The underlying operating profit was positive, at Euro 0.8 million, whereas it was negative by Euro 4 million in 2013. The Euro 35 million of impairment of assets at the end of 2013 resulted in a drop in depreciation of Euro 4.7 million in 2014. Without these “savings”, the underlying operating profit would have been stable.
The operating profit stood at - Euro 2.1 million and included - Euro 2.9 million of other non-operating income and expenses resulting from debt write-offs by the banks and the State, which offset a significant part of the restructuring costs and other provisions.
Net financial items totalled – Euro 3.9 million, representing a Euro 3.6 million improvement on 2013 (-Euro 7.5 million), due to the Euro 2.9 million drop in financial expenses and a Euro 0.7 million improvement in exchange rate results.
Corporation tax stood at + Euro 0.2 million. The net profit of the consolidated whole was – Euro 5.7 million, compared with – Euro 55.7 million in 2013. The 2013 results included Euro 35 million of asset impairment that did not affect the cash flow.
The Gascogne Group is the leading player in the wood industry in France, operating at every stage of the processing of forest resources, and the only player in France that is totally integrated along the complete wood-paper processing chain.
