News and outlook
St-Paul-lès-Dax, France, 15 February 2012
PRESS RELEASE
In 2011, the Gascogne Group recorded growth in sales of +9.3% at €493.3m.
Despite this progress, the Group indicates that its Underlying Operating Profit will fall below
zero due in particular to one-off charges associated with cost reductions, a negative Swiss
Franc/Euro exchange rate and several sources of loss currently being restructured. On 31
December 2011, Management estimated the Group’s net debt as remaining as high as around
€100m. A significant percentage of this debt is made up of short-term credit facilities.
Gascogne reminds us that it has implemented a cost reduction policy with a savings
programme estimated at €5m over twelve months in order to improve its profitability and
rapidly increase its financial resources.
In addition to these measures, Frédéric Doulcet, CEO of the Gascogne Group is considering
selling the Swiss subsidiary Gascogne Laminates Switzerland. In 2011, this subsidiary was
responsible for up to 23.5% of the Laminates activity sales amounting to €184.4m for €3.4m
in operational losses (provisional estimated result during audit).
The Gascogne Group states that it has also entered into discussions with all of its banking
partners with an aim to ensure sustainability of the resources used to finance its operations
and development. The Group will provide details on the outcome of these discussions as soon
as possible.
Financial information Investors relations Press relations
Jérôme MONTOYA - CFO Clémence Fugain, Actus Jean-Michel Marmillon, Actus
Tel.: 33(0)5 58 56 54 01 Tel: 33(0)1 53 67 35 71 Tel.: 33(0)1 53 67 07 80
Fax: 33(0)5 58 74 55 48
About Gascogne group: Major player in the French wood industry, the Gascogne group is present at every stage in optimising the forest resource; it is the only French player fully integrated throughout the entire chain of the wood-paper-conversion sector. It has four complementary divisions: Gascogne is France’s leading multi-specialist producer of wood products, the world’s leading producer of natural machine glazed kraft paper, one of the European leaders of industrial and consumer sacks and one of the world’s leading producers of laminates for packaging and protection applications..
ISIN : FR0000124414 / Reuters : GASP.PA / Bloomberg : BI FP / FTSE : 460
Communiqués au titre de l'obligation d'information permanente :
- Activité de l'émetteur (acquisitions, cessions...)
Communiqué intégral et original au format PDF :
http://www.actusnews.com/documents_communiques/ACTUS-0-26835-gascogne-cp-15-02-2012-gb.pdf
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