Ahlstrom-Munksjö interim report January-March 2019: Steps in improving competitiveness

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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.

HIGHLIGHTS

  • 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

Link to press release

Source: Ahlstrom-Munksjö