AHLSTROM-MUNKSJÖ INTERIM REPORT RELEASE, APRIL 25, 2019 at 08:30
This release is a summary of Ahlstrom-Munksjö’s’ interim report January-March 2019. The complete report is attached to this release as a pdf-file. It is also available at www.ahlstrom-munksjo.com.
- Q1/2019 comparable EBITDA grew by 12.4% to EUR 75.0 million (actual EUR 66.7 million in Q1/2018)
- Demand remained weak, partially due to destocking, but improved toward the end of the quarter
- Ahlstrom and Munksjö integration completed, synergy benefits achieved as planned. Good progress on achieving promised synergies related to recent acquisitions.
- New products launched, such as composite fiber fabric for the marine industry, a fiber-based solution for drinking straws
- Closure of one paper machine to improve competitiveness in one-side coated segment
- New business structure announced to drive strategic alignment and integration
Q1/2019 VS Q1/2018 PRO FORMA
- Net sales EUR 758.7 million (EUR 751.0 million), an increase of 1.0%.
- Comparable EBITDA EUR 75.0 million (EUR 86.3 million), representing 9.9% (11.5%) of net sales
- Profitability impacted by lower sales volume, while gross margin for products improved further
- Net profit EUR 4.1 million (EUR 24.3 million), significantly impacted by items affecting comparability related to integration and cost saving initiatives
- Earnings per share EUR 0.03 (EUR 0.21)
- Comparable EPS excluding depreciation and amortization arising from PPA EUR 0.21 (EUR 0.32)
- Gearing increased mainly due to the implementation of the IFRS 16 standard and there was also a minor positive effect on the EBITDA