Highlights
Reinforcement of the financial equilibrium through a €11.2 million debt decrease compared to the same period of 2015
Strict costs and credit risk management allows a € 2.6 million (-3.9%) reduction of operating costs compared to the same period of 2015
Slight increase in market share does not prevent sales decline and narrowing of margins in a market contraction
Generation of results
Sales in volume decreased 4.0% compared to previous year, above market performance.
Sales decrease 3.9% relatively to June 2015.
Gross margin of 18.0%, -0.3 percentage points over the same period of last year.
Operational costs before provisions reduced €1.9 M. Personnel and administrative expenses decreased €2.1 M.
Recurrent EBITDA of €10.2 M, represented 2.4% of sales.
Operational results (EBIT) of €7.1 M.
Financial costs decreased € 0.5M (-7.4%).
Positive Net income of € 0.3 M.
Financial strength
Net debt decreased €11.2 M compared with the 1st half of 2015 and €6.1 M relatively to year end.
Working capital decreased €8.6 M compared with the 1st half of 2015, and increased
€2.2 M compared with December 2015.
Chart 1_Main Consolidated Indicators
M ILLION EU R OS
1H16
1H15
Δ 16/15
2Q16
2Q15
Tons ('000)
388
404
-4,0%
191
196
-2,7%
Sales
426,8
444,1
-3,9%
211,0
217,8
-3,1%
Gross margin
76,8
81,4
-5,7%
38,2
39,7
-3,8%
Gross margin (%)
18,0%
18,3%
-0,3 pp
18,1%
18,2%
-0,1 pp
Opera ting costs 1
65,6
67,5
-2,9%
32,9
34,0
-3,2%
Provisions
1,0
1,7
-42,8%
0,5
0,8
-32,4%
Re-EBITDA
10,2
12,2
-16,2%
4,8
4,9
-3,2%
Re-EBITDA (%)
2,4%
2,7%
-0,3 pp
2,3%
2,3%
0,0 pp
EBIT
7,1
9,0
-21,7%
3,1
3,2
-2,7%
Net financial costs
7,0
7,5
-7,4%
3,7
3,8
-2,2%
EBT
0,1
1,6
-1,5
-0,5
-0,5
-0,1
Net income
0,3
1,0
-0,7
-0,1
-0,6
0,5
30/06/16
30/6/15
Δ 16/15
31/12/15
Δ 6 months
Net Debt2
304,8
316,0
-3,6%
310,9
-2,0%
Working Capital
140,1
148,7
-5,8%
137,9
1,6%
(1) Net of income from services and other income and excludes provisions
(2) Includes securitization
GLOSSARY
Gross margin: Sales - Cost of sales
Re-EBITDA: Recorrent results before depreciations and amortizations, non recurrent costs, financial costs and taxes Re-EBITDA (%): Re-EBITDA/Total sales
EBIT: EBITDA + Depreciations os tangible assets and amortizations of Intangible assets
Net Debt: Medium and long term loans + Short term loans + Fixed asset suppliers + Financing associated to financial assets - Cash and cash equivalents
Working capital: Customers + Inventories - Suppliers
Inapa - Investimentos, Participações e Gestão SA published this content on 22 November 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 November 2016 10:33:06 UTC.
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Inapa - Investimentos, Participações e Gestão, S.A. is one of the leading European distributors of printing paper. Net sales break down by activity as follows:
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