Jun 04, 2014. /Lesprom Network/. The Burgo Group Board of Directors approved the new Industrial Action Plan “Burgo2020” for the period 2014-2018. The Plan provides for investments for about Euro 250 million and significant programs and measures aimed at containing operational costs and matching the production capacity of the Group to the demand trend, as the company said in the press release received by Lesprom Network.

The Group will remain focused on diversification, which will be achieved by strengthening and developing the presence of its specialty papers on the market, thanks to Mosaico – the dedicated subsidiary of Burgo Group – for which a specific developing plan has been approved.

The measures and investments included in the Plan will enable the Group to consolidate its competitiveness in the European environment through a significant improvement of its industrial and financial performance and efficiency.

The consolidated balance sheet will be presented to the shareholders’ meeting on the 29th of June. Burgo Group closes the 2013 accounting period with a turnover of Euro 2.391 million (- 8.4% compared to 2012) and an EBITDA of Euro 92 million. The results are a consequence of the negative trend in the graphic papers market and are in line with those of the main competitors. The year ends with a loss of Euro 147 million, 101 of which due to depreciation and provision measures taken by the Company to develop the Industrial Plan.

The Group’s financial debt drops to Euro 955 million, decreasing by 3% compared to the year 2012.

Burgo Group is one of the European's leading producers of coated papers.