Main highlights of the January-March 2024 results:
• Revenue of €289.7 million, 6.0% lower than the previous year affected by the -35.0% decline in energy sales as compared with the -2.5% drop in the traditional business.
• EBITDA of €61.6 million, 0.2% below the previous year and a growth of +3.1% in like-for-like terms. Consequently, EBITDA margin has increased by 1.3 p.p. to 21.3%.
• Net profit of €31.6 million, 22.4% up on the previous year.
• Net bank debt of €176.6 million at March 2024 including a cash outflow of €36.8 million from the share buybacks carried out within the framework of the flexible remuneration program.
• José Antonio Canales, Viscofan Group CEO: "The evolution of the traditional business is in line with our expectations, that include the normalization of volumes throughout the year. In the quarter, the improvement in the Asian market stands out as compared with the ongoing weakness in South America, and the decrease in the price from the sale of co-generation electricity in Spain that is eroding revenue performance.
Conversely, we are improving our operating profitability thanks to the production efficiencies coming from the operational improvements and the context of lower costs of raw materials and energy.
Finally, although the evolution of average exchange rates has been adverse, the improvement compared to the end of 2023 has allowed us to obtain positive exchange differences leading to double-digit growth rate in Net profit."
You can find all results information on Viscofan´s Investor Relations website. LINK
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Viscofan SA is a Spain-based company engaged in the packaging industry, mainly for meat products. The Company focuses on the manufacture and distribution of artificial castings, as well as plastic films that are used for separation of sliced food. Its products range includes cellulose, collagen, fibrous and plastic castings. In addition, it designs and produces packing machinery, as well as provides related spare parts. The Company also sells electric power, which is produced by cogeneration systems. The Company operates manufacturing plants and sales offices in Spain, Serbia, Czech Republic, Germany, Brazil, Mexico, Uruguay, China and the United States, among others. It controls a number of subsidiaries, such as Nanopack, Technology and Packaging SL, Naturin Viscofan GmbH and Viscofan Centroamerica Comercial SA.
VISCOFAN, S.A. 
