Mar 21, 2006. /Lesprom Network/.  French paper and packaging Groupe Gascogne posted a net loss of Euro 26.2 million for 2005 compared to a profit of Euro 6.0 million for 2004, Boursorama said. 

 

In million Euro 

 

 

2005

2004

Change  in %

Net loss

26.2

6.0

 

Consolidated revenue

602.4

622.5

-3.2

Revenue in France

356.5

369.3

-3.4

Revenue outside France

245.9

253.2

-2.9

Recurring EBIT

3.0

12.9

-76.5

Operating profit

-26.4

13.3

n/a

 

The company slipped into net loss due to non-recurring items of Euro 29.4 million, including restructuring costs, depreciation of assets according to the International Financial Reporting Standards (IFRS), as well as a Euro 13.2 million fine imposed by the European Union on German subsidiary Sachsa Verpackung. 

 

The net asset value per share stood at Euro 83. Following the company's restructuring in July 2005, the net debt fell by Euro 10.2 million to Euro 94.5 million. The working capital requirement stood at Euro 18.3 million, up by 17.5% year-on-year. 

 

Groupe Gascogne will propose at the general shareholdings meeting, to be held on June 12, 2006, to pay a dividend of Euro 1.5 per share for 2005.