Lisbon, July 22, 2024 (Lusa) - The paper distributor Inapa, which is mainly state-owned and has announced that it will file for insolvency, has its main operation in Germany, where most of the group's 1,500 workers are based.
According to the 2023 annual report and accounts, the paper distributor (which also operates in the packaging and visual communication sectors) has 1,478 workers and operates in 10 countries (Portugal, Germany, France, Belgium, Luxembourg, Spain, Austria, the Netherlands, Turkey and Angola).
The company, which claims to be ‘one of Western Europe's leading paper distributors’, has its main operation in Germany, where it has bought several companies in recent years. In 2023, it was from this market that more than 60% of the group's revenues came from and where it had 821 employees.
France - where it bought a major company in 2016 - is the second country with the most employees, 330, followed by Portugal, with 204 workers.
In 2023, the Inapa group lost €8.0 million, compared to a profit of €17.8 million in 2022, with sales falling by 20% to €968.7 million.
In the announcement of the results published by the Portuguese Securities Market Commission (CMVM) at the end of April, the company linked the losses to the fall in demand for paper in Western Europe (-25%). It also pointed out that recurring EBITDA fell by 62% to €33 million and that credit conditions had become ‘more demanding’.
Quoted in this announcement of the results, the group's CEO, Frederico Lupi, anticipated a period of ‘enormous uncertainty and challenges’ but considered that the group had the capacity to respond, noting that measures were underway to make it ‘more agile than before, giving it a better capacity to respond to the different scenarios’ it may face.
The report and accounts explained that in 2023, Inapa undertook a restructuring process in Germany, including reducing 172 workers.
A fortnight ago, on 11 July, Inapa's shares were suspended from trading on the Lisbon stock market due to problems with the repayment of bonds issued by the company. The shares resumed trading after the company announced that it had extended the repayment date for the third series of bonds convertible into shares (ISIN PTINACOM0001) by 10 working days.
With this deadline ending this Sunday evening, Inapa announced in a statement to the market that it will file for insolvency ‘in the next few days’.
The company said that it could not find funds for a ‘short-term cash shortage’ of €12 million in its German subsidiary Inapa Deutschland and that, in view of this, the Board of Directors concluded ‘the consequent and imminent insolvency of Inapa IPG’, under Portuguese law.
Inapa claims that it made ‘every effort in a timely manner’ with creditors and shareholders, in particular the largest shareholder, the public company Parpública, to avoid the insolvency of the German subsidiary, but that without this, it will file for insolvency in the coming days.
Earlier today, the company announced that Frederico Lupi had resigned. Several directors have also tendered their resignations.
Founded in 1965, the Inapa group's main shareholder is the public company Parpública, with 44.89% of the share capital, while the company Nova Expressão has 10.85% and Novo Banco 6.55%. The remaining capital is dispersed.
Inapa is listed on the Lisbon stock market, and its shares have been suspended since this morning, when they were each worth 0.0294 euros, Friday's closing price.
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