It´s a substantial improvement over the -€5.7 million obtained in the same period in 2016
Net turnover amount €233.5 million: +57.8% year-on-year
Net earnings of -€17.5 million, +32.1% year-on-year
Tubos Reunidos has validated the successful execution of 33 initiatives in the Transforma|3600 Value Creation Plan, which will represent a recurring EBITDA improvement of €4.8 million in a base year
Compared to -2 million euros EBITDA in the first six months of 2016, confirming the change in trend initiated in the first quarter.
Net turnover amount of 163.5 million euros: +58% year-on-year
Net earnings of -8,0 million euros, +59% year-on-year
The Value Creation Plan, 3600 Transform, has confirmed the potential for improvement of EBITDA by 45 million euros within 24 months
• The Company intends to implement a new business model that will ensure its sustainability, recover the cash generation capacity of the business and profitability for the shareholder and achieve a target ROCE in excess of 7 percent.
• Tubos Reunidos has embarked on Value Creation 360º as an accelerated path to achieve its goals with the immediate objective of increasing EBITDA by 45 million euros over the baseline EBITDA (calculated on the 2014 production volumes and 2017 prices) within 24 months.
• The priority is return on the investments already made by the Company in its catalogue of high-end products and the new industrial configuration through the following policies:
- Implementation of a sales and marketing strategy focussed on providing cutting-edge technological solutions for the end client.
- Attaining the productivity and efficiency improvements required to position Tubos Reunidos near the top quartile of worldwide competitiveness.
Tubos Reunidos Group has signed today a syndicated loan in the amount of 207,7 million euros with the following banks and financial firms: Banco Bilbao Vizcaya Argentaria, Banco Santander, Banco Popular Español, Kutxabank, Banco de Sabadell, Caixabank, Caja Rural de Navarra, Bankoa, Bankinter and Instituto de Crédito Oficial Entidad Pública Empresarial.