The Navigator Company recorded turnover in 2018 of Euro 1.692 billion, up by 3.3% on 2017.
2018 EBITDA stood at Euro 455.2 million, as compared with Euro 403.8 million recorded in 2017, representing an increase of 12.7% and an EBITDA / Sales margin of 26.9%. EBITDA for this period includes the positive impact of sale of the pellets business in the USA (which net of costs and adjustments stood at approximately Euro 13.3 million) and was brought down by anti-dumping duties (approximately Euro 18 million).
Without these impacts, EBITDA for 2018 would have been Euro 460 million (up 14%) and the EBITDA/sales margin would have stood at 27.2%. The impact on the accounts of the anti-dumping duty brought EBITDA down by Euro 18 million, and includes recognition of Euro 3.6 million relating to retroactive application of the rate of 1.75% on sales in the first period of review, from August 2015 to February 2017.
Pre-tax profits totalled Euro 280.7 million (vs. Euro 247.4 million) and the tax line was negatively affected by a combination of higher pre-tax profits (which include the gain from disposal of the pellets business), the constitution of a series of provisions for tax risks and an increase in the state surtax rate. As a result, the Group achieved net income in 2018 of Euro 225.1 million, up by 8% on 2017 (Euro 207.8 million).
The Navigator Company is Europe’s largest producer of uncoated wood-free paper.