Semapa President resigns

The chairman of Semapa's Board of Directors, Heinz-Peter Elstrodt, resigned and was replaced by administrator José Fey.

The chairman of the Board of Directors of Semapa, Heinz-Peter Elstrodt, resigned and was replaced today by the director José Fey, the company said in a statement to the Portuguese Securities Market Commission (CMVM).

“The Board of Directors of Semapa - Sociedade de Investimento e Gestão, SGPS, SA appointed, on July 30, 2020, the director Mr. Eng. José Antônio do Prado Fay as chairman of the company's Board of Directors, with effect from from that date and until the end of the current term of office, due to the resignation presented by Mr. Dr. Heinz-Peter Elstrodt to the exercise of that position ”, the same note reads.

“Semapa's Board of Directors thanks Mr. Heinz-Peter Elstrodt for all the contributions and dedication with which he served as chairman of the company's Board of Directors,” said the group.

The company announced today that its profits fell 61% in the first half of this year, to 39,3 million euros, year on year, according to a statement published by the CMVM.

With regard to the net results attributable to shareholders, the reduction, compared to the same period last year, was 58,8%, to 30,3 million euros, read in the same note.

"The activity carried out in the 1st half of 2020, and especially in the 2nd quarter, reflected the effects of the covid-19 pandemic, namely the different periods of confinement implemented in different geographies where the Semapa group operates", explained the company on the same note.

The impact was not the same in all segments, having been greater in Pulp and Paper and "with little impact on the Cement and Other Construction Materials business in Portugal and Brazil and improvement in the Environment".

The company also indicated that “a strong performance in terms of cost management and 'cash flow' allowed the Semapa group's financial position to be strengthened during the period”.

Semapa recorded a consolidated turnover of 941,8 million euros, a decrease of 15,9% compared to the same period in 2019, with exports and sales abroad amounting to 660,1 million euros, 70,1, XNUMX% of turnover, according to the statement.

In turn, EBITDA (earnings before interest, taxes, depreciation and amortization) stood at 203,3 million euros, a drop of 23,1% over the same period, the group said.

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