Sappi First quarter results for the period ended December 2020


Highlights for the quarter

EBITDA excluding
special items
US$98 million
(Q1 FY20: US$139 million)

EPS excluding
special items
-1 US cent
(Q1 FY20: 6 US cents)

Loss for the
period
US$17 million
(Q1 FY20: profit of US$24 million)

Net debt of
US$2,056 million
(Q1 FY20: US$1,916 million)

  Quarter ended
  Dec 2020   Dec 2019 Sept 2020
Key figures: (US$ million)        
Sales 1,163   1,302 1,092
Operating profit (loss) excluding special items(1) 16   62 (5)
Special items – loss (gain)(2)   7 39
EBITDA excluding special items(1) 98   139 82
Profit (Loss) for the period (17)   24 (88)
Basic earnings per share (US cents) (3)   4 (16)
EPS excluding special items (US cents)(3) (1)   6 (4)
Net debt(3) 2,056   1,916 1,957
Key ratios: (%)        
Operating profit (loss) excluding special items to sales 1.4   4.8 (0.5)
Operating profit (loss) excluding special items to capital employed (ROCE)(3) 1.7   6.7 (0.5)
EBITDA excluding special items to sales 8.4   10.7 7.5
Net debt to EBITDA excluding special items 6.1   3.0 5.2
Covenant leverage ratio(3) 6.2   2.8 5.0
Interest cover(3) 4.1   8.4 4.7
Net asset value per share (US cents)(3) 327   379 299

(1) Refer to note 2 to the group results for the reconciliation of EBITDA excluding special items and operating profit excluding special items to operating profit by segment, and profit for the period.
(2) Refer to note 2 to the group results for details on special items.
(3) Refer to supplemental information for the definition of the term.