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Semapa - Key takeaways from 3Q18 results

2 Nov 2018

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Semapa reported yesterday after market close its 3Q18 results.

3Q18 net income stood at €38.4mn (vs. €34.7mn in 3Q17) reflecting the higher EBITDA y/y. EBITDA margin improved by 0.7pp y/y to 24.9% in 3Q18.

Revenues reached €567.9mn (+6.5%y/y). Navigator had already reported its 3Q18 results. Navigator recorded a turnover of €435.4mn in 3Q18 (+9.6%y/y). Turnover in the Cement unit stood at €126.4mn in 3Q18 (-2.6%y/y).

3Q18 consolidated EBITDA rose by 9.6%y/y to €141.3mn, reflecting the favourable performance in the Pulp & Paper business. Below the EBITDA, the financial burden rose from €8.8mn in 3Q17 to €16.0mn in 3Q18. 

Turnover in the cement unit declined by 2.6%y/y in 3Q18 to €126.4mn. Turnover in Portugal rose by 2.0%y/y in 9M18 (vs. +1.8%y/y in 1H18), helped by the rise in average sales price. The more favourable mix impacted export revenues positively. Turnover for the combined operations in Tunisia in 9M18 increased by 5.6%y/y (vs. +1.9%y/y in 1H18), or +24%y/y excluding the negative effect of the depreciation of the Tunisian Dinar against the US dollar. In Lebanon, turnover on combined operations fell by 8.6%y/y in 9M18 (vs. -12.4%y/y in 1H18), negatively affected by the depreciation of the USD against the Euro. In Brazil, turnover of total operations fell by 13.0%y/y in 9M18 (vs. -14.2%y/y in 1H18), affected by the depreciation of the BRL against the Euro.

EBITDA in the cement business stood at €26.0mn in 3Q18, up by 3.5%y/y. In Portugal, EBITDA for total operations increased by 2%y/y in 9M18 (vs. -3.7%y/y in 1H18), reflecting the higher sales price in the domestic market. In Tunisia, EBITDA from business operations was up by 60.9%y/y in 9M18 (vs. +53.8%y/y in 1H18), even including the negative effect from the depreciation of the local currency against the euro, reflecting the rise in sales volumes and sales prices in the domestic market. In Lebanon, total EBITDA fell by 32.3%y/y in 9M18 (vs. -37.8%y/y in 1H18), reflecting the rise in production costs. In Brazil, the EBITDA stood at €6.2mn in 9M18 (or €7.6mn excluding the exchange rate effect), compared to €3.5mn in 9M17.

Semapa reported a consolidated net debt of €1,605.0mn in 3Q18 (-1.4%q/q or -€23.6mn q/q). 3Q18 net financial results stood at -€16.0mn (vs. -€8.8mn).

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