RESULTS PRESENTATION | YEAR 2021
1 HIGHLIGHTS
SIGNIFICANT IMPROVEMENT IN EBITDA (+89 MILLION EUROS)
CONSOLIDATED NET PROFIT GREW BY 86% IN RELATION TO THE PREVIOUS YEAR,
REACHING 198 MILLION EUROS
- The consolidated revenue of Semapa Group in 2021 was 2,131.4 million euros (+14.1% year‐on‐year), 1,595.7 million euros generated in Pulp and Paper / Navigator (+15.2%), 495.7 million euros in Cement / Secil (+9.9%), and 40.0 million euros in Environment / ETSA (+27.3%). Exports and foreign sales, for the same period, amounted to 1,576.5 million euros, accounting for 74% of revenue.
- It should be noted that in 2021 the volume of paper sold increased in a context of price recovery, in the Cement segment, revenue reflects the positive evolution that occurred in all markets where Secil operates, and revenue of the Environment segment reached its highest value ever.
- In 2021, EBITDA totalled 508.7 million euros (+89.4 million euros, +21.3%, year on year). Pulp and paper segment generated 354.7 million euros (+24.2%), Cement 139.7 million euros (+13.1%) and Environment 14.6 million euros (+44.3%). The consolidated EBITDA margin was 23.9% (vs. 22.5% in 2020).
- Net profit attributable to Semapa shareholders in 2021 reached 198.1 million euros (vs. 106.6 million euros over the previous year). This growth resulted from a favourable evolution of EBITDA (+89.4 million euros) combined with better financial results (+9.6 million euros) stemming from the lower negative exchange rate effects in Secil (Brazilian real), a reduction in depreciation, amortisation and impairment losses, and provisions (+21.5 million euros), less impact of the net monetary position (‐6.7 million euros) and negatively influenced by income taxes (‐6.0 million euros).
- In 2021, investment in fixed assets totalled 127 million euros, including 20 million euros relating to the CCL‐ Clean Cement Line project at Secil's Outão cement plant and 80 million euros in the modernisation and maintenance projects of equipment and production capacity, energy, and decarbonisation at Navigator. Additionally, it should be highlighted that Semapa Next invested 11 million euros in financial assets in start‐ups and venture capital funds.
- In 2021 year‐end, interest‐bearing consolidated Net Debt totalled 1,015.6 million euros, 200 million euros less compared to the end of 2020. On 31 December 2021, total consolidated cash and cash equivalents amounted to 382 million euros, in addition to 553 million euros in committed and undrawn credit lines, thus ensuring strong liquidity.
- The year 2021 was also marked by the strengthening of the Group's commitment to sustainability, namely:
- At Secil, the investment in the Clean Cement Line project that combines a set of mature and innovative technologies which will enable a 20% reduction in CO2 emissions, a 20% improvement in energy efficiency, and the production of 30% of electricity through heat recovery from the process itself. The low carbon clinker that will result from this process will make it possible to respond competitively to market demand for "green procurement".
- At Navigator, the company joined the Science Based Targets (SBTi) initiative, ahead of most other companies in the sector, having submitted for validation its greenhouse gas (GHG) emissions reduction targets based on the most up‐to‐date climate science. Also of note were the findings of the annual assessment carried out by the ESG rating agency, Sustainalytics, published at the end of January 2022. Navigator's score improves vis‐a‐vis the previous assessment, ranking 3rd out of a total of 81 global companies in the Paper & Forestry industry cluster. In addition, Navigator issued 100 million euros in bonds linked to ESG objectives, under the Sustainability Linked Bonds Framework.
- The Board of Directors will propose to the General Meeting of Shareholders a dividend distribution on outstanding shares in relation to the financial year of 2021, in the amount of 0.512 euros per share, corresponding to a total value of approximately 40.9 million euros.
1
LEADING BUSINESS INDICATORS
IFRS ‐ accrued amounts | 2021 | 2020 | Var. | Q4 2021 | Q4 2020 | Var. | ||||||||||||||
(million euros) | ||||||||||||||||||||
Revenue | 2,131.4 | 1,867.4 | 14.1% | 616.1 | 420.4 | 46.5% | ||||||||||||||
EBITDA | 508.7 | 419.3 | 21.3% | 143.9 | 93.3 | 54.3% | ||||||||||||||
EBITDA margin (%) | 23.9% | 22.5% | 1.4 p.p. | 23.4% | 22.2% | 1.2 p.p. | ||||||||||||||
Depreciation, amortisation and impairment | (193.9) | (214.6) | 9.6% | (53.5) | (48.6) | ‐10.1% | ||||||||||||||
losses | ||||||||||||||||||||
Provisions | (4.7) | (5.5) | 14.3% | (2.6) | (4.5) | 42.3% | ||||||||||||||
EBIT | 310.1 | 199.2 | 55.6% | 87.8 | 40.2 | 118.4% | ||||||||||||||
EBIT margin (%) | 14.5% | 10.7% | 3.9 p.p. | 14.3% | 9.6% | 4.7 p.p. | ||||||||||||||
Net financial results | (49.3) | (58.9) | 16.2% | (13.1) | (1.8) | ‐629.1% | ||||||||||||||
Net monetary position | 7.2 | 13.9 | ‐48.3% | 7.5 | 13.9 | ‐46.5% | ||||||||||||||
Profit before taxes | 267.9 | 154.3 | 73.7% | 82.2 | 52.4 | 56.9% | ||||||||||||||
Income taxes | (18.0) | (12.0) | ‐49.9% | 14.5 | (1.0) | >1000% | ||||||||||||||
Net profit for the period | 250.0 | 142.2 | 75.7% | 96.7 | 51.4 | 88.1% | ||||||||||||||
Attributable to Semapa shareholders | 198.1 | 106.6 | 85.9% | 75.9 | 33.8 | 124.4% | ||||||||||||||
Attributable to non‐controlling interests (NCI) | 51.8 | 35.7 | 45.3% | 20.8 | 17.6 | 18.3% | ||||||||||||||
Cash flow | 448.5 | 362.3 | 23.8% | 152.7 | 104.4 | 46.3% | ||||||||||||||
Free Cash Flow | 295.4 | 345.2 | ‐14.4% | 79.4 | 94.6 | ‐16.0% | ||||||||||||||
31/12/2021 | 31/12/2020 | Dec21 vs. | ||||||||||||||||||
Dec20 | ||||||||||||||||||||
Equity (before NCI) | 1,092.3 | 948.8 | 15.1% | |||||||||||||||||
Interest‐bearing net debt | 1,015.6 | 1,215.7 | ‐16.5% | |||||||||||||||||
Lease liabilities (IFRS 16) | 96.7 | 80.1 | 20.7% | |||||||||||||||||
Total | 1,112.3 | 1,295.9 | ‐14.2% |
SUMMARY TABLE OF OPERATING INDICATORS
Unit | 2021 | 2020 | Var. | Q4 2021 | Q4 2020 | Var. | ||||||||||||
Pulp and Paper | ||||||||||||||||||
BEKP Sales (pulp) | 1 000 t | 292 | 394 | ‐25.8% | 85 | 97 | ‐11.6% | |||||||||||
UWF Sales (paper) | 1 000 t | 1,474 | 1,276 | 15.5% | 394 | 342 | 15.3% | |||||||||||
Total sales of tissue | 1 000 t | 105.3 | 106.0 | ‐0.7% | 27.5 | 26.7 | 3.0% | |||||||||||
Cement | ||||||||||||||||||
Sales of Grey cement | 1 000 t | 5,257 | 5,314 | ‐1.1% | 1,333 | 1,355 | ‐1.7% | |||||||||||
Sales of Ready‐mix | 1 000 m3 | 1,960 | 1,803 | 8.7% | 496 | 446 | 11.2% | |||||||||||
Environment | ||||||||||||||||||
Collection of raw materials ‐ Animal waste | 1 000 t | 125.1 | 121.4 | 3.1% | 33.6 | 32.0 | 4.9% | |||||||||||
(categories 1, 2 and 3) | ||||||||||||||||||
RESULTS PRESENTATION | YEAR 2021
2
2 PERFORMANCE OF THE SEMAPA GROUP BUSINESS UNITS
2.1. BREAKDOWN BY BUSINESS SEGMENTS
IFRS ‐ accrued amounts | Pulp and Paper | Cement | Environment | Holdings | Consoli | ||||||||||||||||||
(million euros) | dated | ||||||||||||||||||||||
2021 | 21/20 | 2021 | 21/20 | 2021 | 21/20 | 2021 | 21/20 | 2021 | |||||||||||||||
Revenue ‐ External | 1,595.7 | 15.2% | 495.7 | 9.9% | 40.0 | 27.3% | ‐ | ‐ | 2,131.4 | ||||||||||||||
Revenue | 1,595.9 | 15.2% | 495.9 | 9.9% | 40.0 | 27.3% | (0.3) | 15.4% | 2,131.4 | ||||||||||||||
EBITDA | 354.7 | 24.2% | 139.7 | 13.1% | 14.6 | 44.3% | (0.4) | ‐437.1% | 508.7 | ||||||||||||||
EBITDA margin (%) | 22.2% | 1.6 p.p. | 28.2% | 0.8 p.p. | 36.5% | 4.3 p.p. | ‐ | ‐ | 23.9% | ||||||||||||||
Depreciation, amortisation and | (137.3) | 13.1% | (53.2) | ‐0.2% | (3.2) | ‐2.5% | (0.3) | 34.9% | (193.9) | ||||||||||||||
impairment losses | |||||||||||||||||||||||
Provisions | (3.1) | ‐36.0% | (1.5) | 51.3% | ‐ | ‐ | ‐ | ‐ | (4.7) | ||||||||||||||
EBIT | 214.3 | 71.2% | 85.0 | 26.2% | 11.4 | 63.1% | (0.6) | ‐129.0% | 310.1 | ||||||||||||||
EBIT margin (%) | 13.4% | 4.4 p.p. | 17.1% | 2.2 p.p. | 28.5% | 6.2 p.p. | ‐ | ‐ | 14.5% | ||||||||||||||
Net financial results | (17.8) | ‐21.1% | (26.6) | 20.6% | (0.2) | 25.5% | (4.8) | 54.4% | (49.3) | ||||||||||||||
Net monetary position | ‐ | ‐ | 7.2 | ‐48.3% | ‐ | ‐ | ‐ | ‐ | 7.2 | ||||||||||||||
Profit before taxes | 196.5 | 77.9% | 65.6 | 37.2% | 11.2 | 66.5% | (5.4) | 49.7% | 267.9 | ||||||||||||||
Income taxes | (36.2) | ‐193.6% | (9.5) | ‐293.3% | (2.3) | ‐71.1% | 29.9 | >1000% | (18.0) | ||||||||||||||
Net profit for the period | 160.3 | 63.4% | 56.2 | 6.6% | 8.9 | 65.4% | 24.5 | 275.1% | 250.0 | ||||||||||||||
Attributable to Semapa | 112.2 | 63.4% | 52.5 | 12.8% | 8.9 | 65.5% | 24.5 | 275.1% | 198.1 | ||||||||||||||
shareholders | |||||||||||||||||||||||
Attributable to non‐ | 48.2 | 63.4% | 3.7 | ‐40.6% | (0.0) | <‐1000% | ‐ | ‐ | 51.8 | ||||||||||||||
controlling interests (NCI) | |||||||||||||||||||||||
Cash flow | 300.8 | 16.3% | 110.9 | 1.8% | 12.1 | 42.2% | 24.8 | 281.9% | 448.5 | ||||||||||||||
Free Cash Flow | 234.8 | 0.6% | 69.3 | ‐41.5% | 8.8 | 29.0% | (17.5) | ‐27.8% | 295.4 | ||||||||||||||
Interest‐bearing net debt | 594.8 | 253.9 | (8.2) | 175.2 | 1,015.6 | ||||||||||||||||||
Lease liabilities (IFRS 16) | 53.2 | 41.6 | 1.6 | 0.2 | 96.7 | ||||||||||||||||||
Total | 648.0 | 295.5 | (6.6) | 175.4 | 1,112.3 |
Note:
Figures for business segment indicators may differ from those presented individually by each Group, as a result of consolidation adjustments.
RESULTS PRESENTATION | YEAR 2021
3
2.2. PAPER AND PULP BUSINESS UNIT
totalconsolidated
of% Revenue 2021
75%
% of consolidated total
EBITDA 2021
70%
HIGHLIGHTS IN 2021 (VS. 2020)
- In 2021, revenue increased by 15.2% to 1,595.9 million euros, with higher paper volumes in a context of positive development in prices.
REVENUE
1,595.9
1,385.4
Million Euros
2020 | 15.2% | 2021 |
REVENUE BREAKDOWN BY SEGMENT
Million Euros
% 21/20
135.1‐16.31,595.9
145.1
169.8
1,162.2
+23.0% | +9.2% | +2.8% | ‐6.0% | ‐4176% | +15.2% |
UWF Paper | BEKP Pulp | Tissue | Energy | Others and | 2021 | |
eliminations | ||||||
2020 | 944.6 | 155.5 | 141.1 | 143.7 | 0.4 | 1,385.4 |
Note: 2020 data was reclassified for the purpose of comparability.
RESULTS PRESENTATION | YEAR 2021
4
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Semapa - Sociedade de Investimento e Gestão SGPS SA published this content on 18 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2022 19:31:02 UTC.