For Q3 16, the group has released weak results. Even if sales increased 5.8% yoy to €732m due to the consolidation of two recent acquisitions (Ekokem and Duon), EBITDA contracted 7.4% yoy to €151m and is below consensus as a slight recovery was expected. Operating profit finished on the negative side at -€6m, mainly because a hedging position backfired (80% of its production) and the company has not been able to profit from the recent rebound in prices (-€57m effect on ope
25 Oct 2016
Lower hydro levels and hedging weigh on earnings
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Lower hydro levels and hedging weigh on earnings
For Q3 16, the group has released weak results. Even if sales increased 5.8% yoy to €732m due to the consolidation of two recent acquisitions (Ekokem and Duon), EBITDA contracted 7.4% yoy to €151m and is below consensus as a slight recovery was expected. Operating profit finished on the negative side at -€6m, mainly because a hedging position backfired (80% of its production) and the company has not been able to profit from the recent rebound in prices (-€57m effect on ope