Financial summary for Q1 FY21 ended December 2020:
- EBITDA excluding special items US$98 million (Q1 FY20 US$139 million)
- Net debt US$2,056 million (Q1 FY20 US$1,916 million)
- Loss for the period US$17 million (Q1 FY20 Profit of US$24 million)
- EPS excluding special items -1 US cent (Q1 FY20 6 US cents)
Sappi shows a recovery in results for first financial quarter 2021
Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “I am pleased with the continued recovery in our results over the past nine months. EBITDA improved progressively from a low of US$26m in our third quarter of 2020 due to the impact of COVID-19 to US$98m for the first quarter of our 2021 financial year. I am confident that our recovery is on track despite the ongoing negative affect from COVID-19.”
He continued: “As a group we outperformed the guidance provided at the end of the last quarter with profitability across all reporting segments exceeding expectations. During the quarter, the global surge of COVID-19 infections and the related employee absenteeism put all of our operations under pressure. In spite of the unprecedented obstacles that have arisen as a result of the pandemic and through the dedication and resilience of our workforce, our mills remained fully operational.”
Looking forward, Binnie stated: “Despite the ongoing impact of COVID-19, we expect profitability in the second quarter to improve relative to the first quarter. Ensuring the safety of our employees and supporting our customers and communities is a priority and our comprehensive COVID-19 action plan remains relevant and in place.”
You can download and view all of the latest financial results below, alongside our 2020 Annual Integrated Report.
