Burgo Group S.p.A., European producer of graphic and special papers, registered a decrease in revenues and operating income in 2016.: its total revenues amounted to 1,991 million Euros, compared to the 2,212 million Euros of the previous year. This result is mainly due to the variation in the prices of energy and the reduction of paper sales volumes. The gross operating income (Ebitda) as of 31st December 2016 was 129 million Euros, thereby registering an increase of 27.4% compared to the 101 million Euros of 2015. In percentage terms, 2016 Ebitda was 6.5% of turnover compared to the 4.5% registered on 31st December 2015. The operating income before non recurring expenses is 47 million Euros, registering a strong increase compared to the 22 million Euros of 2015.
The increase in profitability enables the Group to close the financial year with the net profit of 5 million Euros. The good result registered in the financial year and a careful management of the floating capital have enabled the Group to achieve a significant reduction in the level of net financial indebtedness, i.e. 594 million Euros as of 31st December 2016 compared to the 689 million Euros registered on 31st December 2015. Lastly, the Group has informed that on 2nd March 2017 it acquired from Edison a 51% shareholding in Gever spa, a company in which it already held 49% of the capital, thereby reaching a 100% shareholding in the company.