Presentation of Results 2016
Semapa - Sociedade de lnvestimento e Gestao, SGPS, S.A. Public Company
Av. Fontes Pereira de Melo, n° 14, 10°, 1050-121 Lisboa Companies Registry and Corporate Person no.: 502 593 130 Share Capital: 81,270,000 euros
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Highlights
Turnover
ln 2016 the consolidated turnover of the Semapa Group stood at 2,074.6 million euros, a decrease of 2.7% on 2015. Exports and foreign sales amounted to 1,606.0 million euros: 77.4% of turnover.
, . ,. , . ,. . . . . EBITDAEBlTDA for 2016 increased by approximately 2.3% in relation to the previous year, standing at 489.1 million euros. The consolidated EBlTDA margin stood at 23.6%, 1.2 p.p. higher than that in the previous year.
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. . . . . . . Net incomeNet income totaled 114.9 million euros, up by 40.9% over the previous year. The EBlTDA increase, improved financial results and income tax comparing favorably, more than offset the effects of increase of depreciation and provisions and the decrease in Navigator's stake after July 2015.
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Leading Business Indicators
IFRS - accrued amounts (million euros)
2016 2015 Var. Q4 2016 Q4 2015 Var.
Notes:Turnover
2,074.6
2,132.3
-2.7%
545.1
561.5
-2.9%
Total EBITDA
489.1
478.2
2.3%
114.8
117.1
-1.9%
EBlTDA margin (%)
23.6%
22.4%
1.2 p.p.
21.1%
20.8%
0.2 p.p.
Depreciation and impairment losses
(247.0)
(199.3)
-23.9%
(70.8)
(58.2)
-21.7%
Provisions (increases and reversals)
2.4
9.0
-73.4%
4.7
(2.9)
>100%
EBIT
244.5
287.9
-15.1%
48.7
56.0
-13.0%
EBlT margin (%)
11.8%
13.5%
-1.7 p.p.
8.9%
10.0%
-1.0 p.p.
Net financial profit
(74.3)
(122.3)
39.2%
(17.3)
(18.1)
4.5%
Profit before tax
170.2
165.6
2.8%
31.4
37.9
-17.1%
lncome tax
19.1
(34.8)
>100%
41.8
(8.5)
>100%
Retained profits for the year
189.3
130.8
44.7%
73.2
29.4
>100%
Attributable to Semapa shareholders
114.9
81.5
40.9%
43.3
15.7
>100%
Attributable to non-controlling interests (NCl)
74.4
49.3
51.1%
29.9
13.7
>100%
Cash-flow
433.9
321.1
35.1%
139.2
90.4
53.9%
Equity (bef ore NCl)
31-12-2016
31-12-2015
Dec16 vs.
Dec15
817.3
716.3
14.1%
Net debt
1,779.7
1,803.0
-1.3%
Total EBITDA = operating profit + depreciation and impairment losses + provisions (increase and reversal)
Cash flow = retained earnings for the period + 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 the same period of the previous year, it was impacted by the full consolidation of the Supremo Group on 1 July 2015, the change in The Navigator Company stake from 81.19% to 69.4% in July 2015; the latter only impacts the retained profits for the period attributable to Semapa shareholders
- Operational Performance Breakdown by Business Segments
IFRS - accrued amounts (m illion euros) Paper and Pulp Cem ent Environm ent Holdings Consolidated
2016 | 16/15 | 2016 | 16/15 | 2016 | 16/15 | 2016 | 16/15 | 2016 | |
Sales | 1,577.4 | -3.1% | 470.5 | -1.3% | 26.7 | -3.3% | - | - | 2,074.6 |
Total EBITDA | 397.4 | 1.9% | 85.1 | -0.3% | 6.9 | -14.7% | (0.4) | 93.2% | 489.1 |
EBlTDA margin (% Sales) | 25.2% | 1.2 p.p. | 18.1% | 0.2 p.p. | 25.8% | -3.4 p.p. | 23.6% | ||
Depreciation and impairment losses | (181.9) | -32.8% | (61.9) | -4.7% | (2.9) | 0.6% | (0.2) | 12.7% | (247.0) |
Provisions (increases and reversals) | (0.4) | -102.9% | 2.8 | 197.8% | - | 100.0% | - | 100.0% | 2.4 |
EBIT | 215.1 | -19.6% | 26.1 | 11.2% | 4.0 | -21.1% | (0.6) | 93.1% | 244.5 |
EBlT margin (% Sales) | 13.6% | -2.8 p.p. | 5.5% | 0.6 p.p. | 14.8% | -3.3 p.p. | 11.8% | ||
Net f inancial profit | (20.8) | 58.6% | (37.2) | 10.8% | (0.6) | 26.8% | (15.7) | 46.8% | (74.3) |
Pre-tax profits | 194.3 | -10.6% | (11.2) | 38.9% | 3.3 | -19.9% | (16.2) | 56.8% | 170.2 |
Tax on profits | 11.5 | 136.3% | 5.1 | 237.7% | (0.4) | 7.0% | 2.9 | 232.2% | 19.1 |
Retained profits f or the year | 205.8 | 10.8% | (6.1) | 72.3% | 3.0 | -21.3% | (13.3) | 63.7% | 189.3 |
Attributable to Semapa equity holders | 143.3 | 2.5% | (18.0) | 28.8% | 3.0 | -21.3% | (13.3) | 63.7% | 114.9 |
Attributable to minority interests | 62.5 | 36.2% | 11.9 | 253.8% | 0.0 | -21.4% | - | - | 74.4 |
Cash-flow | 388.1 | 26.0% | 53.0 | 32.4% | 5.9 | -13.6% | (13.1) | 61.3% | 433.9 |
Net debt | 640.7 | -2.1% | 422.9 | -7.5% | 15.7 | -13.4% | 700.4 | 4.1% | 1,779.7 |
Figures for business segment indicators may differ from those presented individually by each Group, as a result of consolidation adjustments.
The Navigator Company ("Navigator') published its results on 09 February 2017. The following are the highlights of that disclosure.
The Secil and ETSA Groups, which are not listed, did not publish their results. Therefore, their operations are described in more detail.
Semapa - Sociedade de Investimento e Gestão SGPS SA published this content on 15 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 February 2017 19:40:11 UTC.
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