Download 1 – âmbito da informação

INAPA – INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA
(public company)
Headquarters: Rua do Salitre, no. 142, 1269-064, Lisbon
Equity Capital: € 150 000 000
Registration no.: 36 338 – Lisbon Commercial Registry Office
Legal Person: 500 137 994
ACTIVITY IN 3RD QUARTER OF 2006
1 – INFORMATION
In compliance with the applicable legal definitions, the Board of Directors of Inapa –
Investimentos, Participações e Gestão, SA, hereby presents information regarding the
3rd quarter of the current year.
This financial information was prepared in observance of the IAS/IFRS, which were
also observed for the same period of 2005, so as to permit comparison on the same
basis.
2 – SUMMARY OF ACTIVITY IN THE SECTOR AND THE GROUP
Demand for paper in Europe remained stable during the period in question, in spite of
the economic growth and an increase in advertising spending.
The sales volume of coated paper remained at a similar level, with a slight increase in
uncounted papers, particularly in the office paper segment.
According to Eugropa figures, the trading volume was in line with previous year.
The average sales price decreased by approximately 1% compared with the same
period of 2005, notwithstanding the slight increase in some types of paper during the
quarter in question.
The Inapa Group, performance between January and September suffered, the impact
of non-recurrent costs related to the restructuring activity taking place in France and
Spain, which had a significant effect on sales.
It should also be stressed that the recent extension of the Group’s activity to new types
of products in the packaging area has also yielded encouraging results.
The volume of Group sales fell to 802 thousand tonnes (-14000 tonnes), with countries
undergoing restructuring having a negative impact of 20000 tonnes.
The value of sales decreased by approximately 7.6 million Euro, with decreases in the
two countries where restructuring processes are underway amounting to some 23
million Euro.
The average sales price of the Group was down 0.7% on the figure for the same period
of 2005, but up almost 1.0% on the figure for December 2005.
The gross margin in an year on year basis was down by approximately 4.2 million
Euro, in a back of the fall in the average sales price and lower activity.
As regards operating costs, the only item that increased was transport costs, as a
result of the increase in fuel prices. This increase was to the order of 1.1 million Euro.
Personal costs and general and administrative costs remained stable.
Recurrent EBITDA was down by 3.8 million Euro, to 15.6 million Euro, partly due to the
temporary decrease in the above mentioned restructuring operations.
Financial costs grew by 2.4 million Euro to 16 million Euro, as a direct result of the rise
in interest rates.
Interest-bearing liabilities were down 43 million Euro to 436 million Euro, reflecting the
disposal of financial investments and the working capital management.
The group net profit came to a loss of 4.6 million Euro, almost 6.2 million Euro less
than the figure for the same period of the previous year.
FORECAST FOR THE 4TH QUARTER
As the restructuring processes undergone by the Group are practically complete, the
Group should return to positive results in the 4th quarter, which is expected to see a
trend towards stabilisation or perhaps even a slight increase in the average sales price.
New businesses, such as packaging, logistics and office supply, should maintain their
levels of growth and contribute positively to the results of the Group.
Lisbon, 16 November 2006
The Board of Directors
QUARTLY INDIVIDUAL INFORMATION (unaudited)
(applicable to entities subject to the accounting standards of the Official Plan of Accounts)
Company:
INAPA - INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA
Registered office:
Rua do Salitre, 142
1269-064 LISBOA
VAT Nº:
Period:
1st Quarter
5the Quarter(1)
3rd Quarter
Balance Sheet Headings
(Ths Euros)
Individual
n-1
n
Var. (%)
500 137 994
Start:
01-01-2006
End:
30-09-2006
n
Consolidated
n-1
Var. (%)
n
Consolidated
n-1
Var. (%)
Assets
Fixed assets (net)
Intangible fixed assets
31,25
23,79
31,36
Tangible fixed assets
740,08
1.374,97
(46,17)
474.990,91
502.666,46
(5,51)
Medium & long term
47.249,21
13.249,21
256,62
Short term
18.695,36
15.883,53
17,70
Share Capital
150.000,00
150.000,00
Nº. Ordinary sares
30.000.000
30.000.000
Financial assets
Third-party debtors (net)
Shareholders' Equity
Nº of shares of other natures
Value of Treasury shares
15.737,31
16.337,35
(3,67)
Nº. of voting shares
2.873.838
2.645.295
8,64
258.711,15
261.532,91
(1,08)
52.524,63
40.148,32
30,83
Nº. of non-voting shares
Minority interests
Liabilities
Provisions for contigencies & liabilities
Third-party Creditors
Medium & long term
Short term
TOTAL ASSETS (net)
555.105,59
542.970,66
2,23
TOTAL SHAREHOLDERS' EQUITY
242.528,27
240.250,52
0,95
TOTAL LIABILITIES
312.577,32
302.720,14
3,26
Profit & Loss Account Headings
Sales & provision of services
Individual
n-1
n
Var. (%)
3.304,91
3.637,72
(9,15)
3.304,91
3.637,72
(9,15)
Production fluctuation
Cost of goods sold, materials cons. & services provided
Gross profit
Operating profit
6.206,40
6.147,75
0,95
(7.193,28)
3.025,28
(337,77)
Current profit
(986,88)
9.173,03
(110,76)
Extraordinary profit (loss)
4.396,40
(136,11)
(3330,03)
Taxes (2)
1.000,00
-
-
Financial charges (net)
Minority interests
Net profit (loss) for the quarter
Net profit per share for the quarter
Self-financing (3)
(1)
Applicable during the first financial year by companies whose financial year
is not the calendar year (Article 65-A of the Companies Code);
(2)
Estimated Taxes
(3)
Self-financing = Net profit + Depreciation + Provisions
-
-
-
2.409,52
9.036,92
(73,34)
0,0803
0,3012
(73,34)
2.452,26
9.085,85
(73,01)
QUARTLY CONSOLIDATED INFORMATION (unaudited)
Company:
INAPA - INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA
Registered office:
Rua do Salitre, 142
1269-064 LISBOA
VAT Nº:
Period:
1st Quarter
3rd Quarter
Balance Sheet Headings
(Ths Euros)
5the Quarter(1)
Consolidated
30-09-2006
IFRS
500 137 994
Start:
01-01-2006
End:
30-09-2006
Consolidated
31-12-2005
Var. (%)
IFRS
ASSETS
Fixed Assets
452.488
476.072
(4,95)
Tangible Assets
134.415
134.655
(0,18)
Tangible fixed assets
114.150
115.079
(0,81)
Goodwill
147.558
142.208
3,76
19.796
49.605
(60,09)
Investments
Other fixed assets
36.569
34.525
5,92
231.378
260.651
(11,23)
Inventory
83.361
84.360
(1,18)
Clients
68.076
99.743
(31,75)
Other Current assets
74.834
70.605
5,99
5.107
5.943
(14,07)
Current Assets
Cash and banks
Shareholders' Equity & Liabilities
Share Capital
Nº. of ordinary shares
150.000
150.000
30.000.000
30.000.000
Nº of shares of other natures
Value of Treasury shares
Nº. Of voting shares
15.905
16.500
(3,61)
2.896.972
2.669.629
8,52
86.615
92.190
(6,05)
7.506
7.325
2,47
Nº. of non-voting shares
Capital atributed to shareholders
Minority interrest
Liabilities
Non Current
339.118
314.161
7,94
Loans
298.375
273.306
9,17
(6,84)
Pension funds
4.466
4.794
36.277
36.061
0,60
Current
250.626
323.047
(22,42)
Loans
(34,24)
Other non current liabilities
126.268
192.005
Suppliers
82.337
76.668
7,39
Other current liabilities
42.021
54.374
(22,72)
683.866
736.723
(7,17)
94.122
99.515
(5,42)
589.744
637.208
(7,45)
TOTAL ASSETS
TOTAL SHAREHOLDERS EQUITY *
TOTAL LIABILITYS
* Including minority interets
Profit & Loss Account Headings
Revenues
Consolidated
30-09-2005
IFRS
30-09-2006
IFRS
Var. (%)
798.892
804.937
(0,75)
Cost of sales
-691.813
-699.749
(1,13)
Gross margin
107.079
105.187
1,80
11.634
17.345
(32,93)
-15.471
-14.819
4,40
-3.801
2.526
(250,50)
455
837
(45,63)
302
11
2727,72
Operational profit
Financial profit (net)
Profit related to Group companies
Current profit
36
Extraordinary
Taxes
(2)
Minority interest
Net profit for the quarter
Net profitper share for the quarter
Self-financing
(1)
(3)
Applicable during the first financial year by companies whose financial year
is not the calendar year (Article 65-A of the Companies Code);
(2)
(3)
Estimated Taxes
Self-financing = Net profit + Depreciation + Provisions
-4.558
1.678
(371,64)
-0,000152
0,000056
(371,64)
-4.558
10.582
(143,07)