Reno De Medici's FY 2020 sales amounted to Euro 679 million compared with Euro 702 million of the previous year. Sales decreased by Euro 22.1 million compared with the previous year was due to the decline in average selling prices both within the WLC and the FBB segment.
Gross Operating Profit (EBITDA) rose to Euro 83.8 million at December 31, 2020 compared with Euro 72.4 million of the previous year, and accounted for 12.3% of sales.
2020 operating profit (EBIT) amounted to Euro 47 million compared with Euro 30.4 million at December 31, 2019. The higher increase compared with EBITDA was chiefly due to lower write-downs in 2020. In particular write-downs amounting to Euro 5.2 million have recognized in 2020 of which: Euro 1.5 million related to a land located in Boffalora sopra Ticino owned by Reno De Medici S.p.A. and Euro 3.7 million related to La Rochette plant’s fixed assets. At December 31, 2019, EBIT included Euro 10.3 million write-downs mainly due to the La Rochette plant’s fixed assets.
FY 2020 consolidated net profit was Euro 33.6 million, up compared with Euro 15.6 million at December 31, 2019. The sharp increase is mainly attributable to the improved EBITDA and to the lower write-downs as at December 31, 2020.
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.
