Sequana's H1 2018 consolidated sales were down by 2.1% on H1 2017 to Euro 1,197 million (down 0.7% at constant exchange rates). EBITDA declined by 15.1% to Euro 33 million, compared with Euro 39 million in H1 2017, and the EBITDA margin was 2.7% (down 0.4 points), as the company said in the press release received by Lesprom Network.
Current operating income was Euro 22 million for the first six months of the year (down 24.9%), versus Euro 30 million for H1 2017, which included a Euro 2.3 million gain arising on a change to a pension plan carried on Antalis' books.
Current operating margin represented 1.9% of sales (down 0.5 points). Sequana recorded net non-recurring expenses of Euro 78 million during the period, mainly comprising Euro 56 million in write-downs taken on Sequana’s historic goodwill in Antalis (no impact on the Group’s consolidated cash position) and Euro 17 million in restructuring and refinancing costs for Antalis.
Arjowiggins’ discontinued operations generated a net loss of Euro 13 million which included a loss on the disposal of the banknote paper business and the net contribution of the Graphic and Creative Papers divisions to H1 2018 results. After deducting finance costs, taxes and non-controlling interests, the net loss attributable to owners was Euro 71 million for the six months to 30 June 2018, compared with a net profit of Euro 3 million for H1 2017.
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.
