Antonio Obieta Vilallonga has been appointed new Non Executive Chairman of the Board of Natra, the Spanish company dedicated to chocolate products and cocoa derivatives, as reported by a relevant fact notice to the CNMV (Spanish stock market regulator).
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Confirming previous year good performance 86.7 M € compared with €87.3 M transportation ones, along with other operating expenses EBITDA.
Natra, S.A. had made public on November 10th 2015 at Valencia Commercial Register the capital reductions approved at the General Shareholder’s Meeting held on June 18th 2015.
Third quarter 2015 has confirmed sales recovery and margins improvement registered up to June, with sales 9.4% growth for the nine months up to €263.25M compared with €240.71M for the same period of 2014. Good performance on sales has driven EBITDA growth up to €14.75M.Natra holding at Reig Jofre (former Natraceutical ) contributed €1.21M to consolidated net profit, which is registered as "Results from companies valuated by the equity method". Natra third quarter €-7.47M net profit reflect an important improvement compared with €-11.80M registered on same period last year.
The Financial Restructuring Contract reported on April 30, 2015 has been already signed by the financial entities representing 100% of the amount withdrawn and outstanding of the Financial Agreement 2013, and by 100% of the lenders of the working capital lines signed in 2014.
First half results confirms cocoa and chocolate ac3vity recovery, with 14.66% sales growth compared to first half 2014, and margin improvement, with EBITDA reaching €8.49 M vs. €0. 96 M for the same period of last year.
Sales growth together with production cost control fuels cocoa and chocolate EBITDA, increasing 66% compared to first quarter 2014.
Sales growth of 5% in each of the two divisions and 5.73 M€ EBITDA in the third quarter, compared to 0.96 M€ from January to June.
With regards to the recent negotiations with the financial institutions of the syndicated loan of Natra SA aimed at obtaining approval to formalize with two international entities a credit line to finance the working capital, since the last of the nine financial institutions required to ratify the agreement did not approve this new financing, six entities of the syndicated loan that had already given their green light to the transaction confirmed their support to the company by formalizing today credit lines amounting to 12.5 million euros. The recipients of these funds will be Natra Chocolate International SL and Natra Cacao SL, operational and commercial companies of both the consumer and the industrial divisions of the Natra Group, respectively.
As agreed with the financial institutions of its syndicated loan and reported in the Relevant Fact dated August 29, Natra starts a financial restructuring process in parallel with the progress of the financing of its working capital.