Reno De Medici Group's consolidated net sales in the first nine months of 2020 amounted to Euro 518.2 million compared with Euro 536.6 million for the same period of the previous year. The reduction was due to the decrease in average selling prices reported by both the WLC and the FBB segments, partly offset by the increase in volumes sold in the first nine months of 2020, mainly in the FBB segment. The tons sold by the RDM Group at September 30, 2020 reached 901 thousand units compared with 894 thousand units sold in the same period of the previous year.
In the first nine months of 2020, gross operating profit (EBITDA) stood at Euro 67.6 million compared with Euro 56.1 million for the same period of 2019 (+20.6%). The Group’s EBITDA margin was 13%, up compared with 10.5% for the same period of 2019.
Consolidated net profit amounted to Euro 33.9 million, up compared with Euro 23.6 million at September 30, 2019 (+43.8%). This increase reflects mainly the positive EBITDA performance (+Euro 11.5 million) which, together with the lower financial expense (Euro 1.6 million), allowed the Group to partially offset higher amortization and depreciation (Euro 1.4 million) and higher taxes (Euro 1.3 million).
Consolidated operating profit (EBIT) amounted to Euro 44.2 million, up (+29.6%) compared with Euro 34.1 million at the end of September 2019. In the first nine months of 2020, amortization and depreciation grew to Euro 23.4 million compared with Euro 22 million for the same period of 2019.
Michele Bianchi, CEO of the RDM Group commented: “The 13% EBITDA margin achieved for the first nine months of 2020 confirms the effectiveness and the resiliency of the business strategy that has been deployed over the last three years. The efficiency-building and integration enhancing programs that we have long been executing, with a professional and strategic response from management in adapting business governance to the new context, proved to be successful.”
The Reno De Medici Group is the leading Italian and second-ranked European producer of cartonboard made of recycled fibers material operating also in the manufacturing of virgin cartonboard.
