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 1,709 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.
5,000
daily product deliveries
40
warehouses and logistic platforms in Europe
80,000
clients in ten countries
| MILLION EUROS | 2019 | 2018 | 2017 | 2016 | Var. 19/18 |
|---|---|---|---|---|---|
| Tonnes ('000) | 887 | 735 | 813 | 771 | 20,8% |
| Sales | 1.030,8 | 860,3 | 885,7 | 849,8 | 19,8% |
| Gross margin | 178,4 | 151,9 | 161,7 | 151,5 | 17,4% |
| Gross margin (%) | 17,3% | 17,7% | 18,3% | 17,8% | -0,4 pp |
| Net Operational costs | 148,6 | 131,9 | 136,6 | 127,5 | 12,6% |
| Operational Income | 24,8 | 22,9 | 21,0 | 25,2 | 8,3% |
| Operational Costs | 173,4 | 154,9 | 157,5 | 152,8 | 12,0% |
| Impairment of current assets | 1,5 | 1,5 | 2,5 | 2,0 | -1,4% |
| Re-EBITDA | 28,3 | 18,4 | 22,6 | 22,0 | 53,3% |
| Re-EBITDA (%) | 2,7% | 2,1% | 2,6% | 2,6% | 0,6 pp |
| Non recurrent costs | 1,6 | 2,0 | 3,3 | -4,9 | -23,4% |
| EBITDA | 26,7 | 16,5 | 19,3 | 26,9 | 61,9% |
| EBITDA (%) | 2,6% | 1,9% | 2,2% | 3,2% | 0,7 pp |
| EBIT | 10,8 | 10,6 | 13,7 | 21,3 | 1,5% |
| EBIT (%) | 1,0% | 1,2% | 1,5% | 2,5% | -0,2 pp |
| Net Financial results | 15,7 | 14,3 | 13,2 | 14,2 | 9,7% |
| EBT | -4,9 | -3,7 | 0,3 | 7,1 | -1,2 |
| Taxes on Profits | 0,8 | 0,1 | 0,0 | -2,8 | 0,7 |
| Net income | -4,1 | -3,6 | 0,2 | 4,4 | -0,5 |
| 31-12-19 | 31-12-18 | 31-12-17 | 31-12-16 | Var. 19/18 | |
| Net debt 1 | 337,3 | 272,2 | 296,4 | 290,7 | 23,9% |
| Interest coverage | 1,8 x | 1,3 x | 1,7 x | 1,5 x | 0,5 x |
| Working capital | 87,6 | 97,0 | 119,6 | 126,6 | -9,7% |
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.
