The Navigator Company, Results H1 2017

Page created: Friday, 28 July 2017 14:09GMT

Press Release:  27 July 2017 - 16 Page(s)
Tags:
Electricity sales  Financial costs  Turnover

Highlights 1st Half 2017 (vs. 1st Half 2016)
 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.