THE NAVIGATOR COMPANY DIRECTORS' REPORT
CONTENT
HIGHLIGHTS 2
LEADING INDICATORS 3
ANALISYS OF RESULTS 4
OPERATING INDICATORS 8
STRATEGIC DEVELOPMENT 9
OUTLOOK 10
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 12
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Highlights first 9 months 2017 (vs. first 9 months 2016)
Paper volume hits new record level of 1 158 thousand tons (up 3 thousand tons), with average price still lower than last year
Turnover up + 5% with strong performance in pulp, energy and tissue business:
Pulp sales grow 32% in value, with volume and price both rising
Power sales up 16%, reflecting successful operation of power generation assets
Tissue sales grow by 11% in volume and value
EBITDA of € 300 million in line with previous year and EBITDA/sales margin of 25% (vs. 26%)
Progress on cost cutting programme, with estimated positive impact on EBITDA of € 18 million
Net debt rises to € 742 million after pay-out of € 250 million (€ 0.3487/share) and investment of € 75.7 million; Net Debt / EBITDA ratio of 1.9
Financial costs slashed to - € 6.5 million (vs. - € 16.6 million), thanks to lower costs on borrowing operations and profits on currency hedges
Net income grows 8.6% to € 145.8 million
Development projects on new tissue plant in Cacia and capacity expansion at the Figueira da Foz pulp mill running on budget and on time
Highlights 3rd Quarter 2017 (vs. 3rd Quarter 2016)
Turnover up 5.4%, with rising pulp prices and increased volume of paper sales
EBITDA of € 101.7 million in the quarter (down 4.3%), including estimated impact of forest fires - € 1.4 million
Excellent Q3 cash flow generation: €75.9 million
5th Sustainability Forum devoted to Circular Economy
- Leading Indicators - IFRS
Operating profits + depreciation + provisions
Var. Net debt + dividends + purchase of own shares
Interest-bearing net debt - liquid assets
EBITDA corresponding to last 12 months
Variation in figures not rounded up/down
(unaudited quarterly indicators)
in million euros | 9M 2017 | 9M 2016 | % Change (5) 9M 17 / 9M 16 |
Total sales | 1 209,8 | 1 155,4 | 4,7% |
EBITDA (1) | 300,1 | 301,5 | -0,5% |
Operating profits | 185,5 | 178,0 | 4,2% |
Financial results | - 6,5 | - 16,6 | - 61,0% |
Net earnings | 145,8 | 134,3 | 8,6% |
Cash flow | 260,4 | 257,8 | 2,6 |
Free Cash Flow (2) | 148,7 | 101,1 | 47,7 |
Capex | 75,7 | 100,6 | - 24,9 |
Net debt (3) | 742,0 | 723,4 | 18,6 |
EBITDA / Sales (%) | 24,8% | 26,1% | -1,3 pp |
ROS | 12,1% | 11,6% | 0,4 pp |
ROE | 16,4% | 15,1% | 1,3 pp |
ROCE | 13,2% | 12,7% | 0,5 pp |
Equity ratio | 46,7% | 47,6% | - 0,9 pp |
Net Debt / EBITDA (4) | 1,87 | 1,82 | 0,05 |
in million euros | Q3 2017 | Q3 2016 | % Change Q3 17/Q3 16 | Q2 2017 | % Change Q3 17/Q2 17 |
Total sales | 397,2 | 376,8 | 5,4% | 420,0 | - 5,4% |
EBITDA (1) | 101,7 | 106,2 | -4,3% | 108,2 | -6,0% |
Operating profits | 62,0 | 70,1 | -11,5% | 71,4 | - 13,1% |
Financial results | 1,8 | - 3,2 | - 157,5% | - 4,4 | -141,6% |
Net earnings | 49,8 | 48,8 | 1,9% | 60,5 | -17,7% |
Cash flow | 89,4 | 84,9 | 4,4 | 97,3 | -7,9 |
Free Cash Flow (2) | 75,9 | 69,7 | 6,2 | 48,7 | 27,2 |
Capex | 40,5 | 25,3 | 15,2 | 20,9 | 19,6 |
Net debt (3) | 742,0 | 723,4 | 18,6 | 737,9 | 4,1 |
EBITDA / Sales (%) | 25,6% | 28,2% | -2,6 pp | 25,8% | -0,2 pp |
ROS | 12,5% | 13,0% | -0,4 pp | 14,4% | - 1,9 pp |
ROE | 16,8% | 17,1% | -0,3 pp | 20,5% | - 3,8 pp |
ROCE | 13,2% | 14,8% | -1,6 pp | 15,4% | - 2,2 pp |
Equity ratio | 46,7% | 47,6% | -0,9 pp | 44,9% | 1,7 pp |
Net Debt / EBITDA (4) | 1,87 | 1,82 | 0,05 | 1,84 | 0,03 |
The Navigator Company SA published this content on 30 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 November 2017 18:36:07 UTC.
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