Iberpapel Group reports net profit of €7.3 million
Electricity sector regulatory reform in Spain, coupled with the challenging state of the paper market, undermined the Iberpapel Group’s earnings in 2013.
Nevertheless, its financial strength and high efficiency levels enabled it to present a net profit of €7.3 million (€17.4 in 2012, a figure that included a non-recurring gain of €4.5 million).
Papelera Guipuzcoana de Zicuñaga, the Iberpapel Group’s industrial subsidiary, owns two power generation facilities regulated by Spain’s special renewable energy regime: a combined cycle cogeneration facility and a biomass plant.
The retroactive application of the new electricity tariffs had the effect of reducing the Iberpapel Group’s revenue from energy sales by 8.37% (to €46.1 million) with respect to 2012 levels (€50.3 million).
The Group generated €21.9 million of EBITDA (€33.05 million in 2012). Revenue from sales narrowed 2.95% year-on-year to €209.8 million (from €216.13 million in 2012). Group revenue totalled €215.1 million.
On 18 February 2014, the Board of Directors agreed to pay a pre-tax interim dividend of €0.15 per share.
| (€ million) | FY13 | FY12 |
| Revenue | 209.8 | 216.13 |
| EBITDA | 21.9 | 33.05 |
| Profit after tax | 7.3 | 17.4 |
Press release