GRUPPO CORDENONS ANNOUNCES FY 2016 FINANCIAL RESULTS
Leading Italian paper manufacturer maintains growth, consolidating
the positive trend of recent years
Milan, 20th June 2017 – Gruppo Cordenons a leading Italian manufacturer of innovative fine & technical papers, today announced its 2016 FY financial results, confirming good performances in all areas. A presentation of the first quarter financial results follows.
2016 FY financial results highlights (compared to 2015)
- Turnover: € 85.5 million - increased by 2%
- EBITDA: € 14.7 million – 17.2% on turnover, improved by 7% on previous year
- Net profit: 8.2% on turnover, improved by 5% on previous year
- Operational cash: improved by 7% in comparison to 2015
- Bank loans: reduction of € 4.5 million in comparison to the end of 2015
- Bank loans/ EBITDA ratio: 0.78 (1.21 in 2015)
- Investments: € 3.2 million (€6.3 in 2015)
With a turnover of €85.5 million, representing a 2% increase compared to 2015, Gruppo Cordenons continues on the growth path started in 2014 and consolidates its positive trend in recent years. 2016 EBITDA also leaps up by 7% versus 2015 at €14.7 million, equating to 17.2% on turnover. The Company posted 8.2% growth in net profit, improving by 5% on previous year and delivered a strong operational cash performance (+7% against 2015). Furthermore, in 2016, Gruppo Cordenons invested € 3.2 million targeting R&D and the fulfilment of the energy efficiency improvement programme.
“We achieved good performances in all areas, growing in turnover and profitability. – says Enrico Caviglia, General Manager Gruppo Cordenons – We are particularly satisfied with our steady improvement: the 2016 positive results demonstrates the successful global strategy taken by our company”.
These positive results allowed the Company to provide, as in the previous year, an achievement bonus of €3,100 per employee in the production department.
The first quarter 2017 results are showing a further improvement with turnover increasing by 5% and EBITDA growing by 18% in comparison to the same period of the previous year.