Corporate Profile

Inapa Group has come a long way since it was established, in 1965, as the first large-scale Portuguese paper mill.

At this moment, Inapa is a significantly different company compared to the one that was founded 50 years ago being fully prepared to meet the challenges of the market and expectations of the clients. The business focus and strategy have changed over the years and our geographic boundaries have expanded, positioning Inapa as a European leading Group in Paper, Packaging and Visual Communication.

Today, we are 1.400 employees serving, in 8 countries, more than 70 thousand clients, with our eyes set in the next 50 years!

We grew in volume and sales, improved our operational results and net profit and reduced the debt. In the strategic plan Inapa strengthened the partnership with key suppliers, completed the reorganization of the packaging business, performed the repositioning plan of our operation in Turkey, which justifies the achievement of the objectives set at the time of investment, and consolidated our operations in Angola.


daily product deliveries


warehouses and logistic platforms in Europe


clients in eight countries

International Presence

International Presence

Our Strategy

Our Strategy

MILLION EUROS2018201720162015Var. 18/17
Tonnes ('000)735813771809-9,6%
Gross margin151,9161,7151,5159,3-6,0%
    Gross margin (%)17,7%18,3%17,8%18,1%-0,6 pp
Net Operational costs131,9136,6127,5133,4-3,4%
    Operational Income22,921,025,220,29,2%
    Operational Costs154,9157,5152,8153,5-1,7%
Provision for current assets1,52,52,02,7-39,3%
    Re-EBITDA (%)2,1%2,6%2,6%2,6%-0,4 pp
Non recurrent costs2,03,3-4,91,1-38,3%
    EBITDA (%)1,9%2,2%3,2%2,5%-0,3 pp
    EBIT (%)1,2%1,5%2,5%1,9%-0,3 pp
Financial results14,313,214,215,38,2%
Taxes on Profits0,10,0-2,8-2,20,1
Net income-3,60,24,4-0,4-3,8
ROCE (%)10,9%11,8%10,7%10,4%-0,9 pp
31-12-1831-12-1731-12-1631-12-15Var. 18/17
Net debt 1272,2296,4290,7310,9-8,2%
Interest coverage1,3 x1,7 x1,5 x1,5 x-0,4 x
Working capital97,0119,6126,6137,9-18,8%

1 Includes securitization.

Inapa presents an alternative table to the Financial Statements with the main activity indicators approaching the business evolution analysis to the one used by the management, being also aligned with what is practiced by the different market players.

In order to guarantee its reconciliation with the Financial Statements we have a glossary.


Sales: Sales of merchandise and other products [Note 25]
Gross Margin: Sales of merchandise and other products [Note 25] – Cost of Sales [Note 13] + Net cash discounts [Note 25]
Net Operational costs: Operational costs – Operational income.
Operational income: Service rendered and supplementary income [Note 26].
Operational costs: Personnel costs [Note 26] + Other costs excluding provisions [Note 27]. Excluding non recurrent costs of 2.0 million euros mainly for indemnifications for contract termination [Note 26].
Provision for current assets: Other costs [Note 27]
Re-EBITDA: Results before net financial costs [Note 29] and Income tax [Note 30] Depreciation and amortization, Gains/(Losses) in Associates and non recurrent costs (Indemnifications for contract termination [Note 26] and Other administrative expenses [Note 27])

Re-EBITDA (%): Re-EBITDA / Sales
Non recurrent costs: Indemnifications for contract termination [Note 26] and Other non recurrent administrative expenses [Note 27]
EBITDA: Re-EBITDA + Non recurrent costs
EBITDA (%): EBITDA / Sales
EBIT: Results before net financial costs [Note 29] and Income tax [Note 30]
EBIT margin: EBIT / Sales
ROCE: Re-EBITDA/ (Tangible fixed assets + Investments in associated companies + Available-for-sale financial assets + working capital)
Net debt: Non-current loans + current loans + financing associated to financial assets + financial leases ? cash and cash equivalents [Note 21]
Interest coverage: Re-EBITDA/Net Financial Costs
Working capital: Trade receivables + Inventories – Suppliers

Holding Structure

Holding Structure

Management Team

Management Team

Our Business

Our Business