Q1 2023 Sappi Ltd Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to Sappi Financial Results Announcement Q1 2023. (Operator Instructions)
I will now hand the conference over to CEO, Steve Binnie. Please go ahead, sir.
Thank you. Good day, everybody, and thanks for joining. As always, I'll move through the investor presentation, calling out the page numbers as I move along. And I'm going to start on Page 3, which is the highlights for the quarter. Pleased to say that it was our best ever first quarter EBITDA of $290 million, which is a 21% rise year-on-year. And under the circumstances, with the more challenging economic environment, we're very proud of that. The other thing I would call out to you is that this -- the prior year did have a 53rd week. And if you equate that to sales volumes, if you're comparing year-on-year, that was about 7.5% of sales volumes. So in order to get a true comparison, you should back out the 7.5% from the prior year. A higher profitability came from year-on
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