Net profit fot the first six months of the year rose to Euro 11.9 million, 19.1% more than a year ago.
Both the consolidated EBITDA and the EBIT demonstrated continued growth during the past four quarters. The consolidated EBITDA in the 2Q the year was Euro 27.1 million compared to the Euro 24.3 million recorded in the 1Q, while the EBIT in the 2Q was Euro 15.2 million compared to the Euro 12.2 million of the previous quarter. The growth in this magnitude confirmed the positive evolution of the activity carried out by Europac.
In this context, a downward trend of the net debt of the Company is recorded, which, at the end of the 1st semester was Euro 288.8 million compared to the Euro 294.7 million at the 2014 year-end.
In the Paper business line, despite the increases of raw material during the 1st semester of 2015, the EBITDA improved by 17.1 % compared to the 1st semester of 2014 due to the increase in the gross margin, the increase in sales volume and the management improvements that have entailed a reduction of specific costs.
As far as the Packaging Division is concerned, we highlight the recovery of margins after the minimum recorded in the 2nd semester of 2014. Despite the 35.4 % increase of the EBITDA with respect to the 2nd semester of 2014, the EBITDA fell 26.7% compared to the 1st semester of the previous year due to a one-time increase of the costs linked to the implementation of operational and commercial plans and the development of the Morocco Plan. In this respect, there was an increase in the profitability in Spain and an increase of the volume in Portugal, whereas France only experienced a slight improvement.
The Europac Group is an integrated operator with activities in all areas of the paper and packaging industry value chain, from end-to-end waste management and forestry operations for the procurement of the raw materials necessary for the production of recycled paper and kraftliner at the Group’s plants in Spain, France and Portugal, to the manufacture of cardboard sheets and boxes as end products.
