Sequana's 1Q 2018 consolidated sales were Euro 690 million, down 4.1% year-on-year (down 2% at constant exchange rates). The negative forex impact amounted to Euro 15 million (mostly affecting Antalis), as the company said in the press release received by Lesprom Network.
EBITDA was Euro 21 million, compared with Euro 30 million in the first three months of 2017. This decline was mainly attributable to the negative impact on Arjowiggins’ results of sharp increases in raw material prices (pulp) and a deterioration in the product mix, mainly in the Graphic division (laminated paper). Sequana was also affected by the lower number of working days on the distribution side of the business. Conversely, the Group benefited from the positive impact of lower overheads in Antalis and higher selling prices on both sides of the business. EBITDA margin came in 1.2 points lower at 3% of sales.
Current operating income for the quarter was Euro 13 million compared to Euro 23 million in 1Q 2017 which included a Euro 2 million gain arising on a change to a pension plan carried on Antalis' books.
Sequana is a major player in the paper industry, boasting leading positions in each of its two businesses: in the distribution of paper and packaging products.
