BRAZIL - Eucatex, one of the largest manufacturers of wooden panels in Brazil, announced its results for the fourth quarter (4Q-2016) and fiscal year 2016. Sales in 4Q-2016 totaled BRR 284.5 million, down 1.7% from BRR 289.4 million in 4Q-2015. In FY 2016, sales remained stable at BRR 1,144.5 million, compared to BRR 1,143.3 million in 2015. 

In the company’s Wood division, revenue decline lagged the decline in volumes due to the substantial share of higher-value products in total sales, as well as higher prices. Despite the sharp currency depreciation, export revenue increased 17.6% in 4Q16 and 22.9% in 2016, reflecting the continued growth of this market.

Recurring EBITDA totaled BRR 46.7 million, up 1.9% from 4Q15 as recurring EBITDA margin reached 16.4%, compared to 15.9% in the same period last year. In 2016, recurring EBITDA and recurring EBITDA margin totaled BRR185.8 million and 16.2%, respectively.

In the wood segment, the highlights were the Company’s exports, which are in line with its strategy, growing both quarter-over-quarter and year-over-year. Volume increased 51.3%, while Net Revenue increased 17.6% in the quarterly comparison, and 41.9% and 22.9%, respectively, in 2016. This result was driven by higher sales of T-HDF/MDF and MDP, exports that were still incipient in 2014 and that started accounting for a higher share of the export mix in 2015, and continuing the pace of expansion in 2016. 

Eucatex Results

January – December. Million BRR

Eucatex Results October - December

Million BRR