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 55 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 1,838 employees serving, in 10 countries, more than 80 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 ten countries

International Presence

International Presence

Our Strategy

Our Strategy

MILLION EUROS2019201820172016Var. 19/18
Tonnes ('000)88773581377120,8%
Gross margin178,4151,9161,7151,517,4%
    Gross margin (%)17,3%17,7%18,3%17,8%-0,4 pp
Net Operational costs148,6131,9136,6127,512,6%
    Operational Income24,822,921,025,28,3%
    Operational Costs173,4154,9157,5152,812,0%
Impairment of current assets1,51,52,52,0-1,4%
    Re-EBITDA (%)2,7%2,1%2,6%2,6%0,6 pp
Non recurrent costs1,62,03,3-4,9-23,4%
    EBITDA (%)2,6%1,9%2,2%3,2%0,7 pp
    EBIT (%)1,0%1,2%1,5%2,5%-0,2 pp
Net Financial results15,714,313,214,29,7%
Taxes on Profits0,80,10,0-2,80,7
Net income-4,1-3,60,24,4-0,5
31-12-1931-12-1831-12-1731-12-16Var. 19/18
Net debt 1337,3272,2296,4290,723,9%
Interest coverage1,8 x1,3 x1,7 x1,5 x0,5 x
Working capital87,697,0119,6126,6-9,7%

1 Includes securitization.
Includes IFRS 16 impact of 44M€.


On January 1, 2019, the Inapa Group adopted the accounting standard IFRS 16, opting for the modified retrospective transition model and did not restate the comparative financial information. The main impacts resulting from the adoption of IFRS 16 were:

a) On the Balance Sheet: Recognition of an asset under right of use under the item “Right of Use” of 41.8M € and a lease liability under the item “Loans” of 43.8M €, with the difference net of the impact of deferred taxes, being recorded in retained earnings.

b) In the Income Statement: in Administrative and Commercial Expenses reduction in rents and rentals by approximately 11.2M €, an increase in Depreciation by approximately 9.6M € and an increase in Financial Expenses by 1.4M €.

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 Operating costs: Operational costs – Operational income.
Operating income: Service rendered and supplementary income excluding Net cash discounts [Note 25].
Operating costs: Personnel costs [Note 26] excluding indemnifications for contracts termination recognized as non recurring charges + Other costs [Note 27] excluding impairment of current assets.
Impairment of current assets: Impairment of current assets as in Other costs [Note 27]
Re-EBITDA: Results before net financial function [Note 29], Income tax [Note 30], Depreciations and amortizations [Note 28], Gains/(Losses) in Associates and non recurrent costs.

Re-EBITDA (%): Re-EBITDA / Sales
Non recurrent costs: Mainly indemnifications for contracts termination [Note 26]
EBIT: Results before net financial function [Note 29] and Income tax [Note 30]
EBIT margin: EBIT / Sales
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 function [Note 29]
Working capital: Trade receivables + Inventories – Trade Payables

Holding Structure

Holding Structure

Management Team

Management Team

Our Business

Our Business