The BoD examines the Group’s preliminary results at 30 June 2015
The Fedrigoni Group confirms its growth trend in the first half year and consolidates its position on the American markets with acquisitions in the USA and Brazil
Key consolidated results at 30 June 2015(1)
- Revenues of 482.1 mln/€: +8.9% over 2014
- EBITDA of 64.0 mln/€ (57.9 mln/€ at 30 June 2014): +4.2% with an unchanged consolidation scope, +10.6% including the effect of the 2015 acquisitions
- Net profit of 31.1 mln/€ (29.9 mln/€ at 30 June 2014): +4% over 2014 including the effect of the 2015 acquisitions
- Net financial position of 196.8 mln/€ compared to 72.7 mln/€ at 31 December 2014 due to the acquisitions carried out during the period.
Verona, 21 July 2015. The Board of Directors of Fedrigoni S.p.A. – a leading international operator in the production and sale of various types of paper and in particular high value added paper, security products and self-adhesive items – today presented the interim condensed consolidated financial statements for the six months ended 30 June 2015.
«We are very satisfied with this first half year during which the Group further consolidated its international presence, thanks to the recent acquisitions carried out in the United States and in Brazil, continuing the strategic direction communicated to the markets last year”, stated the Group’s CEO Claudio Alfonsi, who continued: “the economic and financial results for the period moreover show a constant growth dynamic that has been continuing for several years and testify to the validity of our strategic decisions and the distinctive positioning we hold in high value added and high profitability sectors, despite the extremely adverse trend that has taken place in cellulose prices».
Key consolidated results for the first half of 2015
The Fedrigoni Group achieved consolidated revenues of €482.1 million in the first half of 2015, an increase of 8.9% over 2014, due to a favorable performance in all business segments (in particular converting) and in addition to the contribution arriving from the two acquisitions which, in only 3 months and 1 month respectively, added around €17 million to the Group’s turnover.
From a geographical standpoint revenues earned outside Italy represented approximately 64% of the total, with a significant rise taking place in sales outside Europe (+21.6%) and a good performance being achieved in Italy (+11.3%).
- EBITDA amounted to €64.0 million, an increase of 4.2% over the first half of 2014 with an unchanged consolidation scope (+10.6% including the effect of the 2015 acquisitions). Consolidating two entities operating in high margin segments (papers, film and adhesives for digital printing, and special and security papers) has enabled the Group to make further improvements to its EBITDA, despite the negative effect of trends in fibrous raw material prices.
- Net profit totaled €31.1 million, a rise of 4% over 2014 including the effect of the 2015 acquisitions. A comparison between the results for the two periods is affected by non-recurring costs of €1.1 million arising as a result of the fire at the Verona factory on 2 July 2015. In 2014 on the other hand the result was positively affected by income of €5.3 million arising from the allocation of “white certificates” for investments in energy savings made in previous years.
The Group had a net financial position of €196.7 million at 30 June 2015, representing an increase over the figure of €72.7 million at 31 December 2014 due to the acquisitions carried out in the period (approximately €130 million).
- The figures include the results of GPA (Gummed Papers of America) which have been consolidated from 1 April 2015 and those of Arjo Wiggins Ltd.(now Fedrigoni Brasil Papeis Ltda) which have been consolidated from 1 June 2015.
The figures have not yet been audited.