Public Company
Head Office: Rua do General Norton de Matos, 68, r/c - Porto Fiscal number 507 172 086
Share Capital: 25,641,459 Euro
Financial Information - 2nd Quarter of 2017 (Unaudited)This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards and with accordance with the International Accounting Standard 34 - Interim Financial Reporting, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.
Preliminary note regarding the fires occurred in June in Pedrógão GrandeThe companies Altri and The Navigator Company ("Navigator") were involved from the first hour in the fight against the fires that devastated the Portuguese territory in the month of June, deploying the specialist firefighting teams operated by Afocelca. The human losses resulting from these fires were dramatic and unparalleled in history, both companies being in solidarity with all those affected by this tragedy.
In this sense, Altri and Navigator decided to contribute one million Euro, of which half a million Euro will be allocated to the special fund to support civil society organizations in the region of Pedrógão Grande, constituted by the Calouste Gulbenkian Foundation. This contribution aims to help minimize the consequences of the fires and the tragedy that affected the municipalities of Pedrógão Grande, Figueiró dos Vinhos and Castanheira de Pêra.
The two forest-based companies also decided to invest in the recovery of slopes, water lines and forest infrastructures in the areas affected by the fires, according to a technical plan with 12 actions, also providing the specialized support of their teams.
The financial information presented was prepared in accordance with the principles of recognition and measurement of International Financial Reporting Standards (IFRS)
Income Statement - 2Q 2017
thousand Euro | 2Q 2017 | 2Q 2016 | 2Q17/2Q16 Var% | 1Q 2017 | 2Q17/1Q17 Var% |
Total Revenues | 165,417 | 142,155 | 16.4% | 159,836 | 3.5% |
Costs os sales | 68,700 | 57,635 | 19.2% | 69,261 | -0.8% |
External supplies and services | 40,049 | 38,189 | 4.9% | 41,783 | -4.2% |
Payroll expenses | 8,461 | 8,366 | 1.1% | 7,719 | 9.6% |
Others expenses | 826 | 1,740 | -52.6% | 950 | -13.1% |
Provisions and impairment losses | 0 | -96 | ss | 0 | ss |
Total Expenses (a) | 118,036 | 105,835 | 11.5% | 119,714 | -1.4% |
EBITDA (b) | 47,381 | 36,321 | 30.5% | 40,122 | 18.1% |
Margin | 28.6% | 25.6% | +3,1 pp | 25.1% | +3.5 pp |
Amortisation and depreciation | 13,918 | 13,293 | 4.7% | 13,915 | 0.0% |
EBIT (c) | 33,463 | 23,027 | 45.3% | 26,207 | 27.7% |
Margin | 20.2% | 16.2% | +4,0 pp | 16.4% | +3.8 pp |
Gains/Losses in associated companies | 925 | 469 | 97.2% | 495 | 86.8% |
Financial Costs | -5,451 | -4,996 | 9.1% | -4,614 | 18.2% |
Net foreign exchange differences | -1,661 | 813 | -468 | ||
Financial gains | 1,250 | 1,058 | 18.1% | 448 | 178.7% |
Financial results | -4,937 | -2,655 | 85.9% | -4,138 | 19.3% |
Profit Before Income Tax | 28,526 | 20,372 | 40.0% | 22,069 | 29.3% |
Income tax | -4,098 | -5,269 | -22.2% | -4,945 | -17.1% |
Profit for the period attributable to parent company's shareholders | 24,428 | 15,103 | 61.7% | 17,124 | 42.7% |
Operating costs excluding amortisation, f inancial expenses and income tax
EBITDA = Earnings before interests, taxes, depreciation and amortisation
EBIT = Earnings before interest and taxes
The second quarter of 2017 was marked by three facts:
The upward trend in the price of short-fiber pulp, which currently stands at USD 864. In quarterly terms, the average price recorded during the second quarter of 2017 was around USD/ton 783, corresponding to a 15% increase compared to the average price registered in the first quarter of 2017 and a growth of around 13% compared to the average price recorded in the same period of 2016;
The continuation of the ongoing investment projects in the Celbi and Celtejo industrial units, with emphasis on the latter, interventions in the recovery boiler, steam reduction plant and industrial waste water treatment plant, which implies a
limitation of the factory's operational potential, in particular in terms of the efficiency of production costs. This investment is expected to be completed by the end of the first half of 2018;
Annual stoppage of the Caima industrial unit, which took place for about two weeks in May.
Total revenues registered in the second quarter of 2017 amounted to 165.4 million Euro, up 16% compared to the same period of last year and up 3.5% compared to the first quarter of 2017.
During the period under analysis, around 264 thousand tons of pulp were produced (+ 12% compared to the second quarter of 2016), of which approximately 23.4 thousand tons of dissolving pulp (-13% compared to the same quarter of 2016, which is explained by the maintenance stop).
In terms of sales, in the second quarter of 2017, approximately 267.3 thousand tons of pulp were sold (+ 11% compared to the same quarter of 2016), of which approximately
24.1 thousand tons of dissolving pulp (-5% compared to the same quarter of the previous year).
In terms of exports, during the period under review, Altri exported around 242.4 thousand tons of pulp, corresponding to an increase of around 9% over the same period of the previous year, which corresponds to about 129 million of Euro.
Total pulp sales amounted to 141.9 million Euro, an increase of around 5% over the previous quarter of 2017 and a growth of 19% over the same period last year.
Altri SGPS 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 16:28:01 UTC.
Original documenthttp://www.altri.pt/~/media/Files/A/Altri-V2/press-release/2017/Altri2Q2017resEN.pdf
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