Main highlights of the January-June 2019 results:
> €409.9 million in revenue, up 6.3% on the previous year. Quarterly revenue reaches an all-time high of €208.6 million in 2Q19 (+5.4% vs. 2Q18).
> Operating costs influenced by the increase in energy costs, wage costs and non-recurring costs related to the strike declared illegal in the Danville plant in the US.
> €94.8 million in recurring EBITDA, flat with the previous year.
> Including non-recurring results, reported EBITDA was down 15.0% on the previous year.
> €47.1 million in recurring net profit, down 14.8% on the previous year. Including non-recurring results, reported net profit was down 30.5%.
> €73.0 million in net bank debt at June 2019, down 8.4% compared with €79.7 million reported at the end of December 2018.
> Distribution in June 2019 of a final dividend of €0.95 per share (+3.3% on the previous year) which means that total shareholder remuneration of 2018 totalled €1.73 per share (+11.6% over the prior year).
> In a worse than expected market backdrop Viscofan expects increase revenue around 5% to 7% y-o-y, recurring EBITDA around 2% to 5% y-o-y, and to achieve recurring Net Profit around 6% to 12% below previous year level.
According to José Domingo de Ampuero y Osma, chairman of the Viscofan Group: The results achieved demonstrate the Group’s capacity to keep growing and strengthening our leadership within a market environment that is weaker than expected – especially in the region of Europe and Asia- as for that we revise our expected results for the overall year. On the other side, the successful starting of new production modules in the Spanish plant 4 and the positive commercial placement of new products allow us to look into the future with optimism including additional savings and acceleration in the sales volumes already in the second half of this year.
All results information is available on the Investor Relations site