Irani

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24/02/2017

Driven by external market sales, IRANI's net revenue ends 2016 up by 2.4%, and reaches R$ 776.8 million

Porto Alegre, February 24, 2017 - Celulose Irani, one of the leading Brazilian packaging paper and corrugated cardboard packaging industrial companies in these segments, ended 2016 posting net revenue growth of 2.4%, totaling R$ 776.8 million. The result reflects its external market revenue performance, representing 18% of the Company's overall sales at the end of 2016, compared to 82% sold to the domestic market. Net Revenue in 4Q16 was stable compared to 4Q15 and 3Q16.

Responsible for 62% of net revenues for the year, the Corrugated Cardboard Packaging segment's sales volume was down 9.0% compared to 2015 and amounted to 180.5 metric tons in 2016. In a scenario marked by lower domestic consumption, the Brazilian Corrugated Cardboard Association (ABPO) also recorded a 2.3% decrease in the year in corrugated cardboard metric ton shipments in relation to 2015. For its part, IRANI's Packaging Paper segment which represented 30% of net revenue in the year, increased 14.6%, accruing 88.8 thousand metric tons in 2016, while the Resins segment (8% of net revenue) rose 27.5% and reached 12.2 thousand metric tons.

Gross profit for 4Q16 grew by 20.7% compared to 4Q15 and 4.1% compared to 3Q16. Compared to 2015, the decrease was 5.0%, totaling R$ 210.8 million.

Net income result was a negative R$ 5.0 million in 4Q16, compared to a negative R$ 16.8 million in 4Q15 and a negative R$ 6.9 million in 3Q16. In 2016, the result was a negative R$ 10.8 million, compared to a R$ 495,000 profit in 2015. The year's results were impacted by higher raw material costs, particularly corrugated trimmings, along with a financial expense that was booked in the period.

Adjusted EBITDA in 4Q16 was R$ 19.4 million, with a 10.0% margin. In 2016, it was R$ 175.3 million, down 3.3% compared to 2015, and with a margin of 22.6%, 1.3 percentage points lower than the previous year.

The net debt/EBITDA ratio was 4.10 times in December 2016, compared to 4.29 times at the end of 2015. The variance was mainly influenced by the lesser dollar exchange rate, which was reflected in the smaller net debt. Excluding the exchange variation recorded as hedge accounting from the net debt, the net debt/EBITDA ratio was 3.40 times. The cash position at the end of 2016 was R$ 198.1 million and 68% of the debt is long-term.

In 2016, IRANI progressed its strategy to modernize and automate its production processes, earmarking a total of R$ 62.796 million in investments for this purpose, mostly allocated to machinery and equipment maintenance and improvements, enhancement of the Company's physical facilities and reforestation. The main highlight was the installation of KIWIPLAN software at its Corrugated Cardboard Packaging units.

 

About Celulose Irani - Founded in 1941 and managed since 1994 by the Habitasul Group, a traditional business group from the country's South region, Celulose Irani today is one of the leaders of Corrugated Cardboard Packaging sector in Brazil, as well as a point of reference in the Packaging Paper (hard and flexible) industry.

With integrated production, its own forests, self-generated energy and continuously updated machinery and equipment, IRANI produces packaging paper, sheets and corrugated packaging, pine resins, tar and turpentine, ensuring the supply of high quality and competitive products from renewable raw materials.

Celulose Irani has six business units: Packaging Paper – Vargem Bonita (SC) and Santa Luzia (MG), Packaging – Vargem Bonita (SC), Indaiatuba and São Paulo (SP) and Resins – Balneário Pinhal (RS), as well as forests in Santa Catarina and Rio Grande do Sul, and offices in Porto Alegre (RS) and Joaçaba (SC). Companies controlled by IRANI: Habitasul Florestal S.A., HGE – Geração de Energia Sustentável S.A. and Irani Geração de Energia Sustentável Ltda (in an evaluation phase for wind project construction) in Porto Alegre (RS) and Iraflor Comércio de Madeiras Ltda in Vargem Bonita (SC).

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