Annual Report 2010

1
Annual Report 2010
2
Index
Pág.
1. Letter from the chairman
5
2. Management bodies
8
3. Europac in figures
10
4. Our presence in Europe
12
5. Integration chain
13
6. Milestones 2010
14
7. Capital structure
17
8. Business lines
18
8.1. Waste management
18
8.2. Kraftliner paper
19
8.3. Recicled paper
21
8.4. Power
24
8.5. Cardboard
25
9. Structure
28
9.1. Resource Division
28
9.2. Human Resources
29
10. Environment
33
11. Events subsequent to year end
35
12. Europac on Stock Exchange
36
13. Reference guide to solutions and products
40
14. Companies belonging to the Europac Group
42
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Annual Report 2010
4
1. Letter from the chairman
Dear Shareholder,
As our annual report goes to press, I would like
to take this opportunity to say a few words about
Europac Group’s business activity last year. First
of all, I would like to point out that 2010 has
been a year of recovery for our company despite
the difficult economic situation that still persists
in many of our main markets.
On the whole, it should be stressed that the
improvement in our results has not only been
due to the situation of the industry. Achieving
the targets set in the Strategic Plan 2007-2010,
which led to an investment in excess of 300 million euros, along with efficient
management and the effort in making adjustments, have all contributed towards
strengthening our project during the crisis.
Not all our business lines performed in a satisfactory manner in 2010. In broad
terms, the results for the year have been underpinned by the performance of kraftliner paper and energy. Recycled paper has improved significantly over 2009, but we
still cannot consider results in this business line to be back to normal. Meanwhile,
corrugated cardboard has been hard hit by the consumption crisis and, in consequence, its performance has been frankly disappointing.
However, since 2007 Europac has grown by over 200% in paper recovery, by 16%
and 96% in production capacity of kraftliner and recycled paper respectively, by
94% in installed power, and by 85% in cardboard production.
We have taken advantage of this difficult economic situation to grow solidly. Today
Europac Group operates in Spain, France and Portugal with a sound and profitable
business model.
Such growth levels, moreover, form part of a business model that is sustainable
as well as socially and environmentally committed. This commitment to the environment, best exemplified by the use of 100% recycled or renewable materials,
requires a significant investment which increases the manufacturing cost of our
products. We accept this extra cost as the price of remaining true to our corporate
social responsibility policy.
2010 Results
The results recorded last year, although the best in the history of Europac, have not
been enough. Despite an unfavourable economic environment, there is room for
5
Annual Report 2010
improvement in the margins of businesses such as recycled paper or corrugated
cardboard.
The Company’s Ebitda for 2010 was 95.25 million euros, 172% over that of 2009,
while overall sales of 806.85 million euros accounted for a growth of 40% over the
year before. On the other hand, the year was marked by a gradual improvement
in results, translating into an Ebitda of 60.81 million euros in the second half-year
compared with 34.44 million in the first, and net results of 24.23 million compared
to 2.19 recorded for the first half-year.
This scenario has enabled the Board of Directors of the Company to distribute an
interim dividend of 0.07 euros per share attributable to 2010 and, furthermore, to
propose at the next Annual General Meeting the distribution of a final dividend of
0.05 euros, bringing the total to a gross 0.12 euros per share, which represents a
payout of close to 40%, a policy which we hope to maintain in the coming years if
our business performance so allows.
Investments
As for investments made in 2010, the most notable has been the implementation
of the two cogeneration combined-cycle power plants and the start of our activity
in the sector of paper recovery and management in Spain. Furthermore, from the
SCA Group we acquired the assets of a cardboard company in France with an annual production of 64 million m2, although these assets did not become part of the
group corporate structure until January 2011.
“Europac results over the next few years will improve if the margins in
businesses such as recycled paper or cardboard should recover”.
In the area of power generation, a regulated and stable activity linked to the paper
production business, the investment made has enabled us to increase the installed
power by 94%, from 79MW in 2009 to 153MW in 2010. The combined-cycle plants
in Dueñas and Viana do Castelo are working at full capacity, so that 2011 will be
the first full year of the new facilities, which should generate stable and recurring
Ebitda with a contribution of close to 30% to Europac’s total Ebitda.
Lastly, in October 2010 the company acquired the paper recovery business based
in Valladolid, Salcedo e Hijos S.A., which at that time was managing 18,000 annual
metric tons of recovered paper. Including the two paper processing centres in Portugal, the company plans to manage 200,000 metric tons of recovered paper in
2011, which will enable us to supply to ourselves 26% of our requirements for this
product.
This corporate operation is part of the Europac Recicla project, a Europac Group
initiative which aims to make the group an overall paper management facility offering an integral service to all its customers, where each waste item becomes an
opportunity from an economic and sustainable perspective.
6
Share performance
The first half-year of 2010 saw a downward trend to Europac shares, reaching the
annual low of 2.57 euros per share on 26 May. However, as a result of proven positive business performance, the price gradually improved. The share price closed
2010 at 3.50 euros, 5% lower than year-end 2009 (while the IBEX 35 lost 17%) and
36% up on the annual low.
We believe that the market does not yet reflect the true potential of the company
based on risk diversification and the integration that characterises our business
model as it stands today.
New Strategic Plan
Following the effort made over the last four years, it is now time to reward the shareholders for the trust they have placed in the Europac project. We shall continue
to consider opportunities appearing on the market as we have done to date, particularly in paper recovery management through Europac Recicla, but the priority
over the next few years will be the organic growth of the group and the consolidation of the investments made to date.
“The New Strategic Plan 2011-2015 plans to recover the dividend distribution policy in order to reward shareholders for the trust placed in
the company.”
These objectives will be reflected in the New Strategic Plan 2011-2015, to be presented in the second half of this financial year. Following the geographical expansion undertaken by the company over the last few years, one of the main aims of
the plan will be to recover the shareholder remuneration policy through dividend
distribution.
Finally, I want to express my trust that the growth experienced in 2010 will prove
sustainable over time and will increase in some business areas thanks to the effort
and hard work of the over 2,100 collaborators of the Europac Group.
7
Annual Report 2010
2. Management bodies
Board of directors
• Mr José Miguel Isidro Rincón: Executive Director
• Mr Enrique Isidro Rincón: Executive Director
• Mr Fernando Isidro Rincón: Executive Director
• Tres Azul, S.L.: Represented by Mr. Fernando Padrón Estarriol. Executive Director
• Cartera Industrial REA, S.A.: Represented by Mr Antonio González-Adalid GarcíaZozaya. Representative Director
• Mr Francisco Javier Soriano Arosa: Representative Director
• Mr Jorque Requejo Liberal: Independent Director
• Mr Vicente Guilarte Gutiérrez: Independent Director
• Mr Juan Jordano Pérez: Independent Director
• Ms. Sol Fernández-Rañada López-Doriga: Non-Director Secretary of the Board of
Directors
8
Executive committee
• Chairman (Executive Director): Mr José Miguel Isidro Rincón
• Member (Executive Director): Mr Enrique Isidro Rincón
• Member (Representative Director): Cartera Industrial REA, S.A.
• Member (Independent Director: Mr Juan Jordano Pérez
Audit committee
• Chairman (Independent Director): Mr Vicente Guilarte Gutiérrez
• Member (Executive Director): Mr Fernando Isidro Rincón
• Member (Independent Director): Mr Juan Jordano Pérez
Appointments and remuneration committee
• Chairman (Independent Director) : Mr. Jorge Requejo Liberal
• Member (Executive Director): Mr Fernando Isidro Rincón
• Member (Representative Director): Cartera Industrial REA, S.A.
• Member (Independent Director):Mr Juan Jordano Pérez
9
Annual Report 2010
3. Europac in figures
Sales (in millions of euros)
Staffing trends (headcount)
900
2000
675
1900
450
1800
225
1700
1600
0
2008
2009
2010
2008
2009
2010
Average number of employers
Consolidated sales
Agregate sales
2008
2009
2010
Consolidated sales
424
434
616
Aggregate sales
595
578
806
Average number
of employees
2008
2009
2010
1699
1955
1923
“Aggregate sales in 2010 amounted to 806 million euros, 40% over the
previous year”
Paper production (in thousands of metric tons)
Fixed assets (in millions of euros)
600
900
575
675
550
450
525
225
0
500
2007
2008
2008
2009
Net assets
2009
Recycled paper
2010
Total
Kraftliner paper
Net assets
10
2008
2009
2010
506
587
592
2008
2009
2010
Recycled paper
Kraftliner paper
385
445
552
308
305
346
Total
693
750
868
Ebitda (in million of euros)
Power production (in thousands of MW/h)
1000
100
750
75
500
50
250
25
0
2008
2009
0
2010
Thousands of MW/h
Thousands of MW/h
2008
2009
2010
Millions of euros
2008
2009
2010
585
592
939
Millions of euros
2008
2009
2010
66,68
35,02
95,25
“Europac’s Ebitda in 2010 increased by 172% over the previous year,
exceeding 95 million euros”
Production of cardboard and boxes
(in millions of m²)
600
450
300
150
0
2008
2009
2010
Cardboard
Boxes
Cardboard
Boxes
2008
2009
2010
341
425
559
231
325
445
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Annual Report 2010
4. Our presence in Europe (01.01.2011)
The Europac Group has 34 industrial facilities in Spain, France and Portugal
• Spain: 1 waste material recovery company, 3 recycled paper machines, 7 processors, 2 corrugators and 3 co-generator power facilities
• France: 1 recycled paper machine and 4 corrugators
• Portugal: 2 waste materials recovery companies, 1 kraftliner paper machine, 4
corrugators, 3 processors, 1 biomass boiler and 2 co-generator power facilities.
Recovered
Spain
France
Portugal
ER Valladolid
-
ER Lisboa
ER Porto
-
-
EK Viana
EP Rouen
-
-
EE Viana
EC Rouen
EC Savoie
EC Atlantique
EC Val de Seine
EE Gilhabreau
EE Leiria
EE Albarraque
EC Ovar
EC Madeira
Kraftliner
Recycled
Power
Cardboard
Dueñas
Alcolea
Dueñas
Alcolea
Dueñas
Alcolea
Torrelavit
Riba Roja
C. Soler
C. Mimó
C. Marcuello
C. Santander
I.C Asturiana
Waste management
Paper production
Power generation
Cardboard and packaging
Shareholdings in cardboard and packaging
12
Cartocer
5. Integration chain
ENERGY GENERTAION: 153 MW
RECOVERY
2011: 200.000 TPY
Recycled paper
2011e: 600.000 TPY
FORESTRY
2011: 700 Ha
KraAliner paper
2011: 350.000 TPY
100%
BOXES
2011: 535 Mm2
CARDBOARD SHEETS
2011: 664 Mm2
RECYCLED:60% / KRAFT:18%
81%
THE INTEGRATION OF THE BUSINESS LINES IS ONE OF THE GRURPO EUROPAC´S
COMPETITIVE ADVANTAGES INTEGRATION IS A SUSTAINBILITY FACTOR
FORESTY 700 Ha
PAPER PRODUCTION
4 INSTALATIONS
350.000 TPA KLB
600.000 TPA REC
POWER 153 MW
PAPER RECOVERY
CARDBOARD PRODUCTION
3 INSTALATIONS
200.000 TPY
11 INSTALATIONS
664 MILLIONS M2
PACKAGES PRODUCTS AND FINAL CONSUMER
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Annual Report 2010
6. Milestones 2010
1 JANUARY
Right at the start of the year, the price increase for kraftliner paper to 60€ per metric ton, announced by Europac on 19 November of the previous year, came into
effect. The price rise was applied to all customers due to the structural deficit in the
European market and the falling paper exports from the United States, which led
to a constant fall of European stocks, at times causing logistical supply difficulties
in Europe.
26 JANUARY
The Company announced the first rise in the price of recycled paper in the year, by
60€ per metric ton. The price rise was applied as of 1 February to all European customers, except for Spain and Portugal. This increase in the price of recycled paper
followed the consolidation of another rise of 90€ announced in September 2009 in
those same markets.
15 FEBRUARY
Europac annnounced that it would increase the price of recycled paper in Spain
and Portugal by 60€ per metric ton as of 16 February to all group customers in the
Iberian Peninsula. This was the first price rise applied in these markets since the
beginning of the crisis, whereas price rises had already been announced for the rest
of Europe of 160€ per metric tone as of the month of September of the year before.
14
2 MARCH
The company announced that, as of 1 April, it would apply a new increase in the
price of kraftliner paper of 60€ per metric ton in all markets due to the cost pressure
of raw materials and energy.
4 MARCH
The Europac Group published a report on the situation of the European market
for packaging paper. The document concluded that, following the restructuring
carried out in the sector, the balance between supply and demand of paper, and
the strength of the order portfolios in a context of low stocks and rising prices of
raw materials, the time was right to announce new increases in the price of paper
to enable product margins to be recovered.
11 MARCH
Europac announced a new increase in the price of recycled paper of 70€ per metric
ton for brown paper qualities and of 40€ per metric ton for white paper qualities.
This was applied to all customers in the Iberian Peninsula as of 16 March.
23 MARCH
The company announced an increase in the price of recycled paper of 60€ per
metric ton as of 1 April in all European markets, except for Spain and Portugal. The
measure was due to a rise in the price of recovered paper, which is the raw material
used in the production of recycled paper, in a context of low stocks and strong
order books.
19 APRIL
Europac announced that a new price rise of 50€ per metric ton would be applied as
of 1 June to kraftliner paper in all markets.
26 APRIL
The Board of Directors of Europac, as had been approved by the General Meeting
of Shareholders held on 25 May 2009, agreed to begin proceedings to exclude from
trading on the Euronext Lisbon the shares representing the capital of the Company
listed on that market. Europac shares were excluded from being traded on Euronext
Lisbon as of 26 May 2010.
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Annual Report 2010
18 JUNE
Europac announced to the market that, in accordance with the ruling of 30 April
2010, the Department for the Economy and Industry of the Xunta de Galicia (Governing Body of the Autonomous Region of Galicia) agreed to approve the draft
project of the Renova Generación de Energías Renovables S.L., a subsidiary in which
Europac owns a shareholding of 32.57%, concerning the biomass plant located in
the town of Curtis with a 10MW production capacity, which was the first definitive
selection of a winning bid for this company.
22 JULY
The Europac Group announced that it would raise the sale price of its entire range
of papers by 60€ per metric ton as of 1 September. The strength of an unprecedented order book enabled the announcement of a new rise in the price of kraftliner
and recycled paper, thus improving margins on these products.
26 OCTOBER
The Europac Group entered an agreement to purchase Salcedo e Hijos S.A., a company based in Valladolid, that has become its first centre in Spain dedicated to the
strategic business of paper recovery and management. At the time of the purchase,
the company processed 18,000 metric tones per year of recovered paper, although
Europac’s expectations have been to significantly increase this amount.
19 NOVEMBER
The Executive Committee of Europac agreed to begin the capital increase approved
by the General Meeting of Shareholders on 29 June, consisting of the delivery free
of charge of one new share for every twelve old shares. This enabled the Company
to issue 6,658,471 new shares of a face value of two euros each, through a share
capital increase of 13,316,942.00 euros.
13 DECEMBER
The Europac Group acquired the assets of a new corrugated cardboard company in
France which belonged to the Scandinavian paper group SCA. The operation was
carried out by assigning the goodwill and all operating assets of the facility to Europac Cartonnerie de Rouen (ECR), a 100% owned subsidiary of the Europac Group in
France. The new cardboard company consumes 40,000 metric tons of paper a year,
which shall be gradually added to the paper machines of the group.
16
7. Capital structure
Date: 1 May 2011 / Source: CNMV
6.954%
6.442%
5.002%
36.855%
4.719%
40.028%
17
Annual Report 2010
8. Business lines
8.1 Waste management
2010 was a favourable year for the paper recovery sector, where the strength in demand for this raw material resulted in successive product price increases enabling
margins to be increased. In this promising market situation, aggregate sales increased to 17.62 million euros, over double that of the year before, while the Ebitda
grew by over 379% after recording 1.69 million euros.
In this regard, the management of recovered paper in 2010 increased by more than
13% reaching 153,000 metric tons following the company’s purchase of the assets
of the Valladolid company Salcedo e Hijos S.A., which at the time processed 18,000
metric tons per year of recovered paper. This operation contributed towards 20% of
the demand for this raw material in 2010 being self-supplied.
This purchase is part of the ‘Europac Recicla’ project, aimed at increasing the presence of the company in the paper recovery sector.
“2010 was a favourable year for the paper recovery sector, marked by
the strength of demand and the price increases in this raw material”
“One of Europac’s objectives over the next few years is to grow in the
paper recovery management sector”
18
8.2 Kraftliner paper
The performance of kraftliner paper throughout 2010 was marked by the strength
in demand, with a one-month order backlog all year round, which translated into
an increase in sale prices and improved product margins. Specifically, the price of
kraftliner increased by over 45% from its historical minimum recorded in September 2009, when the first price increases began to be announced, until it reached
604.2 euros per metric ton according to Foex.
We must remember the structural deficit of around 25% existent in the European
kraftliner paper market and the fact that the Portuguese facility of the company in
Viana do Castelo is the most efficient production centre in Southern Europe. This
deficit has been regularly offset by exports from North America, but the production
cut-offs in that market, as a result of the withdrawal of subsidies for black liquor
consumption in the United States at the end of 2009, reduced the influence of imports in 2010 despite the upturn in the last quarter.
The total volume of kraftliner output in Europe in 2010 was 3.4 million metric tons,
the highest volume recorded since 2003. This reflects the improvement in European demand, which according to the European Confederation of Paper Indutries
(CEPI) increased by 6.8% compared to 2009.
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Annual Report 2010
Stocks and raw materials
In 2010, the stocks of kraftliner paper in Europe decreased until the month of September, when 148,547 metric tons were recorded, and picked up in the last quarter
to a level of 184,547 metric tons. This increase towards year end is usual and despite
the 4% rise over year-end 2009, it is still 10% below that of 2008.
2008, 2009 Y 2010 YEARLY PEFORMANCE OF EUROPEAN STOCKS KRAFTLINER PAPER
jan febmar aprmay jun jul aug sep oct nov dec
“The Ebitda of the kraftliner paper business line amounted to 52.14
million, 197% over that of the previous year, due to the favourable
performance of demand and the increase in margins”
As for raw materials, the price for pine and eucalyptus wood remained stable during
the second half of 2010, with an adjustment having taken place in the last quarter
following the maximum levels reached in August. The price of recovered paper
maintained the upward trend exhibited the year before until March 2010. From that
time through to May it remained steady, then fell in June due to a drop in exports
to China and remained stable until November, to subsequently rise in December.
Improvement in results
This favourable market situation enabled the gradual introduction into the market
20
of the price increases announced over the months of January, April, June and September 2010. In this regard, the aggregate sales rose to 199.95 million euros, 42%
more than in 2009, and the Ebitda recorded was 52.14 million euros, 197% higher
than that of the year before.
“During the months of January, April, June and September 2010, the
announced price increases were gradually introduced into the market”
During 2010 the kraftliner paper machine at the company worked at full capacity
and exceeded 345,000 metric tons, accounting for an increase of 13% over the previous year and proves the efficiency of the machine at Viana do Castelo. In fact, the
company benefited all throughout 2010 from the measures introduced in September 2009, which enabled an increase in production capacity of 30,000 metric tons a
year, from 320,000 to 350,000 metric tons.
On the other hand, one of the relevant projects during 2010 was to continue to
develop the paper known as Vianaliner, a new paper which the group began to
market in 2009 and which last year accounted for almost 12% of the overall production of the Portuguese factory. The composition of this type of paper, based on tree
fibre and using a percentage of recycled paper of around 35%, enables Europac to
operate in very specific market niches where packaging needs were not being met
by recycled or kraftliner paper.
“During 2010 the kraftliner machine at Viana do Castelo worked at
full capacity and the production volume was 13.2% higher than that
of the previous year”.
8.3 Recycled paper
Throughout 2010, the growing demand for recycled paper, within a context of
production cut-offs and low stock levels in Europe, enabled the recycled paper
machines of the group in Dueñas (Palencia), Alcolea de Cinca (Huesca) and Rouen
(France) to work at full capacity during the year. This circumstance has led to the
recovery of prices to pre-financial crisis levels and an improvement in the margins.
The production cut-offs mentioned above have taken place in Western Europe, our
area of influence, whereas the opening of new production capabilities has taken
place in Eastern Europe. No additional productions are expected in our main mar21
Annual Report 2010
kets until 2012 in Germany and 2013 in the United Kingdom.
Also, following the historical lows recorded in the third quarter of 2009, the market
repercussion of the price rises announced in 2010 translated into an increase in sale
prices of Testliner 2 and RB Fluting recycled papers of 30.2% and 35.9% according to
Foex, reaching 443.6 euros and 419.0 euros per metric ton, respectively.
“The improvement in demand within a context of production cut-offs
and low stock levels has translated into price recovery and improvement in the margins of recycled paper”
Stocks and raw materials
2010 Weekly Evolution of European Recycled Paper Stock
As for the levels of European recycled paper stocks, according to the European Confederation of Paper Industries (CEPI), at the close of the year there was an increase
of 4.1% over the same period in 2009, with a stock in week 52 of 460,152 metric
tons. Despite the increase of this figure, stocks remain low.
With regards to raw materials, the first quarter of 2010 saw the upturn in the price of
recovered paper in Europe, triggered by the increase of exports to China, but as of
March, the prices for raw materials remained stable in the brown qualities and rose
slightly during the last quarter of the year in white qualities.
22
Performance of results
In 2010, the recycled paper business made a considerable improvement registering
an Ebitda of 14.3 million compared to the negative Ebitda of -10.3 million in 2009.
Production rose 17.1% generating a total of 521,889 metric tons, whereas sales in
2010 increased to 290,100 metric tons, 8.5% over that of the same period in the
previous year. The Iberian Peninsula accounted for the largest increase in output
out of all the European economies, with a 23% rise in 2010 over the preceding year.
“The introduction of the price increases announced in 2010 is reflected in an increase in aggregate sales volumes of 43% having posted
199.7 million euros”
In addition, the introduction of the price increases announced in 2010 and their
repercussion on improved product margins is reflected in aggregate sales of 199.7
million euros, accounting for an improvement of 43.4% over that of 2009.
Moreover, the production volume in Rouen during 2010 was 18.2% over that of
the year before thanks to the implementation of an efficiency improvement plan
carried out on the paper machine. Specifically, the daily efficiency of the machine
has improved by 16% since the start of the plan, achieving an overall efficiency
level of 85%.
“Improved demand and sales prices partially offset the price increase
of recovered paper, the raw material of this product”.
23
Annual Report 2010
8.4 Power
In 2010, the start-up of two combined-cycle co-generators at the paper plants in
Dueñas and Viana do Castelo, with a joint installed power of 74 megawatts (MW),
played a key role in the power generation business. The new facilities enabled the
company’s electricity production capacity to increase by 94%, from 79 MW in 2009
to 153 MW in 2010.
“The start up of the two combined-cycle facilities with a joint installed
power of 74 megawatts enabled a 94% increase in the company’s production capacity”
The combined-cycle plant at Dueñas (35 MW) was started up in March 2010 and
was operating at full capacity in June, whereas the plant at Viana do Castelo (39
MW) began operating in July and reached full capacity in November 2010.
Given this development, the cumulative Ebitda in the power generation business
during 2010 was 119% higher than that of the previous year, mainly due to the start
up of the two new combined-cycle plants and the greater production and sale
of power as a result of the paper machines of the group working at full capacity
throughout the period.
Furthermore, the cogeneration plant of Alcolea de Cinca began to apply the system
of integral export of electricity to the grid as of 15 July 2009, so that 2010 became
the first full year in which the facility worked in this manner. Albeit to a lesser extent,
this was another factor which contributed to the improvement of the operating
results of power generation in 2010.
24
“The cumulative Ebitda of the business during 2010 was 119% higher
than that for 2009 due to the start up of the new combined cycled
plants and the paper machines working at full capacity”
8.5 Cardboard
The cardboard business in 2010 was characterised by continuous increases in the
price of paper, its main raw material, which led to a reduction of margins.
There has also been a notable increase in volume of 90 Million square metres, due
to the incorporation to the company of Europac Cartonnerie Atlantique (ECA) and
Europac Cartonnerie Savoie (ECS), two factories which, until June 2009, belonged
to the Mundi Group and that reached their first full year under the management of
the Cardboard Division of Europac in 2010.
These corporate operations carried out in France since 2008 have enabled the Europac Group to achieve a market share of 7%, a percentage which accounts for
12-14% in the Iberian Peninsula.
In spite of the drop in the Ebitda of this business due to the aforementioned narrowing of margins, the addition of new facilities and the organic growth experienced during 2010 has enabled the production of corrugated cardboard to increase
to 559,275 square kilometres, over 32% compared to 2009. In parallel, aggregate
sales increased in the same proportion, and totalling 267.73 million euros.
25
Annual Report 2010
Innovation
Given this scenario, the Cardboard Division of Europac carried out a significant cost
cutting plan which has resulted in a reduction of the cost per square metre and improved productivity, while having redoubled its support for innovation as a means
to add value to its products. This approach means working alongside customers to
assess needs and offer solutions that add value.
One of such solutions is the ‘TrayPAC’ corrugated cardboard tray, which began to
be produced in June 2010 and of which several million units have already been
sold. This is a recyclable and sustainable alternative to polystyrene trays for fruit
and vegetables, although it can be used for other sectors such as pizza deliveries or
airline catering. Furthermore, it offers branding opportunities, as it can be printed
allowing customers to generate greater brand awareness.
Another product is ‘Europal’, a corrugated cardboard pallet that offers a highly costeffective alternative to those of treated wood, which are normally used for export.
It only weighs five kilos compared to the twenty-five or thirty kilos in weight of
wooden pallets, which renders them easier to handle and reduces the risk of occupational accidents.
Growth in France
On the other hand, 2010 witnessed the ongoing trend of corporate growth in France, an economy that is beginning to show signs of recovery and which accounts
for 40% of the company’s current market share in corrugated cardboard. A result of
this strategy has been the purchase in December 2010 of the SCA plant in Gasny
(France).
“2010 saw an increase in volume of 90 million square metres in the
first full year of operation of Europac Cartonnerie Atlantique (ECA)
and Europac Cartonnerie Savoie (ECS)”
The operation did not become effective until 1 January and therefore, Europac Cartonnerie Val de Siene (ECVdS) did not affect group accounts in 2010. The facility
produces 64 million square metres of corrugated cardboard and uses 40,000 metric
tons of paper per year.
This purchase enables Europac to continue growing in terms of business integration and market share in France. From a strategic perspective, the operation increases the commercial coverage in Northern France and helps to relieve the pressure on ECA, which was working at maximum production capacity, by transferring
goodwill close to the new facility. Additionally, the new plant is 45 kilometres away
from the group’s recycled paper factory in Rouen‚ which will lead to considerable
savings in transport costs.
26
“In a complex scenario, the company has redoubled its support for
innovation seeking to add value to its products”
Europac Management Way
In addition, 2010 has witnessed the definition and implementation of a single management model in all the group companies, to be properly developed in 2011,
under the name of ‘Europac Management Way’ (EMW). EMW implies productivity
monitoring, immediate decision-making, a specific plan of action when targets are
not met and a logistics meeting to follow-up performance.
In short, it consists of a number of weekly, monthly, yearly and three-yearly meetings designed to ensure that what is carried out by the entire organisation on a
daily basis is in line with the strategic plans of the Europac Group.
“The purchase of Europac Cartonnerie Val de Seine (ECVdS) enables
an increase in cardboard production in France of 64 million square
metres a year”
PowerPAC Initiative
Among the projects of the Cardboard Division for this year is the development
of PowerPAC, an initiative designed to encourage the company’s position in the
French market as a supplier of heavy duty packaging Solutions. It is worth mentioning that three of the four cardboard companies of the group in France are capable
of manufacturing triplex cardboard, used in this type of packaging, which mainly
services the car and furniture industries.
27
Annual Report 2010
9. Structure
9.1 Resource Division
Among the main initiatives undertaken by the Resource Division in 2010 has been
the consolidation of the organisation of the risk department in France, having implemented the full risk policy of the group. The development of a project led by the
Executive Committee, which involves the review of the business and organisation
model of the company in order to manage growth potential in the future, has also
been important.
On the other hand, the first quarter of the year saw the implementation of a model
to review the 12-month cash forecasts in all legal entities, which has been improved month by month in the treasury committee meetings. Likewise, a new accounting policy plan was established for the entire group seeking to standardise rules
among the various companies and countries to help reporting and consolidation
processes of group accounting.
In 2010, 11 internal audits were carried out thus furthering the project begun in
2006 to review, define and publish all basic operating procedures on the intranet.
In the last quarter of the year, the Management Committee approved the new systems plan for 2011-2013. This plan consists of the continuation of the objectives
established in the previous plan of simplification of infrastructures and standardisation of applications.
The main projects carried out during the year, such as the continuation of the implementation of COPA for cost control and price proposal analysis in Portugal, the
upgrade of the group’s SAP and the beginning of the group-wide server concentration process, among others, have translated into a cost reduction of over 20%, and
he goal is to increase this percentage to 50% this new year.
Finally, the name of all Portuguese legal entities was changed, replacing the Portucel identity with Europac; in December 2010, the Departments of the Economy and
Finance of Portugal issued a certification stating compliance of investment obligations related to the privatisation of 65% of the public entity Gescartão‚ SGPS‚ S.A.
“In December 2010 the Portuguese government acknowledged compliance by the company of all obligations arising from the privatisation process of Gescartão”
“Among the main initiatives of 2010 is the development of a project
designed to review the business and organisation model of the company”
28
9.2 Human Resources
During the last year, the Europac Group continued with the management and development of human resources, one of the most important sources of competitive
advantage. The main objective has been to continue to develop policies designed
to standardise the various divisions and improve the integration and involvement
of all members of the Company. This broad scope of action was supported with the
encouragement of policies of equal opportunities, non-discrimination and workhome reconciliation.
Distribution of Employees by country
Spain
28%
Portugal
43%
France
29%
“In spite of the unfavourable economic situation, the company staff
was reduced by less than 3% in 2010”
Career development
The various training actions under way aim to further technical and management
skills, acquire greater knowledge of new technologies and improve language. These training initiatives were organised into several Training Plans, including external
training at a postgraduate level.
2010 saw the ongoing development of the Fénix Project, begun in 2009 as the
corporate initiative for identification and development of professional and management potential of company staff. To this end, a mentoring programme was established for young employees who, thanks to the support of experienced professionals, are able to discover the professional development opportunities offered by
the company.
29
Annual Report 2010
In addition, the Human Resources Division began in 2010 a project for recruitment
of young professionals under the name of Proyecto Cantera. Once they had completed the induction programme, they were assigned to develop their professional
duties in tranversal projects of an international nature enabling them to gain first
hand and in-depth experience of technical, organisational and production processes, as well as the culture of different countries, seeking to foster an international
mentality that shall be one of the basic skills of professional development in the
immediate future.
Training plans
Investment
Hours
Number of persons
Resource Division
€ 88.557
1.636
135
Paper Division
€ 223.667
5.829
968
Cardboard Division
€ 332.808
15.084
696
TOTAL
€ 645.032
22.549
1.799
30
On the other hand, the second editions of the Management Development Programme took place, designed for work team leaders to boost the development of
the skills and techniques required for efficient people and work team management.
Personal action plans were drawn up with individual coaching sessions, with special emphasis on the development of management styles, improvement of basic
leadership aspects and global business perspective.
“The second edition of the “Management Development Programme”
designed to boost efficient management of people and teams was
held in 2010”
General EUROPAC GROUP
Cumulative number of accidents with sick leave
Cumulative frequency index with sick leave
Cumulative severity index
Performance
2009 - 2010
-17,30%
-16, 20%
-13,90%
31
Annual Report 2010
Occupational risk prevention
The improvement of prevention culture and a better integration of safety and security activities have led to a 17.3% reduction in accidents in 2010. Other indicators
related to occupational accidents have also been reduced, as is shown in the table
below.
The downward trend of these data coincides with the increase in hours of training
in safety and security matters. 2010 has thus included courses on fire prevention,
drills, first aid, awareness and training on specific job risks, among others.
On the other hand, risk assessments in all work centres have been reviewed and
updated, and included in a single document.
“Improvements in prevention culture and a better integration of safety activities have managed to reduce accident rates by 17.3 % during
this last year”
In addition, in-house audits have been carried out in all production centres in the
company, identifying aspects to be improved both in safety conditions and management Systems. On this basis, action plans have been drawn up to be implemented in 2011 to correct and improve any deficiencies detected.
32
10. Environment
Europac Group’s commitment to sustainable development and respect for the environment is based on responsible production processes and an integrated business
model that minimises the impact its industrial activity has on the environment. As
a basic principle, the company, which manufactures recyclable and biodegradable
products, does not contemplate operating without the respect for the environment that generates the natural resources necessary for its lines of business.
During 2010, Europac Group’s four paper machines consumed a total of 750,000
metric tons of recovered paper, a waste item which the company regenerates as a
raw material. This product would otherwise be in waste dumps. Of these 750,000
metric tons, slightly over 20% hailed from the Europac Recicla paper recovery centres in Lisbon, Porto and Valladolid.
Europac Recicla is an initiative of the Europac Group, based on the group’s traditional strategy of vertical business integration. However, it does not only involve the
selective collection and recycling of waste such as paper, cardboard or wood, but
also glass, tins, plastic, tyres or polystyrene, among others. Its objective is to become one of the industry leaders in the Iberian Peninsula.
Certifications
In parallel, in 2010 all company paper factories renewed or passed the annual review for ISO certifications. The Portuguese plant at Viana do Castelo also renewed
its IPPC license for pollution control and prevention. Moreover, the sealing of the
33
Annual Report 2010
former waste dump has been completed using state of the art techniques that
enable the site to be used for other purposes.
In addition, the project begun in 2009 known as the Chain of Responsibility of raw
materials, guaranteeing that all wood used in the industrial process has been sourced from forestry ventures compliant with environmentally responsible management practices, has continued throughout 2010. This enables the company to offer
the market products with FSC (Forest Stewardship Council) and PEFC (Programme
for the Endorsement of Forest Certification) certificates.
Alternative Products
Another means for boosting Europac Group’s sustainable development is the manufacture of corrugated cardboard products as alternatives to those made of plastic or polyspan. In addition to the examples mentioned in the section on the cardboard business contained in this report, work continued in 2010 on the ‘FishPAC’
box.
This is a corrugated cardboard box for fish shipment; it has already been tested in
international logistics circuits of up to 72 hours and has yielded very good results.
Its main advantage is it prevents the risk of breakage of the polyspan, where pieces
thereof can end up inside the fish and, in addition, it is a product that can be recycled at destination.
Lastly, all company facilities continued to work towards reducing emissions and
treating waste water, achieving levels well below those legally required.
34
11. Events subsequent to year end
The operation of 13 December 2010 involving the purchase of the cardboard company of the SCA group in Gasny (France) did not become effective until 1 January
2011. Therefore, this year shall be the first in which the new facility shall operate
under the management of the Europac Group.
On the other hand, the significant improvement of results enabled the Board of
Directors of the company to recover once again a dividend distribution in 2011 of
2010 results. Specifically, the dividend amounted to 0.07 euros per share, which can
be increased with a special dividend of 0.05 euros dependent on approval by the
General Meeting of Shareholders.
As for the management bodies, Adamante Inversiones S.R.L. ceased being represented in the Board of Directors of the Company as of mid November 2010 and,
following a gradual reduction of its shareholding in the share capital, by January
2011 it no longer held any company shares.
The Europac Recicla company was also incorporated after the end of 2010, to increase the group’s presence in the paper recovery sector by means of two paper
recovery centres in Portugal (Lisbon and Porto) and one in Spain (Valladolid).
In terms of recycled paper, following the execution of the plan for efficiency improvement of the recycled paper machine in Rouen, a 25-day maintenance halt
in production took place this year, which will enable an increase of six percentage
points in machine efficiency, to a level of 92%.
As for price increases, the company announced a rise in the price of recycled paper
of 60 euros per metric ton in the month of January for all of Europe and of 50 euros
more in May in the Iberian Peninsula markets. The month of May also saw the announcement of an increase in the price of kraftliner paper of 50€ per metric ton in
all markets. In all cases, the pressure of the prices of raw materials in the context of
strong demand justified these measures.
35
Annual Report 2010
12. Europac on the Stock Exchange
In 2010, despite posting a significant quarterly progression and the best annual
results since it was first listed in 1998, Europac Group’s company shares fell by 5%
compared to the end of 2009. Nevertheless, throughout 2010 these shares have
outperformed the IBEX 35, the leading index of the Spanish Stock Exchange, which
closed the year at 9,859.1 points, 17.4% below the close of 2009.
During the first quarter of the year, the rise in the price of recovered paper adversely
affected the sector, which, despite deflecting this cost by rising sale prices, led to a
deterioration of margins that were not recovered until 100% of the price increase in
raw material had been deflected to the market.
Uneven performance
In light thereof, the shares of the Europac Group exhibited a downward trend during the first six months of the year until they reached an annual low on 26 May of
2.57 euros per share.
“The performance of Europac shares in 2010 was better than that of
the IBEX 35, the main Spanish Stock Exchange index”
Following publication half-year 2010 results in July, which disclosed the gradual
improvement in results and expectations, the Europac shares began to recover. At
that time, when the company was trading at 2.97 euros per share, the target price
in the market was at 5.00 euros per share, equal to a growth potential in the region
of 70%.
36
The Europac shares closed 2010 at 3.50 euros, a drop of 5% over year-end 2009 and
a revaluation above 36% over the annual low.
Comparable companies
However, other comparable companies which carry out activities in the sector have
shown an improvement in share prices in 2010. The shares of some of these companies increased between 11% and 54% during the period.
In the case of Europac the market has not yet reflected these trading increases.
The difficult economic situation prevents the performance of an accurate and fair
assessment of the risk diversification inherent in the group’s business model, thanks
to its ongoing growth strategy and support for the electrical power business.
Broad coverage
During 2010, Europac has continued to develop its traditional policy of market communication, which grew by 15% over that of 2009 insofar as meetings were held
with 82 investors and analysts via roadshows, one on one meetings and presentations, not forgetting the response via the various channels to company shareholder
requests. The company thus managed to increase its degree of transparency in the
midst of a financial and economic situation as the one we are currently facing.
Since Europac was first listed in 1998, 173 reports on the company have been issued, 37 of which have been issued in 2010 alone as well as 64 recommendation
letters. Of all reports, 135 were buy recommendations (78.03%), 20 keep (11.56%)
and 18 sell (10.40%).
Europac’s interest in the analyst community continues to grow each year. During
2010 BBVA began covering Europac. A total of 12 entities currently follow the share:
Ahorro Corporación Financiera, Banco Portugués de Investimento, Banco Sabadell,
Banesto Bolsa, BBVA, BNP Paribas Fortis, Caja Madrid Bolsa, Fidentis, Inverseguros, La
Caixa, Mirabaud Finanzas and Renta 4.
The daily average volume of shares traded in 2010 reached 84,864 shares, 7% below
the average volume recorded for 2009, whereas the rotation of Europac shares in
2010 increased by 6%, from 41 to 44 months. The market capitalisation totalled 302
million euros, 3% higher than in 2009.
“The share closed the year at 3.50 euros, 5% less than the close of 2009
and a revaluation over 36% with regard to the annual minimum”
37
Annual Report 2010
Shareholder remuneration
Finally, in regard to shareholder remuneration, in December 2010 Europac carried
out a capital increase charged to reserves of an issue premium consisting in the
gratis exchange of one new share for every 12 old ones. The company thus issued 6,658,471 new shares each with par value of 2 euros via a capital increase of
13,316,942 euros.
“The difficult economic situation prevent a fair assessment of the risk
diversification of the group’s business model”
Capital Data
Number of shares (*)
Par value (in euros)
2010
86.560.124*
2
79.901.
2
Share capital (in thousands of euros)
173.120
159.8
Net Equity (in thousands of euros)
287.016
257.0
Data per share in euros
2010
2009
Profit after tax
0,31
-0,20
Trading price
3,50
3,68
Adjusted Trading Price(**)
3,50
3,68
Book Value (1)
3,31
3,21
2010
2009
Data on trading
Market cap (in thousands of euros)
302.960
294.0
Trading frequency (in thousands of euros)
100
100
Cash traded value (in thousands of euros)
72.218
76.08
Average daily volume (in nº of shares)
84.864
90.81
Annual rotation(***)
44,13
41,5
Stock Market Ratios
38
2009
2009
PER
11,29
−
Price/ book value
1,06
1,15
Free Float
36%
32%
STOCK MARKET DATA
AÑO 2004
010
(1x12)
Bonus issue
0,9231
AÑO 2005
(1x4)
Through cash payment
0,9556
AÑO 2005
(1x12)
Bonus issue
0,9231
AÑO 2007 (feb)
(1x12)
Bonus issue
0,9231
AÑO 2007 (nov)
(1x12)
Bonus issue
0,9231
AÑO 2009 (jul)
(1x12)
Bonus issue
0,9231
Año 2010 (dic)
(1x12)
Bonus issue
0,9231
*Effec tive
trading of
52.452.613 new shares
took
2
place on
104.905
05.01.2011
2009
2008
2007
2006
79.901.653
73.755.372
73.755.372
52.876.366
2
2
2
2
3.120
159.803
147.511
147.511
105.753
7.016
257.054
276.356
282.742
231.608
222.048
010
2009
2008
2007
2006
2005
0,31
-0,20
0,12
0,43
0,21
0,10
3,50
3,68
2,96
6,35
7,50
5,95
3,50
3,68
2,73
5,86
5,90
4,68
3,31
3,21
3,73
3,81
3,74
3,41
010
2009
2008
2007
2006
2005
2.960
294.038
218.316
468.347
396.573
312.093
100
100
100
100
100
100
2.218
76.083
358.523
648.860
238.127
151.308
4.864
90.816
274.847
294.440
151.058
121.731
4,13
41,57
12,63
11,74
16,41
20,02
2009
2008
2007
2006
2005
1,29
−
24,67
14,65
35,90
58,18
1,06
1,15
0,79
1,67
2,01
1,74
36%
32%
31%
37%
44%
44%
60.124*
2
2005
**Capital
and reserves/Nº
Shares
***In
months
39
Annual Report 2010
13. Reference guide to solutions and
products
GRUPS
PRODUCTS
DESCRIPTION
Portoliner
Portoliner is the trade name of kraftliner
paper manufactured in Viana do Castelo and
used in the packaging and cardboard
industries.
Vianaliner
Vianaliner is the trade name of the Top
Kraftliner paper manufactured at Viana do
Castelo to be used in the packaging and
cardboard industry.
Kraftliners
White Testliners
Tb-pac
White test with a white coated top layer of
excellent quality. Brown bottom layer.
Blanpac Encolado
White liner of high quality. Upper layer white
and coated. Brown bottom layer.
Blanpac Castilla
White lines with slightly inferior
specifications than the Blanpac Encolado,
although it is coated with the same CoBB 60"
C.S.
Linerpac
Very strong brown liner with a coated upper
layer.
Interpac
Brown liner with optimal specifications for
light and inexpensive packaging.
Quimipac
High-spec paper for fluting.
Quimipac Sup
High-spec paper for fluting.
Multilight
Very high quality paper for fluting in light
grammages.
Cannelure
Very high quality paper for fluting in medium
grammages.
Brown Testliners
Ondulados
40
* All qualities manufactured are within the classification of Groupement Ondule
CHARACTERISTICS
GRAMMAGES
Crush-resistant, stiffness,
performance in damp atmospheres
and good surface finish.
115 125 135
140 170 186
200 225 275
115
140
165
Crush-resistant, stiffness,
performance in damp atmospheres
and good surface finish.
Very strong paper with excellent
printability due to its coating,
whiteness, cleanliness and perfect
ink absorption.
125 140
150 175
Paper with excellent runnability
on corrugators, very good printing
characteristics and a higher grade
of whiteness than Blanpac Castilla.
125
140
Optimal grade of whiteness and
cleanliness to make good printing
stand out, with excellent runnability
on corrugators and a good printing
quality.
120
125
MARKET
Agricultural, fresh foods and
heavy duty.
Light agricultural, fresh foods
and industry.
Light agricultural, refrigerated
and frozen goods and high
quality industrial market.
Industrial, even in refrigerated
chambers, thanks to the coating
on the upper layer.
Lightweight and robust
packaging.
Ideal for high strength packaging
and excellent printing on brown.
120 130
160 170
Light agricultural, refrigerated
and frozen goods, and industrial
market requiring high
performance, cleanliness and
uniformity.
Like the rest of the papers, it
performs excellently on the
corrugators.
90 95 100
105 110 115
120 160 170
For all types of light industrial
applications and requirements of
cleanliness and uniformity.
Retains its characteristics in
damp atmospheres, with no loss of
bonding qualities on the
corrugators.
115 127
150 160
Agricultural and food stored in
cold-stores or damp
atmospheres.
Retains its characteristics in
damp atmospheres, with no loss of
bonding qualities on the
corrugators.
170
180
Agricultural and food stored in
cold-stores or damp
atmospheres.
Like the rest of the papers, it
performs excellently on the
corrugators.
80 85
90 95
100
For all manner of light
industrial applications and
requirements.
Like the rest of the papers, it
performs excellently on the
corrugators.
105 110
127 140
For all manner of light
industrial applications and
requirements.
41
Annual Report 2010
14. Companies and production units
belonging to the Europac Group
Paper
Cardboard and packaging
EUROPAC DUEÑAS
EUROPAC ALCOLEA DEL CINCA
Ctra. Burgos-Portugal, Km. 96
34.210 Dueñas (PALENCIA)
Tel.: +34 979 76 14 13
Fax: +34 979 76 15 70
EUROPAC ALCOLEA DEL CINCA
Ctra. de Fraga s/n
22.410 Alcolea del Cinca (HUESCA)
Tel.: +34 974 46 84 11
Fax: +34 974 46 80 27
EUROPAC KRAFT VIANA, S.A.
Apartado 550
4901 / 852 – Deocriste
Viana do Castelo (PORTUGAL)
Tel.: +351 258 739 600
Fax: +351 258 731 914
EUROPAC PAPETERIE DE ROUEN
Rue Désiré Granet
FR-76808, Saint Etienne du Rouvray
Tel. : + 33 0235645149
Fax : + 33 0235045289
42
Ctra. de Fraga s/n
22.410 Alcolea del Cinca (HUESCA)
Tel.: +34 974 46 84 11
Fax: +34 974 46 80 27
EUROPAC TORRELAVIT
C/ Paratge Camí Fondo
Pol. Ind. de Torrelavit
08775 Torrelavit ( Barcelona)
Tel.: +34 93 899 52 36
Fax: +34 93 899 61 96
EUROPAC CARTAO OVAR, S.A.
Zona Industrial de Ovar - 3881. Apartado 92
Ovar de Codex (PORTUGAL)
Tel.: +351 256 579 360
Fax: +351 256 586 796
EUROPAC EMBALAGEM, S.A.
Fábrica de Albarraque
Apartado 91
2736 / 902 - Cacem (PORTUGAL)
Tel.: +351 219 157 400
Fax: +351 219 157 499
EUROPAC EMBALAGEM, S.A.
Fábrica de Guilhabreu
Apartado 2038 - Castelo da Maia
4472 - Sta. María de Avioso Codex (PORTUGAL)
Tel.: +351 229 871 300
Fax: +351 229 871 305
EUROPAC EMBALAGEM, S.A.
EUROPAC CARTONNERIE DE
ROUEN
Rue Désiré Granet
FR-76808, Saint Etienne du Rouvray
Tel.: +33 0235645149
Fax: +33 0235045289
EUROPAC CARTONNERIE
ATLANTIQUE
Fábrica de Leiria
Estrada dos Pinheiros - Marrazes
2400 / 444 - Leiria (PORTUGAL)
Tel.: +351 244 850 300
Fax: +351 244 850 370
ZA La Fontaine - RN 23. 49430, Durtal
Tel.: +33 0241213232
Fax.: +33 241 213 221
EMPROBAL, S.L.
Avenue Robert Franck. 73110, La Rochette
Tel.: +33 479 75 89 00
Fax.: +33 479 25 57 37
Zona Industrial da Cancela - Caniço
9125 / 042 - Madeira (PORTUGAL)
Tel.: +351 291 930 530
Fax: +351 291 934 767
EUROPAC CARTONNERIE
SAVOIE
EUROPAC CARTONNERIE VAL
DE SEINE
EUROPAC RIBA-ROJA
Rte. de Fourges. 27620, Gasny
C/ Delf-fogainers, parcela 45ª
Pol. Ind. Sector 13
46.394 Riba-Roja (VALENCIA)
Tel.: +34 961 34 01 13
Fax: +34 961 34 04 53
Tel.: +33 0232772525
Fax: +33 0232772500
EUROPAC DUEÑAS CARTÓN
Ctra. Burgos-Portugal, Km. 96
34.210 Dueñas (PALENCIA)
Tel.: +34 979 76 15 65
Fax: +34 979 76 15 73
43
Annual Report 2010
Power generation
Waste Management
EUROPAC ALCOLEA DEL CINCA
EUROPAC RECICLA PORTO
Ctra. de Fraga s/n
22.410 Alcolea del Cinca (HUESCA)
Tel.: +34 974 46 84 11
Fax: +34 974 46 80 27
Zona Ind. Portelinha 329/35
4510-000 São Pedro da Cova (PORTUGAL)
Tel.: +351 224 833 295
Fax: +351 224 633 385
EUROPAC DUEÑAS
Ctra. Burgos-Portugal, Km. 96
34.210 Dueñas (PALENCIA)
Tel.: +34 979 76 14 13
Fax: +34 979 76 15 70
EUROPAC ENERGÍA VIANA, S.A.
Apartado 550
4901 / 852 – Deocriste
Viana do Castelo (PORTUGAL)
Tel.: +351 258 739 600
Fax: +351 258 731 914
44
EUROPAC RECICLA LISBOA
Av. da Liberdade, 172. Apartado 142
2715-901 Pêro Pinheiro (PORTUGAL)
Tel.: +351 219 674 751
Fax: +351 219 674 755
EUROPAC RECICLA
VALLADOLID
C/ Plata, 8.
47.012 (Valladolid)
Tel.: +34 983 39 16 22
Fax: +34 983 25 14 00
Other activities
CELPAP-TERMINAL DE CELULOSE E PAPEL DE PORTUGAL, LDA
Largo Joao Tomas da Costa, 26 - 20
4900 / 509 Viana do Castelo (PORTUGAL)
Tel.: +351 258 809 530
Fax: +351 258 809 539
VIANAPORT, LDA
Porto Comercial de Viana do Castelo
Lugar de Cabedelo, Darque (PORTUGAL)
Tel.: +351 258 809 530
Fax: +351 258 809 539
CELNAVE - AGENCIA DE NAVEGAÇAO, LDA
Largo Joao Tomas da Costa, 26 - 20
4900 / 509 Viana do Castelo (PORTUGAL)
Tel.: +351 258 809 531
Fax: +351 258 809 539
45
Annual Report 2010
46