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Navigator - Key takeaways from 3Q18 results

30 Oct 2018

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Navigator: The group disclosed this morning before market opening its 3Q18 results.

Total sales rose by 9.6%y/y to €435.4mn (+0.8%q/q), while EBITDA reached €114.6mn (+12.8%y/y and -0.3%q/q). Excluding the impact of the anti-dumping duty, EBITDA rose 10%q/q to 123mn (+21%y/y). Net financial results stood at -€5.2bn in 3Q18 (vs. -€5.9mn in 2Q18 and +€1.8mn in 3Q17). Net profit rose by 5.2%y/y to €52.3mn (-21%q/q). Net debt fell by €8.5mn q/q to €731.6mn (-€10.4mn), or 1.65x LTM EBITDA (vs. 1.62x in 2Q18 and 1.84x in 3Q17). Capex stood at €71.2mn in 3Q18 (vs. €48.6mn in 2Q18 and €40.5mn in 3Q17), as disbursements speed up to conclude development projects in Cacia (Tissue) and Figueira da Foz (Pulp).

Prices showed a positive evolution in the quarter (paper +4.3%q/q, pulp +3.4%q/q and tissue +0.4%q/q), and especially when compared to 3Q17 (paper +12.4%y/y, pulp +23.7%y/y and tissue +6.2%y/y).

The sales volume for pulp rose 3.5%q/q, reflecting greater market pulp availability, but were lower 8.3%y/y. In paper, sales volume was 3.6% lower q/q (-1.5%y/y). Tissue sales grew around 29%q/q (+25%y/y).

On the outlook, the group mentioned that, without any significant new increases in production capacity for market pulp being announced for the next three years, capacity utilization rates are expected to increase. Demand is seeing as continuing strong in the short-term, due to planned and unplanned stoppages. In UWF paper, the group sees order books at a high level. In tissue, Navigator recognises that manufacturers have been under heavy pressure from increases in pulp prices and in the cost of chemicals and energy. The Company’s new tissue mill in Cacia started producing reels in September.

According to Navigator, 4Q18 will be constrained by production stoppages programmed for November and December at the Setúbal mill site.

Navigator will hold a conference call today at 17:00 local time.

(Navigator’s filing on CMVM)

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