Gascogne’s FY 2017 sales were stable at Euro 406.4 million. The slight improvement in the Packaging Division (Euro 2.7 million) was offset by a reduction in the Wood Division (Euro 3 million), as the company said in the press release received by Lesprom Network.
EBITDA grew by 25% from Euro 22 million in 2016 to Euro 27.5 million in 2017. The underlying operating profit increased from Euro 11.6 million to Euro 16.1 million. The increase in underlying operating profit is less than the increase in EBITDA because the depreciations rose mechanically by Euro 1.5 million due to the major investments made (Euro 90 million in 4 years).
The operating profit is Euro 11.6 million and integrates other non-operating income and expenses for a total of - Euro 4.5 million.
2017 year was marked by renegotiations on the existing financial debt and negotiations on new financing. It was concluded in late December with the approval of loans amounting to Euro 110 million from a group of seven major banks, conveying the confidence of the financial partners in Gascogne's recovery, in place since late 2014. In three years, EBITDA was multiplied by 2.5, going from Euro 11 million in 2014 to Euro 27.5 million in 2017.
The Gascogne Group is the leading player in the French wood industry, operating at every stage of forest resource processing.
