* Cotações com atraso superior a 15 minutos via Bats CHI-X Europe e NASDAQ Basic

ALTRI - 3Q18 Results Review - 3Q18 EBITDA increased by 52.6%y/y to €82mn

2 Nov 2018


Revenues rose by 23.9% y/y in 3Q18: Altri has released yesterday after market close its 3Q18 results. Total revenues increased by 23.9% y/y to €205.2mn, on the back of higher pulp prices and a quarterly record high in pulp production.

3Q18 EBITDA margin increased by 7.5pp y/y to 40.0%: 3Q18 EBITDA reached €82.0mn, vs. €53.7mn in 3Q17, reflecting higher pulp prices and a higher margin y/y (40.0% in 3Q18 vs. 32.5% in 3Q17). Total expenses rose by 10.2% y/y (-6.9% q/q). Net profit stood at €46.6mn in 3Q18 (vs. €26.4mn in 3Q17), reflecting the EBITDA evolution and improved financial results. Net financial costs stood at €2.7mn, down by 46.2% y/y.

Net debt decreased by €20.5mn in 3Q18: Net debt decreased by €20.5mn q/q to €355.1mn (-€81.2mn y/y). Capex reached €15mn in 3Q18 (€55mn in 9M18).

On the outlook, Altri does not expect significant changes in the pulp market during 4Q18.


For further information, or to receive the PDF file, please contact +351 912 897 835 or


The information and opinion contained in this report was prepared by PATRIS - SOCIEDADE CORRETORA, SA ("Patris"), which is part of the group of companies whose holding is PATRIS INVESTIMENTOS, SGPS, SA (Patris Group), listed in Alternext, which holds 100% of the share capital and voting rights of REAL VIDA SEGUROS SA which, in turn, holds 100% of the share capital and voting rights of Patris.

The information contained herein is based on publicly available data obtained from sources believed to be reliable and has not been subject to independent verification. To the extent permitted by applicable law, Patris does not expressly or impliedly guarantee the accuracy, completeness and / or correctness of such data, or any omission. This document, or part thereof, may not be (i) modified, (ii) transmitted or distributed or (iii) copied or duplicated by any means or means, without the prior written consent of Patris.

The analysts involved in the preparation of this report did not receive, receive and will not receive any compensation, direct or indirect, based on the information contained in this report.

PATRIS - SOCIEDADE CORRETORA, SA or another company of the Patris Group or its respective shareholders, management, and / or employees may carry out personal transactions on the securities referred to in this report, at any time and without prior notice.

Any opinion contained in this report may be outdated as a result of changes in market conditions, applicable laws and other factors. It should also be considered that the analyst may make changes to the estimates, assumptions and evaluation methodology used.

This report has been prepared for information purposes only, not taking into account the specific investment goals, financial situation and particular needs of any specific person who may receive the report. This report therefore has no specific recipient.

Patris is subject to high internal standards of behavior associated with the capital market, prepared on the basis of the applicable legislation of the Portuguese State and the European Union, which include rules to prevent and avoid conflicts of interest and barriers to the disclosure of information.

Investors should bear in mind that the rate of return on the securities identified in this report - if any reference is made to those returns - may vary and the price of such securities may rise or fall. Investors should thus be aware that they may receive less than initially invested. While this report may refer to the historical performance of securities, past performance is no guarantee of future performance. In addition, market conditions, applicable laws and other factors that have an effect on performance are all likely to change, with the consequent change in the information contained in this report. Patris or any other company of the Patris Group does not accept, to the extent permitted by applicable law, any liability, whether direct or indirect, resulting from losses that may arise due to the use of the information contained in this report.

Patris's activity is overseen by the Bank of Portugal and the Securities Market Commission.