UNAUDITED NON CONSOLIDATED QUARTERLY FINANCIAL INFORMATION

Size: px

Start display at page:

Download "UNAUDITED NON CONSOLIDATED QUARTERLY FINANCIAL INFORMATION"

Coral Randall
6 years ago
Views:

1 UNAUDITED NON CONSOLIDATED QUARTERLY FINANCIAL INFORMATION Company: ALTRI, SGPS, S.A. Head office: R. GENERAL NORTON DE MATOS, 68, PORTO NIPC: Reference period: Amounts in Euro 1st Quarter 3rd Quarter Beginning: 01/01/2006 End:31/03/2006 ASSETS Non consolidated (Portuguese GAAP) Change (%) Fixed Assets (net) 96,475,247 96,475,744 0% Intangible assets 3,143 3,549 11% Tangible assets % Investments in affiliates and associates 96,471,391 96,471,391 0% Debtors (net) 2,508 2,131 18% Amounts falling due over one year Amounts falling due within one year 2,508 2,131 18% SHAREHOLDERS' EQUITY Share capital 25,641,459 25,641,459 Nr. of ordinary shares 51,282,918 51,282,918 Nr. of other types of shares Own shares Nr. of voting shares Nr. of non voting shares LIABILITIES Balance Sheet Provisions Creditors 38,114,266 35,086,452 9% Amounts falling due over one year Amounts falling due within one year 38,114,266 35,086,452 9% TOTAL NET ASSETS 96,840,193 96,783,153 0% TOTAL SHAREHOLDERS' EQUITY 58,725,102 61,696,701 5% TOTAL LIABILITIES 38,115,091 35,086,452 9% Profit and loss account Non consolidated (Portuguese GAAP) (2) Change (%) Sales and services rendered Changes in stocks of finished goods and in work in progress Cost of goods sold and materials consumed and of the services rendered Gross profit Operating profit (94,103) (1,048) 8879% Net financial profit (313,350) (66,885) 368% Profit / (Loss) on ordinary activities (407,453) (67,933) 500% Extraordinary net profit Income tax (1) Net Profit for the quarter (407,453) (67,933) 500% Earnings per share (0.01) (0.00) 500% Net Profit for the quarter + Depreciation + Provisions (406,719) (67,796) 500% (1) Income taxation estimate (2) including only one month of operations, since the Company was incorporated as of 1 March

2 UNAUDITED CONSOLIDATED QUARTERLY FINANCIAL INFORMATION Company: ALTRI, SGPS, S.A. Head office: R. GENERAL NORTON DE MATOS, 68, PORTO NIPC: Reference period: Amounts in Euro 1st Quarter 3rd Quarter Beginning: 01/01/2006 End:31/03/2006 ASSETS Consolidated (IFRS) Change (%) Tangible fixed assets 120,564, ,744,084 3% Goodwill 14,339,391 14,339,391 0% Intangible fixed assets 465, ,183 3% Investments in associates 7,612,610 Financial instruments held to maturity 15,000 Financial assets available for sale 553,908 2,855,017 81% Accounts receivable from third parties (commercial activity) 64,689,876 56,462,921 15% SHAREHOLDERS' EQUITY Share capital 25,641,459 25,641,459 Nr. of ordinary shares 51,282,918 51,282,918 Nr. of other types of shares Own shares Nr. of voting shares Nr. of non voting shares Adjustments inclued in Shareholders' equity Minority interests 1,830,582 1,778,485 3% LIABILITIES Balance Sheet Provisions 203, ,637 35% Accounts payable to third parties (commercial activity) 34,186,641 98,932,456 65% Other financial liabilities 1,651,619 2,455,322 33% TOTAL NET ASSETS 292,998, ,124,590 1% TOTAL SHAREHOLDERS' EQUITY 73,548,481 72,523,343 1% TOTAL LIABILITIES 219,450, ,601,247 1% Profit and loss account Consolidated (IFRS) (1) Change (%) Revenues 56,854,768 13,221, % Cost of sales or services rendered (23,017,834) (5,251,400) 338% Gross profit 33,836,934 7,969, % Earnings before interests, tax, depreciation and amortisation 10,677,581 2,448, % Net financial expenses (1,402,331) (193,425) 625% Income tax (1,227,588) (374,579) 228% Minority interests (52,097) (15,031) 247% Net profit attributable to the parent company's shareholders 3,550,937 1,171, % Basic earnings per share % Dilluted earnings per share % (1) including only one month of operations, since the Company was incorporated as of 1 March

3 EVOLUTION OF THE ACTIVITY IN THE QUARTER (Translation of a report originally issued in Portuguese) Altri, SGPS, S.A. was incorporated as of 1 March 2005 as a result of the restructuring process of Cofina, SGPS, S.A. leading to the separation of Cofina s investments on a business perspective. Therefore, the business interests in the media sector were aggregated in Cofina and the interests in the industry were included in Altri, SGPS, S.A. During the third quarter of 2005 Altri Group has acquired, through Celulose do Caima, 95% of the share capital of Celtejo Empresa de Celulose do Tejo, S.A. (formerly named Portucel Tejo), thus enhancing the Group s position in the pulp and paper sector. During the first quarter of 2006 the Group sold its participation in Vista Alegre Atlantis share capital, being the Group s present portfolio as follows: 3

4 CONSOLIDATED FINANCIAL INFORMATION Altri s consolidated financial information for the first quarter of 2006, in comparison with the homologous period of 2005, prepared in accordance with International Financial Reporting Standards can be summarized as follows: 1 st Quarter 06 1 st Quarter 05 IFRS IFRS 06/05 (b) Operating income 56,855 13, % Operating profit (EBIT) 6,233 1, % Net profit (a) 3,551 1, % EBITDA 10,678 2, % EBITDA Operating profit + amortisation (a) net profit attributable to the parent company's shareholders (b) including only one month of operations, since the Company was incorporated as of 1 March 2005 Bearing in mind that (i) Altri was incorporated as of 1 March 2005, thus including the first quarter of 2005 only one month of operations and that (ii) Celtejo was acquired in July 2005, we present also the financial indicators for the last quarter of 2005, for comparison purposes, since this is the only comparable period with the current quarter due to the mentioned operations. 1 st Quarter 06 4 th Quarter 05 IFRS IFRS 06/05 Operating income 56,855 52,267 9% Operating profit (EBIT) 6,233 4,799 30% Net profit (a) 3,551 2,072 71% EBITDA 10,678 9,324 15% EBITDA Operating profit + amortisation (a) net profit attributable to the parent company's shareholders In a comparable basis, it is clear the growth in Altri Group s activity, namely in the operating income with an increase of 9% in comparison with the last quarter 2005 overcoming 56 million euro and an increase of 30% in operating profit. EBITDA overcame 10 million euro in the first quarter of 2006 increasing 15% in comparison with the last quarter of 2005, allowing the net profit for the quarter to grow 71%. As of 31 March 2006 the Group s gross debt amounted to 157 million euro (154.9 million euro as of 31 December 2005) and the net debt amounted to million euro (141.5 million euro as of 31 December 2005). The increase in debt is related to the acquisition that took place in January 2006 of 50% of the share capital of EDP Produção Bioeléctrica amounting to 7.5 million euro. 4

5 SUBHOLDING INFORMATION Steel and WarehousingSystems F. Ramada Group 1 st Quarter 06 1 st Quarter 05 IFRS IFRS 06/05 Operating income 23,714 23,559 1% Operating profit (EBIT) 2,787 3,134 11% Net profit 1,841 2,132 14% EBITDA 3,524 3,639 3% EBITDA Operating profit + amortisation Ramada Group s turnover in the first quarter of 2006 was similar to the amounts recorded in the homologous period of 2005, despite the stagnation environment felt in the domestic market. The cast and metalworking industry presented during the first quarter of 2006 activity levels lower than expected, leading to an increase in market competition and with a negative effect over the Group s commercial margin. The selling prices of carbon steel began their recovery during this period, while alloy steel prices have stabilized. However, the decreasing trend occurred in the first quarter and the incapacity of reflecting the purchase costs over the final customers have led to a reduction in operating profit and net profit, due to the increase in cost of sales, scenario which is expected to reverse still during It is Ramada Group s expectation that the customers activity levels should recover to their normal levels during the second quarter. In the warehousing systems sector, the Group kept its bet in foreign market, having the Polish and the Dutch market presented the best growth performances. The Group maintained its investment policy, developing projects to increase its productivity and competitiveness. 5

6 Pulp and Paper Caima/CeltejoGroup 1 st Quarter 06 4 th Quarter 05 1 st Quarter 05 IFRS IFRS IFRS 1Q06 / 4Q05 (b) (b) Operating income 33,141 28,756 15,859 15% Operating profit (EBIT) 3,615 2,412 2,131 50% Net profit (a) 2,172 1,617 1,630 34% EBITDA 7,247 6,188 3,709 17% EBITDA Operating profit + amortisation (a) net profit attributable to the parent company's shareholders (b) including Celtejo Group Bearing in mind the acquisition of 95% of the share capital of Celtejo that occurred in July 2005, the Caima/Celtejo Group s performance is not directly comparable with the homologous period of the preceding year. Therefore, for comparison purposes, the financial information relating to the last quarter of 2005 is presented, since that period already includes the activity of all the Group companies (companies previously held plus Celtejo Group). The Group s activity during the first quarter of 2006 was influenced by the increase in pulp prices which resulted in a positive evolution of the market in comparison with The prices growth resulted partly from the closing of some factories in North America, namely, in Canada. In which concerns kraftsack, the prices increase was slower, being the present levels still unsatisfactory. In global terms, the pulp and paper performance was quite positive during the first quarter of 2006 in comparison with the last quarter of 2005, having operating income increased 15% in the same trend as operating cashflow, which increased 17%, overcoming 7.2 million euro during the period. Operating profit increased 50% in comparison with the fourth quarter of 2005, benefiting from the increase of operating income as well as from the costs optimization and the selling price increase. Net profit attributable to parent company s shareholders increased 34%, amounting to 2.2 million euro. It should also be mentioned the acquisition, by Caima Energia, S.A., as of 5 January, of 50% of the share capital of EDP Produção Bioeléctrica, entity that holds the thermoelectrical and forest residue central in Mortágua. 6

7 NON CONSOLIDATED FINANCIAL INFORMATION Altri, S.G.P.S, S.A. nonconsolidated financial information, prepared in accordance with Portuguese generally accepted accounting principles, can be summarized as follows: 31Mar06 31Dec05 Portuguese GAAP Portuguese GAAP Net assets 96,840 96,783 Total shareholders' equity 58,725 61,697 Net profit (407) 3,652 The comparison of the shareholders equity as of 31 March 2006 and 31 December 2005 is affected by the net profit for the period and by the dividends distribution amounting to 2.6 million euro approved in the General Shareholders Meeting which took place in 31 March Porto, 26 April 2006 João Borges de Oliveira Director Alfredo Portocarrero Controller 7

NON CONSOLIDATED / CONSOLIDATED QUARTERLY FINANCIAL INFORMATION

NON CONSOLIDATED / CONSOLIDATED QUARTERLY FINANCIAL INFORMATION Company: ALTRI, SGPS, S.A. Head office: R. GENERAL NORTON DE MATOS, 68, PORTO NIPC: 507 172 086 Reference period: Values in Euro 1st Quarter