Sequana S.A. reported consolidated earnings results for the first half of 2012. For the period, the company reported sales of EUR 1,977 million, operating income of EUR 26 million, net loss of EUR 7 million or EUR 0.09 consolidated diluted loss per share against sales of EUR 2,010 million, operating income of EUR 73 million, net income of EUR 35 million or EUR 0.47 consolidated diluted loss per share for the same period a year ago. The company reported net cash generated from operating activities of EUR 2 million and expenditure on acquisitions of property, plant and equipment and intangible assets of EUR 29 million against net cash used in operating activities of EUR 20 million and expenditure on acquisitions of property, plant and equipment and intangible assets of EUR 29 million for the same period a year ago. The company reported EBITDA of EUR 79 million against EUR 87 million, recurring operating income of EUR 44 million, recurring net income of EUR 13 million or EUR 0.18 recurring diluted per share against EBITDA of EUR 87 million, recurring operating income of EUR 71 million, recurring net income of EUR 36 million or EUR 0.48 recurring diluted per share for the same period a year ago. Consolidated sales for the first six months of 2012 came in at EUR 1,977 million, down 1.6% on first-half 2011, due to volumes decline for printing and writing papers in a context of strong pressure on selling prices. Consolidated net debt at 30 June 2012 totaled EUR 661 million, compared to EUR 641 million at June 30, 2011 and EUR 609 million at December 31, 2011. The EUR 52 million increases on December 31, 2011 mainly reflects financial expenses and acquisitions made in the Packaging sector on the distribution side of the business for an enterprise value of 26 million. The company confirms its forecasts of delivering an EBITDA margin ahead of 2011, at between 3.6% and 4% of sales.