Q2 2020 Sappi Ltd Earnings Call Transcript
Good day, ladies and gentlemen, and welcome to Sappi Limited's Second Quarter of 2020 Results Conference Call. (Operator Instructions) Please note that this conference call is being recorded.
I'd now like to hand the conference over to Mr. Steve Binnie. Please go ahead, sir.
Thank you. Good day, everybody. Thanks for joining us on the call today. I'm going to start the call by just going over our Q2 numbers. And then after that, we will talk about the whole COVID-19 thing as well, as I'm sure that's the area where you want to focus on mostly.
But just as I say, to start with the numbers themselves. EBITDA for the quarter, and I -- sorry, I'll call out page numbers as I go. Page 3. The EBITDA for the quarter was USD 131 million, down 30% year-on-year, and that's pretty much in line with the guidance that we gave at the end of the last quarter. Net debt-to-EBITDA as calculated by our existing debt covenants was 3.1x. The big story of the quarter obviously is that low dissolving
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