by Sean Ungerer | Mar 3, 2020 | Forestry and Paper
Stable sales but EBITDA down 18% y/y: Growth in pulp and tissue sales offset weakness in lower pulp prices and paper volumes. However, the EBITDA margin came under pressure due to lower pulp prices and higher production costs (Energy, wood and chemicals). Cost...
by Sean Ungerer | Feb 23, 2020 | Forestry and Paper
Q4 19A basic EPS up 69% y/y and FY DPS flat y/y. Self-help continues through their profit protection programme (EUR 275m fixed and variable costs savings by the end of FY 21e, with EUR 105m realised in FY 19A). Gearing at 2.1x (adjusted for IFRS 16: 1.9x) was slightly...
