​Latest financial results

Sappi Limited (JSE: SAP, OTC: SPPJY) released its Q1 FY24 financial results for the period ended December 2023 on Wednesday, 07 February 2024, at 08:00 South African time.

Financial summary for Q1 FY24 ended December 2023:

  • EBITDA excluding special items US$156 million (Q1 FY23 US$290 million)
  • Net debt US$1,216 million (Q1 FY23 US$1,241 million)
  • EPS excluding special items 8 US cents (Q1 FY23 30 US cents)
  • Production at Stockstadt and Lanaken Mills in Europe permanently ceased

Sappi delivers solid results in difficult economic climate

Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “Within the context of ongoing challenging global macroeconomic conditions and weak paper markets I am pleased that the group delivered EBITDA of US$156 million, which was in line with guidance provided in the prior quarter.”

Profitability was negatively impacted by approximately US$45 million due to the lower production volumes associated with the planned maintenance shutdowns at the Saiccor, Ngodwana and Cloquet Mills offset somewhat by a US$26 million positive plantation fair value price adjustment.

A key element of Sappi’s Thrive strategy is to reduce exposure to declining graphic paper markets and to ensure higher capacity utilisation in our graphic assets. The rationalisation of our European graphic papers capacity gained momentum during the quarter with the closure of the Stockstadt Mill and subsequent carouselling of sales volumes to alternate assets. The consultation process for the closure of the Lanaken Mill was also concluded late in the quarter.

Looking forward, Binnie stated: “Taking into account the protracted macroeconomic uncertainty, we anticipate that EBITDA for the second quarter of FY24 will be similar to that of the first quarter.”

You can download and view all of the latest financial results below, alongside our 2023 Annual Integrated Report.

 

Q1 FY24 financial results booklet (Interactive)
Click the link above to browse the interactive version of our Q1 FY24 financial results booklet.
Conference call dial-in details
Find dial-in numbers and registration link for the conference call hosted by our CEO, Steve Binnie.
2023 Sappi Annual Integrated Report (Interactive)
Click the link above to browse the interactive version of our 2023 Sappi Annual Integrated Report.
Deleveraging of our balance sheet has been material and combined with substantial cash reserves we are well positioned to navigate any market challenges in the coming year.
Steve Binnie, Chief Executive Officer of Sappi Limited

Sappi annual financial reports (Last five years)

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2023
 

2022
 

2021
 

2020
 

2019
 

Sappi Annual Integrated Report
 
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Sappi interactive Annual Integrated Report
 
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Sappi Group Annual Financial Statements
 
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Sappi Limited Company Annual Financial Statements
 
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Sappi Risk Report
 
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Sappi King IV Application Register
 
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Sappi Our leadership and executive management
 
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Sappi TCFD Report
 
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Sappi Notice to shareholders
 
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Contact
Tracy Wessels
Group Head Investor Relations and Sustainability
Sappi Limited (Reg no 1936/008963/06)
108 Oxford Road
Rosebank
Johannesburg, 2196
South Africa
Tel:
+27 (0)11 407 8391
Fax:
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Read our 2023 annual reports to find out about a year in which we made significant progress against the first phase of the Thrive strategy to deleverage the business.
View Sappi’s quarterly financial statements, formatted as webcasts, presentations, booklets and debt updates.

Sappi makes regular filings to the US Securities and Exchange Commission, all of which can be found in this feed.