Sequana more than doubles its net loss in H1
Sequana has closed the first half of the year with a net loss of €80m. Non-recurring items amounting to €77m are the main reason for the negative development, says the company.
Sequana has more than doubled its net loss in the first half of the year. The company's loss rose from -€36m in the first six months of 2013 to -€80m in this year's period. The operating result was negative as well at -€35m, down from a profit of €3m in the first half last year.
Sequana pointed to the fact that results were burdened by non-recurring items amounting to €77m in the first half compared to only €21m in the same period last year. These items are said to be mainly related to the restructuring measures in Arjowiggin's printing and writing paper businesses the company announced in April. Excluding one-off costs, Sequana's operating result reached €42m, an increase of 75% year-on-year.
Sequana's sales increased by 2.7% year-on-year to €1.72bn in the first half of the year. While Antalis generated sales of €1.32bn - an increase of 4.7% year-on-year - Arjowiggins' sales revenues declined by 2.9% to €521m. Deliveries of printing and writing paper had fallen and there had been downward pressure on selling prices of these paper grades, too, the company explained. However, the specialty paper businesses as well as the Packaging and Visual Communications divisions performed well. In addition, Sequana said it benefited from an improved product mix and lower input costs such as for pulp, energy and chemical products. The acquisition of Xerox's office paper distribution business in Western Europe also contributed to sales growth.
Find the entire article and any associated background information in EUWID Pulp and Paper no. 32.
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