Pegas Nonwovens S.A. reported unaudited consolidated earnings and production results for the first quarter ended 31 March 2017. For the quarter, revenues were EUR 55,756,000 against EUR 55,081,000 a year ago. EBITDA was EUR 11,252,000 against EUR 11,603,000 a year ago. Profit from operations was EUR 7,128,000 against EUR 7,543,000 a year ago. Profit before tax was EUR 4,248,000 against EUR 1,728,000 a year ago. Net profit after tax was EUR 3,661,000 against EUR 470,000 a year ago. Basic and diluted net earnings per share were EUR 0.42 against EUR 0.05 a year ago. Net cash flows from operating activities were EUR 12,282,000 against EUR 19,836,000 a year ago. Purchases of property, plant and equipment were EUR 5,115,000 against EUR 2,181,000 a year ago. Net debt was EUR 153.9 million. The slight year-on-year decline in EBITDA was primarily caused by lower production volumes resulting from regular maintenance breaks.

In the first quarter of 2017, the total production output (net of scrap) reached 25,343 tonnes, down by 2.7% compared with the same period in 2016. The decline in production between the compared periods was the result of regular maintenance breaks in the first quarter of 2017.

In the first quarter of 2017, the company achieved financial results that are in line with its expectations and with the announced guidance for the entire year 2017. Based on the results achieved in the first quarter of 2017 and respecting the developments in the European nonwoven textile market, including the expected development in the polymer market, the company confirms previously announced guidance for 2017 and expects this year's EBITDA to be in the range from EUR 43.0 million to 50.0 million. The company is planning for total CAPEX in 2017 not to exceed the EUR 30 million level.