SEMAPA Presentation of Results 2015
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. Public Company
Av. Fontes Pereira de Melo, nº 14, 10º, 1050-121 Lisboa Companies Registry and Corporate Person no.: 502 593 130 Share Capital: € 81,645,523
-
Highlights
1,998.2
6.7%2,132.3
561.5
515.8
million euros
505.5541.1
508.0536.2
468.9 493.52014 2015
Q1 Q2 Q3 Q4
TurnoverIn 2015 the Semapa Group recorded a consolidated turnover of 2,132.3 million euros, an increase of 6.7% on 2014. Exports and foreign sales amounted to 1,611.7 million euros: 75.6% of turnover.
EBITDAmillion euros
EBITDA for 2015 grew 16.6% in relation to the previous year, standing at 478.2 million euros. The
410.0
111.6
101.5 16.6%478.2
117.1
137.1consolidated EBITDA margin stood at 22.4%, 1.9
p.p. above the figure in 2014.
103.1127.0
93.8 97.02014 2015
Q1 Q2 Q3 Q4
226.0
million euros
47.9
57.1
27.4%287.9
56.0
88.1 EBITConsolidated EBIT grew by 27.4% compared to 2014, at 287.9 million euros.
68.090.9
53.1 52.92014 2015
Q1 Q2 Q3 Q4
Net incomeConcerning net income, the Group's strong performance, as shown by the indicators, was
112.8
32.8
million euros
-27.7%
81.5
15.7
mostly harmed by the reduction in Portucel stake
after July 2015 and an increase in income taxes.
32.2 14.630.331.1
17.5 20.22014 2015
Q1 Q2 3ºT 4ºT
Leading Business Indicators
IFRS - accrued am ounts (m illion euros)
2015 2014 Var. Q4 2015 Q4 2014 Var.
Consolidated TurnoverTurnover
Total EBITDA
EBITDA margin (%)
Depreciation and impairment losses Provisions (increases and reversals)
EBIT
EBIT margin (%) Net financial profit Profit before tax Income tax
Retained profits for the year
Attributable to Semapa shareholders
Attributable to non-controlling interests (NCI) Cash-flow
2,132.3
478.2
22.4%
(199.3)
9.0
287.9
13.5%
(122.3)
165.6
(34.8)
130.8
81.5
49.3
321.1
1,998.2 6.7%
410.0 16.6%
20.5% 1.9 p.p.
(172.3) -15.7%
(11.6) >100%
226.0 27.4%
11.3% 2.2 p.p.
(103.9) -17.7%
122.2 35.6%
30.1
152.3 -14.1%
112.8 -27.7%
39.5 24.8%
336.2 -4.5%
561.5
117.1
20.8%
(58.2)
(2.9)
56.0
10.0%
(18.1)
37.9
(8.5)
29.4
15.7
13.7
90.4
515.8 8.9%
111.6 4.9%
21.6% -0.8 p.p.
(46.7) -24.7%
(17.0) 83.2%
47.9 17.0%
9.3% 0.7 p.p.
(25.9) 30.0%
22.0 72.5%
21.0
42.9 -31.5%
32.8 -52.2%
10.2 34.9%
106.6 -15.2%
Equity (before NCI)
Net debt
31-12-2015
716.3
1,803.0
31-12-2014 Dec15vs.
Dec14
900.4 -20.4%
1,385.7 30.1%
6.7%million euros
1,542.3
5.6%
1,628.0429.6
11.0% 476.7
4.9%26.3
27.61,998.,2
2,132.32014
2015
Paper and Pulp Cements EnvironmentTotal
Consolidated EBITDA
18.7%
390.0million euros
328.4
74.4
14.7%
85.4
109.6%
-263.9%
16.6% 478.2410.0
2014
2015
3.9 8.1
3.2
-5.3Paper and Pulp Cements Environment
Holdings
Total
Notes:
Total EBITDA = operating profit + depreciation and impairment losses + provisions (increase and reversal)
Cash flow = retained earnings + depreciation and impairment losses + provisions (increase and reversal)
Net debt = non-current interest bearing debt (net of loan issue charges) + current interest-bearing debt (including debts to shareholders) - cash and cash equivalents
In comparison with 2014, the year was impacted by the full consolidation of the Supremo Group on 1 July 2015, the inclusion of AMS in January and the change in Portucel's stake from 81.19% to 69.4% in July 2015, the latter only impacts the retained profits attributable to Semapa shareholders
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Main and subsequent events
SEMAPA DIVIDENDS
In May 2015, Semapa distributed dividends with a total value of 39.9 million euros, corresponding to
0.375 euros/share and in December 2015 it distributed free reserves of 61 million euros, corresponding to 0.75 euros /share.
PORTUCEL DIVIDENDS
In May, Portucel paid dividends and distributed reserves totalling 310.5 million euros, corresponding to 0.433 euros/share.
In December, Portucel distributed in advance the earnings of 2015 in the amount of 30 million euros, equivalent to 0.0418 Euros/share, and earnings carried forward amounting to 100 million euros, equivalent to 0.1395 euros /share, within the information included in the Voluntary General Tender Offer Prospectus dated 3 July 2015, as stated in Portucel's communication to the market released on 23 November 2015.
GENRAL MEETINGS
On 30 April 2015, Semapa's Annual General Meeting approved the proposal for the reduction of its share capital by 11,822,445 euros, from 118,332,445 euros to 106,510,000 euros, through the cancellation of 11,822,445 own shares.
The Extraordinary General Meeting of Semapa was held on 23 June 2015, at which 98.6% of the capital present or represented voted favourably to approve the only two proposals presented by the shareholder Sodim, SGPS, S.A.: a) Acquisition of a maximum of 48,461,924 own shares by Semapa, and each shareholder who accepted this offer would receive 3.40 shares of Portucel for each Semapa share owned by it, and b) Reduction of the share capital of Semapa, by up to 48,461,924 euros, through the cancellation of a maximum of 48,461,924 own shares to be purchased according to the terms of the offer. The shareholders of 74.97% of the share capital of Semapa were present or represented at the shareholders' meeting. After the public exchange offer, which occurred from 6 to 24 July 2015, Semapa purchased 24.864.477 own shares, which were cancelled as a result of the share capital reduction, which now stands at 81,645,523 euros represented by 81,645,523 shares. The Semapa Group reduced its stake in Portucel from 75.85% to 64.84% of the share capital and from 81.19% to 69.40% of the non-suspended voting rights, the effect of which was the Portucel Group's withdrawal from Semapa's tax consolidation, thereby increasing the heading of taxes.
Semapa - Sociedade de Investimento e Gestão SGPS SA issued this content on 05 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 February 2016 19:54:26 UTC
Original Document: http://www.semapa.pt/sites/default/files/pdf_destaque/final_sem_pr_2015_en.pdf
