Madrid, 31 August 2010

Grupo Iberpapel generated net profit of €9.7 million in the first six months of 2010, compared to €2.1 million in 1H09. Profit before tax totalled €13.3 million, soaring from €2.7 million in the first six months of last year.

These strong results were driven by consolidation of the price recovery trend already evident in the first quarter of the year, as well as the Cost Control Plan and the Energy Efficiency Program, which enabled Grupo Iberpapel to lift its profit margins while continuing to reduce debt.

First-quarter revenue amounted to €106.7 million, year-on-year growth of 7.5%. Iberpapel’s EBITDA more than doubled (growth of over 110%) to €19.9 million, compared to €9.5 million in 1H09.

By the same token, short and long term bank debt was cut by 39.8% from the year-end 2009 balance, leaving leverage at 7.8%, compared to 15.3% at year-end.

(Thousands of euros)	1H10	1H09	Change (%)
Revenue	106,703	99,282	+7.5%
EBITDA	19,955	9,484	+110.4%
Profit before tax	13,342	2,721	+390.3%
Net profit	9,729	2,136	+355.5%

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