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Semapa : First half of 2021 report

10/04/2021 | 01:26pm

1ST HALF 2021

HALF-YEARLYACCOUNTS

PART 1 MANAGEMENT REPORT ……………………………………………...……......3

PART 2 DECLARATION REQUIRED UNDER ARTICLE 246.1 C) OF THE

SECURITIES CODE ……………………………………………….…....…..…..31

PART 3 LIST OF QUALIFYING HOLDINGS AS REQUIRED BY SUB-PARAS. C) OF ARTICLE 9.1 OF REGULATION NO. 5/2008 OF THE SECURITIES CODE

(CMVM)……………………..…………………………………...……….......33

PART 4 INTERIM CONSOLIDATED FINANCIAL STATEMENTS…………………....35

PART 5 LIMITED REVIEW REPORT ON THE INTERIM CONSOLIDATED FINANCIAL

STATEMENTS……...…………………………………………..….……….…111

MANAGEMENT REPORT 1

1ST HALF 2021

PART 1

MANAGEMENT REPORT

MANAGEMENT REPORT 2

1ST HALF 2021

CONTENTS

1

HIGHLIGHTS.....................................................................................................................................

4

2

PERFORMANCE OF THE SEMAPA GROUP BUSINESS AREAS .........................................................................

6

2.1. BREAKDOWN BY BUSINESS SEGMENTS ............................................................................................

6

2.2. PAPER AND PULP BUSINESS AREA..................................................................................................

7

2.3. CEMENT AND OTHER BUILDING MATERIALS BUSINESS AREA .............................................................

12

2.4. ENVIRONMENT BUSINESS AREA ..................................................................................................

21

2.5. VENTURE CAPITAL BUSINESS AREA ..............................................................................................

23

3

SEMAPA GROUP - FINANCIAL AREA ...................................................................................................

24

3.1.

INDEBTEDNESS ........................................................................................................................

24

3.2.

FINANCIAL RESULTS..................................................................................................................

25

3.3.

NET PROFIT ...........................................................................................................................

25

4

OUTLOOK .....................................................................................................................................

26

MANAGEMENT REPORT 3

1ST HALF 2021

1 HIGHLIGHTS

OVERALL PERFORMANCE

  • After the new waves of Covid‐19 infections in the 1st quarter, which forced governments in the Group's key markets to take lockdown measures, in the last three months the economies have gradually opened up with an impact mainly on the Pulp and Paper segment. The second quarter of 2021 performed better than the first quarter of the year and naturally better than Q2 2020, when the Group's business was severely hit by the pandemic.
  • The consolidated revenue of Semapa Group in the first half of 2021 was 971.4 million euros (+3.1% year‐on‐year),
    1. million euros generated in Pulp and Paper / Navigator (+2.7%), 237.9 million euros in Cement / Secil (+3.2%), and 18.9 million euros in Environment / ETSA (+20.4%). Exports and foreign sales for the same period amounted to
    1. million euros, accounting for 73.1% of revenue.
  • Navigator's revenue reflects the increase in paper volumes which offset the lower year‐on‐year price level, as the average of the benchmark index for A4 in Europe on the first half of 2021 still compares unfavourably with its average for the same period last year - 814 €/t vs. 855 €/t. On the other hand, despite the rapid and significant recovery in the pulp market's reference prices, pulp sales stood at 152 thousand tonnes, 21% below the first half of 2020, when Navigator benefited from larger quantities of pulp available for sale after some of its paper machines shutdown due to the pandemic. The growth in the Cement segment results essentially from the positive evolution in the Portuguese, Brazilian and Tunisian markets, which overcame the negative effects of the strong exchange rate depreciation against the Euro, particularly of the Brazilian real and the Lebanese pound.
  • EBITDA in H1 2021 totalled 224.8 million euros (vs. 203.3 million euros in the first half of 2020). In the same period,
    1. million euros were generated in Pulp and Paper (+7.4%), 67.1 million euros in Cement (+14.9%) and 7.2 million euros in Environment (+40.6%). EBITDA in the 2nd quarter of 2021 was 9.9 million euros above that of Q1 and 33.1 million euros more than in Q2 2020, which was negatively impacted by the lockdown measures taken. In the 1st half of 2021 consolidated EBITDA margin was 23.1%.
  • Net profit attributable to Semapa shareholders at the end of the first half of 2021 stood at 73.1 million euros (vs.
    1. million euros in the same period in 2020). This growth resulted from a favourable evolution of EBITDA (+21.5 million euros) combined with better financial results (+19.4 million euros) stemming from the lower negative exchange rate effects in Secil (Brazilian real), a reduction in depreciation, amortization and impairment losses (+18.4 million euros) and negatively influenced by the tax function (‐9.8 million euros).
  • The value of investments made in the first half of 2021 amounted to approximately 53 million euros, vs. 65 million euros over the same period of the previous year, with particular emphasis on the Pulp and Paper segment amounting to 33 million euros.
  • During the first half of 2021, net debt decreased in all business segments, and interest bearing consolidated net debt totalled 1,142.9 million euros, 72.6 million euro less compared to the end of 2020. On 30 June 2021, total consolidated cash amounted to 251 million euros, in addition to 648.8 million euros in committed and undrawn credit lines, thus ensuring strong liquidity in the current context of uncertainty.

MANAGEMENT REPORT 4

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Semapa - Sociedade de Investimento e Gestão SGPS SA published this content on 04 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2021 17:18:27 UTC.

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