Quarterly Report • May 15, 2008
Quarterly Report
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1st Quarter 2008
Semapa – Sociedade de Investimento e Gestão, SGPS, SA. Public Limited Company Av. Fontes Pereira de Melo, 14 – 10º 1050-121 Lisboa Tel. (351) 213 184 700 Fax (351) 213 521 748 Lisbon Companies Registry and Corporate Person no. 502 593 130 Share Capital 118.332.445 Euros
| CONSOLIDATED QUARTERLY REPORT (Unaudited) (applicable to entities subject to the IAS/IFRS accounting standards) |
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|---|---|---|---|---|---|
| Company: SEMAPA - SOCIEDADE DE INVESTIMENTO E GESTÃO, SGPS, S.A. SOCIEDADE ABERTA | |||||
| Registered offices: AV. FONTES PEREIRA DE MELO, 14 - 10º 1600 - 079 LISBOA | Corp. no.: 502 593 130 | ||||
| Period: | Figures in Euros | ||||
| 1st Quarter 3rd Quarter 5th Quarter (1) |
Start: 01/01/2008 End: 31/03/2008 | ||||
| IFRS Consolidated | |||||
| Balance sheet items | 31-03-2008 | 31-12-2007 | Var. (%) | ||
| ASSETS (2) | |||||
| Fixed assets (net) | |||||
| Tangible fixed assets | 1.641.216.078 | 1.621.494.019 | 1,22% | ||
| Goodwill | 285.143.839 | 285.675.118 | (0,19%) | ||
| Intangible assets (3) | 152.845.432 | 152.963.362 | (0,08%) | ||
| Investments in associates | 1.877.731 | 1.878.882 | (0,06%) | ||
| Financial instr. held to maturity | - | - | |||
| Financial assets available for sale | 1.154.989 | 1.427.137 | (19,07%) | ||
| Accounts receivable (net) | 363.924.516 | 375.324.637 | (3,04%) | ||
| SHAREHOLDERS' EQUITY | |||||
| Share capital (in euros) | 118.332.445 | 118.332.445 | 0,00% | ||
| No. ordinary shares | 118.332.445 | 118.332.445 | 0,00% | ||
| No. other shares | |||||
| Treasury stock (in euros) | 5.447.975 | 5.447.975 | 0,00% | ||
| No. voting shares | 5.447.975 | 5.447.975 | 0,00% | ||
| No. non-voting preference shares | |||||
| Adjustments included in shareholders' equity (4) | (5.996.748) | (16.576.730) | (63,82%) | ||
| Minority interests | 293.162.666 | 304.873.080 | (3,84%) | ||
| LIABILITIES | |||||
| Provisions | 46.560.242 | 46.454.921 | 0,23% | ||
| Accounts payable (business activities) | 360.142.771 | 316.026.889 | 13,96% | ||
| Other financial liabilities | 1.264.051.536 | 1.326.608.003 | (4,72%) | ||
| TOTAL ASSETS (net) | 3.225.614.688 | 3.257.139.769 | (0,97%) | ||
| TOTAL SHAREHOLDERS' EQUITY | 1.025.288.676 | 1.050.698.103 | (2,42%) | ||
| TOTAL LIABILITIES | 2.200.326.012 - |
2.206.441.666 - |
(0,28%) |
| IFRS Consolidated | ||||
|---|---|---|---|---|
| Income Statement Items | 31-03-2008 | 31-03-2007 | Var. (%) | |
| Earnings | 372.992.290 | 342.357.359 | 8,95% | |
| Cost of sales or services rendered | (144.438.457) | (112.599.756) | 28,28% | |
| Gross profit | 228.553.833 | 229.757.603 | (0,52%) | |
| Profit before financial costs, taxes, | ||||
| depreciation and amortisation | 94.472.503 | 122.580.130 | (22,93%) | |
| Financial costs | (16.135.052) | (14.115.746) | 14,31% | |
| Tax costs | (18.041.046) | (19.801.567) | (8,89%) | |
| Minority interests | 8.975.541 | (9.777.426) | (191,80%) | |
| Net profit for the quarter (6) | 24.356.816 | 47.169.053 | (48,36%) | |
| Basic net profit for the quarter per share (7) | 0,21 | 0,41 | (48,36%) | |
| Diluted net profit for the quarter per share (7) | 0,21 | 0,41 | (48,36%) |
1) Applicable to the first financial year of companies that adopt a financial year different from the calendar year (Article 65-A of the Companies Code).
(2) These are examples of assets accounts, which will be published. The list does not include all asset items, meaning that the order does not necessarily follow the current/non-current distinction or order of liquidity format.
(3) Includes all items covered by IAS 38 – Intangible assets, and therefore does not include goodwill, indicated separately. (4) All income and expense items that, under IAS/IFRS or resulting interpretations, are recognized directly in equity.
(5) The date should be identified and the respective items should contain the accrued amounts up to the reference date (3 months, 9 months or, under particular
circumstances, 15 months. See (1)).
(6) The net profit for the quarter refers to the accrued figure up to the reporting date. In the case of the 3rd quarter, this will be the amount accrued over the 9 months of the financial year, after minority interests.
(7) Calculated in accordance with IAS 33.
The SEMAPA Group recorded positive performance in the 1st quarter of 2008, as reflected in consolidated turnover of 373.0 million euros, EBITDA of 94.7 million euros and net profits of 24.4 million euros, permitting it to reduce its net borrowing by 26.4 million euros.
| 106 Euros |
IFRS Accrued Mar-08 |
IFRS Accrued Mar-07 |
% Var. 08/07 |
|---|---|---|---|
| Sales | 373,0 | 342,4 | 9% |
| Other income | 6,1 | 32,9 | (81%) |
| Costs and losses | (284,4) | (251,8) | 13% |
| Total EBITDA | 94,7 | 123,5 | (23,3%) |
| Recurrent EBITDA | 94,7 | 97,7 | (3%) |
| Depreciation and impairment losses | (27,0) | (31,7) | (15%) |
| Provisions (increases and reversals) | (0,3) | (0,9) | (70%) |
| EBIT | 67,5 | 90,9 | (26%) |
| Net financial profit | (16,1) | (14,1) | 14% |
| Pre-tax profit | 51,4 | 76,7 | (33%) |
| Tax on profits | (18,0) | (19,8) | (9%) |
| Retained profits for the period | 33,3 | 56,9 | (41%) |
| Attributable to Semapa shareholders | 24,4 | 47,2 | (48%) |
| Attributable to minority interests | 9,0 | 9,8 | (0,1) |
| Cash flow | 60,6 | 89,6 | (32%) |
| EBITDA margin (% Sales) | 25,4% | 36,1% | (30%) |
| Recurrent EBITDA margin (% Sales) | 25,4% | 28,5% | (11%) |
| EBIT margin (% Sales) | 18,1% | 26,5% | (32%) |
Notes:
| 106 Euros |
March 2008 |
December 2007 |
% Var. 08/07 |
|---|---|---|---|
| Total net assets | 3.225,6 | 3.257,1 | (1%) |
| Net debt | 861,4 | 887,9 | (3%) |
| 106 Euros |
Paper and pulp |
Cement | Holdings | Consolidated |
|---|---|---|---|---|
| Sales | 300,6 | 72,4 | - | 373,0 |
| Total EBITDA | 78,1 | 20,7 | (4,0) | 94,7 |
| Recurrent EBITDA | 78,0 | 20,7 | (4,0) | 94,7 |
| Depreciation and impairment losses | (21,8) | (5,1) | (0,0) | (27,0) |
| Provisions (increases and reversals) | (0,3) | 0,1 | (0,1) | (0,3) |
| EBIT | 55,9 | 15,8 | (4,1) | 67,5 |
| Net financial profit | (6,1) | (3,2) | (6,9) | (16,1) |
| Pre-tax profit | 49,8 | 12,6 | (11,0) | 51,4 |
| Tax on profits | (14,8) | (3,2) | (0,0) | (18,0) |
| Retained profits for the period | 35,0 | 9,4 | (11,0) | 33,3 |
| Attributable to Semapa shareholders | 26,5 | 8,9 | (11,0) | 24,4 |
| Attributable to minority interests | 8,5 | 0,4 | - | 9,0 |
| Cash flow | 57,2 | 14,3 | (10,9) | 60,6 |
| EBITDA margin (% turnover) | 26,0% | 28,6% | - | 25,4% |
| EBIT margin (% turnover) | 18,6% | 21,8% | - | 18,1% |
| Total net assets | 2.526,0 | 471,3 | 228,4 | 3.225,6 |
| Net debt | 339,3 | 72,1 | 450,0 | 861,4 |
NB: Figures for business segment indicators may differ from those presented individually by each Group, as a result of consolidation adjustments.
The Portucel Soporcel Group's contribution in the 1st quarter of 2008 totalled 300.6 million euros, representing an increase of 7.5% over the same period in 2007.
This positive performance was achieved thanks to increased sales, of both paper and pulp, and to positive evolution in the respective prices.
Paper Sales (261.9 thousand tons, up by 2.4% on the same period in 2007) and the respective average sales price (up by 3.6%, in line with the PIX A4 B-Copy price index) both performed well, with the result that total sales in this segment recorded year-on-year growth of 6.1%, accounting for 70% of the Portucel Soporcel Group's total turnover.
The PIX index for eucalyptus pulp prices in USD was up by 17.6% in relation to the first quarter of 2007. However, this increase was not reflected in the pulp price in euros, due to the depreciation of the USD against the euro. As a result, the Group's average sales price in euros was only 2.4% higher than in the first quarter of the previous year.
Pulp output totalled 343.8 thousand tons, corresponding to an increase of 10.8 thousand tons (+ 3.2%) on the first quarter of 2007. Due to increased incorporation of pulp in paper production, the increase in sales was smaller than the increase in production (+ 5.5 thousand tons).
These factors contributed to an increase in total pulp sales of approximately 6.5% in relation to the same period in 2007 (+ 67.5 million euros).
Pulp Sales accounted for 23% of the Portucel Soporcel Group's total turnover.
The remaining 7% of the Portucel Soporcel Group's turnover was generated by the energy sector and other services.
The contribution from Secil's turnover stood at 72.4 million euros, with accrued sales up by 16% over the same period in 2007. Growth in sales was sustained by good performance by the Portugal-Cement, Tunisia-Cement and Angola-Cement business units.
Over the period in question, business in the Secil Group's main market (the Portuguese cement market) grew by 12.2% (including exports) over the same period in 2007.
The Semapa Group recorded recurrent consolidated EBITDA in line with the figures recorded in the 1st quarter of 2007, down by 3.1%.
Special mention should be made of the fact that, in the first quarter of 2008, the Portugal-Cement business unit recorded EBITDA of 26.3 million euros (51% of which is appropriated by the Semapa Group), representing an increase of 32% on the same period in 2007.
These successful figures were achieved thanks to growth in sales in quantity and rising prices in the internal and foreign markets, offsetting the adverse effects of rising thermal fuel prices, which climbed even more steeply during the 1st quarter of this year.
The Tunisia-Cement business unit also recorded improved sales and plant performance, generating EBITDA of 4.9 million euros (of which 51% is appropriated by the SEMAPA Group).
Semapa SGPS and Sub-holdings: total accrued recurrent EBITDA at 31 March 2008 stood at -4,0 million euros, reflecting the structural costs of Semapa SGPS and its instrumental sub-holdings.
The Semapa Group recorded consolidated EBITDA in the first quarter of 2008 of 94.7 million euros, 23.3% less than in the same period in the previous year. This was due to the fact that in the first quarter of 2007 EBITDA was influenced by the non-recurrent capital gain of 25.6 million euros on the disposal of 19.2 million shares in EDP.
The SEMAPA Group's Net borrowing decreased by 26.4 million euros from year-end 2007, illustrating the Group's good performance in terms of cash flow generation.
Semapa SGPS and Sub-holdings: net debt increased by approximately 6.6 million euros in relation to 31 December 2007, to a total of 450.0 million euros at the end of the first quarter of 2008.
The following factors contributed to the increased indebtedness of Semapa SGPS and its sub-holdings: (i) acquisition on the stock exchange of shares in Portucel for a total price of 3.18 million euros, and (ii) payment of financial and structural costs.
The company recorded a consolidated net profit before minority interests of 33.3 million euros, of which 24.4 million euros is attributable to SEMAPA shareholders. These figures compare unfavourably with those recorded at the end of the first quarter of 2007 (consolidated net profits of 47.2 million euros), due fundamentally to the one-off capital gain of 25.6 million euros recorded in this quarter in 2007 on disposal of shares in EDP.
Prospects for the paper and pulp market in 2008 are marked by uncertainty as to how exchange rates will evolve, effective growth in capacity worldwide and whether growth will continue to grow at the current pace. The sector also faces adverse trends in its main cost factors – timber, chemicals, energy and logistical costs.
The Group's performance will therefore continue to be influenced by some of these adverse factors, including persistently high timber costs, aggravated by the need to import significant quantities. Costs will also remain high for other factors of production, notably chemical products, and energy costs continue to rise.
At the same time, the foreign exchange situation will continue to attract growing imports to the European market and to hinder exports, increasing internal competition.
In the cement and derivatives sector, business will develop in line with the situation in the civil construction sector in the countries where Secil operates, and these markets are expected to continue to experience a degree of instability.
| INDIVIDUAL QUARTERLY REPORT (Unaudited) (applicable to entities subject to the IAS/IFRS accounting standards) Company: SEMAPA - SOCIEDADE DE INVESTIMENTO E GESTÃO, SGPS, S.A. SOCIEDADE ABERTA |
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|---|---|---|---|
| Period: | Figures in Euros | ||
| 1st Quarter 3rd Quarter 5th Quarter(1) |
Start: 01/01/2008 End: 31/03/2008 | ||
| Individual | |||
| Balance Sheet Items | 31-03-2008 POC |
31-12-2007 POC |
Var. (%) |
| ASSETS | |||
| Fixed assets (net) | 1.297.725.043 | 1.271.390.391 | 2,07% |
| Intangible assets | - | - | |
| Tangible assets | 906.811 | 890.474 | 1,83% |
| Financial investments | 1.296.818.232 | 1.270.499.917 | 2,07% |
| Accounts receivable (net) | 17.557.219 | 14.785.055 | 18,75% |
| Non-current | - | - | |
| Current | 17.557.219 | 14.785.055 | 18,75% |
| SHAREHOLDERS' EQUITY | |||
| Value of shareholders' equity | 118.332.445 | 118.332.445 | 0,00% |
| No. ordinary shares (4) | 118.332.445 | 118.332.445 | 0,00% |
| No. of other shares | |||
| Value of treasury stock | 2.720.000 | 2.720.000 | 0,00% |
| No. of voting shares | 2.720.000 | 2.720.000 | 0,00% |
| No. of non-voting preference shares | |||
| Minority interests | |||
| LIABILITIES | |||
| Provisions | 95.373.365 | 94.399.440 | 1,03% |
| Accounts payable | 482.436.024 | 474.718.226 | 1,63% |
| Non-current | 439.455.083 | 457.305.084 | (3,90%) |
| Current | 42.980.941 | 17.413.142 | 146,83% |
| TOTAL ASSETS (NET) | 1.327.193.011 | 1.325.553.987 | 0,12% |
| TOTAL SHAREHOLDERS' EQUITY | 732.126.010 | 745.825.023 | (1,84%) |
| TOTAL LIABILITIES | 595.067.001 | 579.728.964 | 2,65% |
| Individual | |||||
|---|---|---|---|---|---|
| Income Statement Items | 31-03-2008 POC |
31-03-2007 POC |
Var. (%) | ||
| Sales and services rendered | 416.640 | 1.397.088 | (70,18%) | ||
| Variation in production | - | - | |||
| Cost of merchandise sold and services rendered | 550.735 | 913.150 | (39,69%) | ||
| Gross profit | (134.095) | 483.938 | (127,71%) | ||
| Operating profit | (4.007.622) | (4.420.206) | (9,33%) | ||
| Financial profit (net) | 28.395.767 | 28.258.178 | 0,49% | ||
| Current profit | 24.388.146 | 23.837.972 | 2,31% | ||
| Extraordinary profit | (29.323) | 23.334.581 | (99,87%) | ||
| Tax on income (2) | 2.007 | 3.500 | (42,66%) | ||
| Minority interests | - | - | |||
| Net profit for the quarter | 24.356.816 | 47.169.053 | (48,36%) | ||
| Net profit per share for the quarter | 0,21 | 0,40 | (47,15%) | ||
| Net cash flow (3) | 24.492.028 | 47.296.265 | (48,22%) |
(1) Applicable in the first financial year of companies that adopt a financial year different from the
calendar year (Article 65-A of the Companies Code).
(2) Estimate of tax on profits
(3) Net cash flow = Net profit + Depreciation + Provisions
The Directors
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