Inapa Investimentos Participações e Gestão : First half 2020 results
September 25, 2020 at 03:05 pm EDT
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RESULTS ANNOUNCEMENT
JUNE 30, 2020
Highlights
Generation of results
Paper consumption in Western Europe fell by 22.6% in the 1st half due to Covid-19 effects.
With the consolidation of Papyrus Deutschland's operations in 2020:
Sales increased by 95.2M € or 22.5% compared to the same period in 2019.
Total gross margin generated increased by 13.4M € or 17.2%.
Net operating costs increased by 16.4M €, equivalent to 15.3% of sales.
Recurring EBITDA of 10.8M €, corresponding to 2.1% of sales.
Negative operating results (EBIT) of 1.2M €.
Negative net income of 8.4M €.
Financial structure
Decrease in net debt by 32.7M € compared to December 2019. Compared to June 2019, there was a decrease of 1.7M €, despite the acquisition of Papyrus Deutschland.
Working capital decreased by 26.0M € compared to June 2019.
Corporate organization
Merger of Papier Union GmbH and Papyrus Deutschland GmbH & Co. KG under the new corporate name of Inapa Deutschland, GmbH on 30 June.
Start of implementation of the new ERP of the Inapa Group (SAP 4 / HANA).
2 / 12 1st HALF 2020
MAIN ACTIVITY INDICATORS
MILLION EUROS (unless otherwise specified)
1H20
1H19
VAR. 20/19
Tonnes ('000)
460
342
34,3%
Sales
519,0
423,9
22,5%
Gross margin
91,0
77,6
17,2%
Gross margin (%)
17,5%
18,3%
-0,8 pp
Net Operating costs
79,3
62,9
26,1%
Operating Income
13,4
8,9
4,5
Operating Costs
92,7
71,8
20,9
Impairment of current assets
0,9
0,6
56,9%
Re-EBITDA
10,8
14,1
-23,7%
Re-EBITDA (%)
2,1%
3,3%
-1,3 pp
EBITDA
8,4
13,5
-38,0%
EBITDA (%)
1,6%
3,2%
-1,6 pp
EBIT
-1,2
7,3
-115,9%
EBIT (%)
-0,2%
1,7%
-1,9 pp
Net Financial function
8,2
7,2
12,8%
EBT
-9,4
0,1
-9,5
Income tax
1,0
0,0
1,0
Net income
-8,4
0,1
-8,5
30/06/20
30/06/19
VAR. 20/19
Net debt
1
304,6
306,3
-0,6%
Interest coverage
1,3 x
2,0 x
-0,6 x
Working capital
75,2
101,3
-25,7%
1 Includes financing associated to financial assets.
3 / 12 1st HALF 2020
Relevant facts
24/4/2020 2019 Results Announcement
30/4/2020 2019 Annual Report Publication
40/4/2020 Notice of Ordinary General Meeting
22/5/2020 Ordinary General Meeting
Subsequent events
No subsequent events have been recorded up to the date of publication of this announcement.
4 / 12 1st HALF 2020
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Inapa - Investimentos, Participações e Gestão SA published this content on 25 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2020 19:04:11 UTC
Inapa - Investimentos, Participações e Gestão, S.A. is one of the leading European distributors of printing paper. Net sales break down by activity as follows:
- distribution of paper (87.2%): 550.8 Kt sold in 2023;
- sale of packaging products (8.4%);
- sale of visual communication products (4.4%).
INAPA - INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, S.A. 
