THE NAVIGATOR COMPANY -
Turnover up 4.4% with strong performance in pulp, energy and tissue business:
Pulp sales increase by 40%
Electricity sales up by 23%, reflecting normal operation of renewable cogeneration facilities in Cacia and Setúbal
Tissue sales volume up 16%
Paper volume stood at 772 thousand tons, with prices lower than in previous year
- Progress on cost cutting programme, with estimated impact on EBITDA of € 10 million
- EBITDA grows to € 198 million (vs. € 195 million), with EBITDA over sales margin of 24.4 % (vs. 25.1%)
Financial costs reduced by 38.3% thanks to recent financial restructuring; average cost of debt drops to 1.6%
- Net earnings increased 12.4% to € 96.0 million (vs. € 85.5 million)
Net debt rises to € 738 million after first dividend payment of € 170 million (€ 0.2371/share) in early June; Net Debt / EBITDA ratio of 1.8
- Capex projects in Figueira da Foz (Expansion of pulp capacity of 70,000 tAD/year) and in Cacia (new Tissue mill with capacity of 70,000 tAD/year)) proceeding on schedule and within budget. Highlights 2nd Quarter 2017 (vs. 1st Quarter 2017)
Paper volume up 8%, to 400.6 thousand tons
- EBITDA up 20% to € 108.2 million, and EBITDA/Sales margin rises 2.8 pp to 25.8%
Wildfires with little impact on Navigator's own forest holdings
Summary of Leading Indicators - IFRS
(Quarter figures unaudited)
in million euros | H1 2017 | H1 2016 | % Change H1 17 / H1 16 |
Total sales | 812.6 | 778.6 | 4.4% |
EBITDA (1) | 198.4 | 195.3 | 1.6% |
Operating profits | 123.4 | 107.9 | 14.4% |
Financial results | - 8.3 | - 13.5 | -38.3% |
Net earnings | 96.0 | 85.5 | 12.4% |
Cash flow | 171.0 | 172.8 | -1.8 |
Free Cash Flow (2) | 72.8 | 31.3 | 41.5 |
Capex | 35.2 | 75.3 | - 40.1 |
Net debt (3) | 737.9 | 793.2 | - 55.3 |
EBITDA / Sales (%) | 24.4% | 25.1% | -0.7 pp |
ROS | 11.8% | 11.0% | 0.8 pp |
ROE | 16.6% | 14.6% | 1.9 pp |
ROCE | 13.4% | 11.4% | 1.9 pp |
Equity ratio | 44.9% | 46.2% | -1.3 pp |
Net Debt / EBITDA (4) | 1.8 | 2.0 | -0.1 |
in million euros | Q2 2017 | Q1 2017 | % Change Q2 /Q1 |
Total sales | 420.0 | 392.7 | 7.0% |
EBITDA (1) | 108.2 | 90.2 | 20.0% |
Operating profits | 71.4 | 52.0 | 37.2% |
Financial results | - 4.4 | - 3.9 | 11.0% |
Net earnings | 60.5 | 35.6 | 70.0% |
Cash flow | 97.3 | 73.7 | 23.6 |
Free Cash Flow (2) | 48.7 | 24.2 | 24.5 |
Capex | 20.9 | 14.3 | 6.6 |
Net debt (3) | 737.9 | 616.6 | 121.3 |
EBITDA / Sales (%) | 25.8% | 23.0% | 2.8 pp |
ROS | 14.4% | 9.1% | 5.3 pp |
ROE | 20.5% | 11.4% | 9.2 pp |
ROCE | 15.4% | 11.1% | 4.3 pp |
Equity ratio | 44.9% | 51.8% | -6.8 pp |
Net Debt / EBITDA (4) | 1.8 | 1.6 | 0.3 |
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
Note on the fires in June in Pedrógão Grande
The Navigator Company and Altri were involved from the outset in fighting the wildfires which occurred in Portugal in June this year, deploying the specialist fire- fighting teams operated by Afocelca. The loss of human life as a result of these fires was tragic and unparalleled in the country's history, and the companies are united in wishing to support all those affected by these terrible events.
To this end, Navigator and Altri decided to contribute one million euros, of which half a million euros will go to a special fund set up by the Calouste Gulbenkian Foundation to help civil society organizations in the Pedrógão Grande region. This contribution is designed to minimize the consequences of the fires and tragedy which affected the municipalities of Pedrógão Grande, Figueiró dos Vinhos and Castanheira de Pera. The two forestry Companies also decided to invest restoring the hillsides, water courses and forest infrastructures in the areas affected by the fires, as set out in a technical plan for 12 distinct measures, and will also place the expertise of their staff at the disposal of these efforts.
The Navigator Company SA published this content on 27 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 July 2017 06:29:11 UTC.
Original documenthttp://en.thenavigatorcompany.com/var/ezdemo_site/storage/original/application/fd022223b0f0c865cd7d313afd7d975e.pdf
Public permalinkhttp://www.publicnow.com/view/A4E2C95339694FE51E26C694A1F3A4AFEBF41219
