decrease of 14% over the first quarter of 2016.
Quarterly EBITDA amounted to 36 million Euro
Operating costs decreased by about 3.4% comparing with the first quarter of 2016. Total costs, excluding amortization, financial expenses and taxes, in the second quarter of 2016 amounted to about 105.8 million Euro, which represents a slight increase of about 0.6% when compared to the same quarter of 2015.
The EBITDA of the second quarter of 2016 reached 36.3 million Euro, a decrease of about 30% and 32% compared to the EBITDA in the first quarter of 2016 and compared to the same quarter of 2015, respectively.
The financial result amounted to a net charge of about 2.7 million, with a decrease of about 50% comparing to the same quarter of 2015, showing a significant improvement.
Second quarter consolidated net profit of Altri reached 15.1 million Euro.
Dividends of 51 million Euro paid in May 2016Altri's nominal net debt of cash and cash equivalents as of 30 June 2016 amounted to 459 million Euro, representing an increase of 47 million Euros compared to net debt of 412.2 million Euro recorded at the end of the first quarter of 2016.
The total net investment (CAPEX) made in the 2nd quarter of 2016 by the industrial units of the Group amounted to approximately 7.9 million Euro. During the first six months of 2016, were invested 11.9 million Euro in the industrial units of Altri.
During the second quarter - May 2016 - were paid 51.3 million Euro of dividends (corresponding to EUR 0.25 per share) .
In the period under analysis, Altri paid approximately 27 million Euro of income tax related mainly to advanced payments and to the 2015 income tax.
Altri SGPS SA published this content on 28 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2016 18:16:06 UTC.
Original documenthttp://www.altri.pt/~/media/Files/A/Altri/press-release/2016/Altri2Q2016EN.pdf
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