Sequana

(28.24% of share capital through EXOR S.A.)

 

The consolidated results of the Sequana Group in the first quarter ending March 31, 2012 are as follows:

  QI   
€ million 2012 2011 Change
Sales 984 1,016 (32.0)
EBITDA 40 41 (1.0)
Recurring operating income 23 25 (2.0)
Recurring net income 9 11 (2.0)
Net income attributable to owners of the parent 3 24 (21.0)

Consolidated sales for the first quarter of 2012 came in at €984 million, versus €1,016 million in the first quarter of 2011. The -3.2% drop in sales (down -3.8% at constant exchange rates) reflects the fall in demand for printing and writing papers (down -5% and -6%, respectively, in distribution and production) amid pressure on selling prices.

EBITDA for the quarter came in at €40 million, down -4.3% on first-quarter 2011 (€41 million) and the Group benefited from the positive impact of lower raw material costs and ongoing overhead reduction efforts. EBITDA margin was stable, at 4.0% of sales. Recurring operating income was €23 million, compared with €25 million for the same period in 2011.

Recurring net income for the quarter was €9 million versus €11 million in the first quarter of 2011. Including non-recurring items (mainly restructuring costs incurred by Antalis and Arjowiggins), net income attributable to owners of the parent totaled €3 million, compared to €24 million in the same year-ago period, which included the capital gain of €17 million on the sale of Antalis Office Supplies.

Finalization of agreement to renew the Group credit lines
On April 30, 2012, the Sequana Group finalized an agreement with its banks setting out the terms and conditions for the renewal of its financing lines through to June 30, 2014. The Company filed its registration document with the French financial regulator Autorité des marchés financiers (AMF) on April 30, 2012.

Antalis
Demand for printing and writing papers in the first quarter of the year continued to decline in Europe, and particularly in the Benelux, Iberian and Nordic countries and in Switzerland. Business held up better in France, Eastern Europe and Germany, while markets outside Europe (South America and Asia) and non-paper businesses (Packaging and Visual Communication) performed strongly. Good growth in the Packaging business was buoyed by the acquisition of UK-based Ambassador and the German firm, Pack 2000, in early 2012. Antalis’ sales were €691 million, down -3.7% year-on-year, or -3.9% at constant exchange rates.

Arjowiggins
Arjowiggins’ sales were €363 million, down -3.2% year-on-year, or -4.4% at constant exchange rates.
This decrease was due primarily to lower demand for printing and writing papers in Europe and the United States and deterioration in the premium creative papers product mix. Demand held up well in the specialty businesses, in eco-friendly papers in Europe and in recycled pulp, and the Security Solutions and Medical/Hospital activities performed particularly strongly.

 

Commercial Register No.64236277 Legal notes | Credits