by Sean Ungerer | Mar 23, 2020 | Forestry and Paper
FY 19A record year despite slower market dynamics: This increase was mainly from M&A in the Packaging division and supported overall good capacity utilisation across both segments. Group EBITDA margin of 15.3% expanded by 140bps y/y helping ROCE increase by 40bps...
by Sean Ungerer | Mar 17, 2020 | Forestry and Paper
COVID-19 impact short lived (2 weeks) on their Chinese ops: Site continued through the Chinese New-Year (hence employees didn’t return home). However, due to road restrictions, there were some issues in terms of inbound logistics (2 weeks) and had to shut two of their...
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...
