Nine Months 2024 Navigator Company SA Earnings Call Transcript
Key Points
- The Navigator Co SA (POELF) reported a 7% year-on-year increase in total turnover for the first nine months, reaching EUR1,569 million.
- EBITDA for the first nine months was EUR431 million, with a strong EBITDA margin of 27.5%, driven by price increases and volume growth.
- The company achieved significant cash cost reductions of 4% to 12% year-on-year across various business segments.
- Navigator's tissue sales increased by 52% year-on-year, supported by new capacity from Navigator Tissue UK.
- The company maintains a strong financial position with a net debt-to-EBITDA ratio of 1.16, indicating financial stability.
- The pulp and paper markets experienced a pronounced seasonal slowdown, leading to a decline in new orders during the third quarter.
- Despite cost reduction efforts, the company is still operating with a cash cost base above pre-pandemic levels.
- Net debt increased by EUR150 million since the end of 2023, partly due to the acquisition of Accrol and dividend distributions.
- The company faces volatility in pulp prices, particularly with a sharp correction in China affecting European markets.
- There is pressure from increased imports from Asia, which could impact market dynamics despite the upcoming EUDR regulations.
Ladies and gentlemen, welcome to The Navigator's Company conference call and webcast for the third-quarter and nine months' results. Joining us today are the following Directors: Antonio Redondo, Fernando Araujo, Nuno Santos, Joao Le, Dorival Almeida, and Antonio Quirino Soares. As usual, we will start with a short presentation followed by a Q&A session. You can access the presentation through the links on the website and you can also send in your questions via the webcast platform. Antonio will begin by presenting the main highlights of the quarter.
I will now hand over to Antonio.
Thank you for joining us today. I'm very pleased to be here once again and to share with you our third-quarter and nine months' result. As you will see in today's presentation, Navigator has once again proved to be in a unique competitive position in Europe in terms of the efficiency with which it manages mix of businesses
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