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Inapa - Purpose


“These results reinforce the confidence in our strategy and in the capability of solving new challenges that we will be dealing with within the next few years.”

CEO do Grupo Inapa

The results achieved in 2022 were very positive and they reinforce our optimism concerning the expansion of Inapa Group. This performance is the corolary of the strategy executed in the latest years, marked by structural processes of acquisition and optimization that have required enormous dedication from our teams.

The turnover has reached 1,212 million euros, corresponding to an increase of 26% when compared to 2021, while the gross margin generated grew by 35% (63 million euros more), increasing from 18.6% to 20.0% of sales.

Despite of an increase in operating costs (partly caused by the increase in terms of activity, and another part by the inflation increase and another part by the cessation of government support under Covid-19), efficiency measured in percentage of sales has increased significantly (operating costs represented 15.3% of sales, an improvement of 2.9pp compared to 2021). This variation reflects the gains from reorganizations implemented in Germany, France and Spain.

The margin increase combined with the decrease in the weight of costs led to a very significant improvement in the recurrent EBITDA generated, which has reached 86.9 million euros, which represents an increase of 55.4 million euros compared to 2021. In terms of the percentage of sales, the improvement was equally significant, rising from 3.3% to 7.2% of sales.

Despite the increase in finance charges due to higher interest rates, net income reached € 17.8 M, an increase of € 14.4 M when compared to 2021.

In terms of balance sheet, I highlight that the net debt was reduced by € 40.7 M euros when compared to December 2021, to € 221 M. The Net Debt / Re-EBITDA ratio had a very significant progression, reaching 2.5x (compared to 8.3x in 2021).

These results have reinforced the confidence in our strategy and capacity to face the challenges we may face in the coming years. Especially as they were obtained in a highly challenging context, where the consequences related to post-Covid-19 adjustments and the conflict in Ukraine can be highlighted, as well as limitations in paper availability associated with the closure or suspension of activities of several paper mills (in a period when demand was clearly higher than supply). These effects led to a substantial increase in production costs and consequently to an increase in market prices. In the last quarter of the year we highlight a significant drop in paper demand, related to a generalised option, by the different players in the value chain, to reduce paper stock levels, an effect that was extended to the beginning of 2023.

In 2022, we have continued our plans to optimize operations by implementing new processes to reduce costs and to create more flexible structures. We extended the use of the Group’s new ERP (SAP S/4HANA) to Portugal and Spain, a process that should be completed this year in France and Turkey.

From a sustainable development point of view, in addition to having continued with investment and improvement actions on different fronts, we have recorded relevant progress, of which can be for example highlighted the increased importance of selling ecological papers and the reduction of energy consumption, GHG emissions, waste generation, work-related accidents and professional diseases. We have achieved a substantial part of the goals that we have set ourselves, regarding our commitment to the United Nations’ Sustainable Development Goals (SDGs), and we have set new goals for 2023 and 2024.

I therefore believe that we have successfully begun the implementation of the strategic guidelines defined for the triennium period 2022-2024, which follow the plan of the previous period and promote the three pillars we believe are crucial to our future: efficiency, growth in the non-paper business and sustainability impact.

Last but not the least, I would like to thank our employees, customers, suppliers, financial institutions, shareholders and the communities in which we operate for the significant impact they have had on the development of our values, mission and performance. This contribution is crucial to the success of Inapa Group.

Our Vision

Over the years, lnapa Group has been building a solid foundation which allows it to maintain a leadership position in the markets where it operates. We want to continue to grow, based on a joint effort. Inapa is committed to an approach focused on providing an excellent service to clients and a support that ensures our clients, partners, employees and stakeholders a sustainable business with a common goal: to improve the world. This is our mission, which is reflected in all our actions, from the human aspect, to operations and to the sustainable way to reduce the environmental impact of our activities.

Improve your work

Through processes adaptable to all of the Group's geographies, we are building a stronger, more collaborative and committed culture that will enable us, on one hand, to reduce the distances and constraints imposed and, on the other hand, to facilitate the creation of new working dynamics by increasingly relying on technology as a powerful tool for bringing people together and building a sense of belonging and working towards a common goal. We want to promote greater collaboration between departments and between companies all over the world in order to foster a better future for everyone.

Improve your life

We want to be an integral and active part of a positive change in everyone's life. The desire to live better has revealed a greater demand for healthier and more environmentally friendly habits, as well as the need to find a balance between professional and personal life. Inapa Group promotes several initiatives to encourage a healthier lifestyle, both physically and mentally, and is committed to a company culture that involves all its employees, customers and stakeholders.

Improve your world

Environmental sustainability is part of Inapa Group's culture, present in the way it operates in all business areas and in the different markets in which it operates. We take a responsible and preventive approach to the challenges, assuming its role (direct or indirect) in the conservation of forests and the species that depend on them, in the responsible use of natural resources such as water, and in the reduction of greenhouse gas emissions. This is our commitment: to build a more sustainable world, where companies and employees come together and stand up for the same values.

Our values shape our future

Our values are always aligned with our mission so that, through them, Inapa's culture is always present in the services provided, in the decisions made and in the definition of the business strategy.

Client Focus

We walk side by side with the Client, we know his business and we seek to anticipate his needs.

We add value through a personalized service to Clients. We want to be an integral part of the solution to each challenge, in order to respond and, whenever possible, exceed their expectations.


We deliver what we promise.

We are committed to long-term relationships built on trust, we are consistent in the way we work and are ethically responsible. We provide a service of excellence that clients, partners and suppliers can count on, without any reservations.


We have the capabilities to reinvent ourselves in new and different ways.

We value the ability to change with the market to keep pace with technological developments and business trends around the world, through easily adaptable processes. We are prepared for the challenges of an increasingly volatile, uncertain, complex and ambiguous world. We keep an open mind to promote efficiency in the responses and solutions we offer.


Improve our work, our life, the world.

The concern with financial, social and environmental sustainability is part of our daily life. We believe that the future belongs to those who reinvent themselves, keeping a responsible perspective on all these aspects and provide that learning to others. We therefore have a responsible approach, through the promotion and optimization of sustainable processes, transversal to the whole Group.


Our strategy for 2022-24 is focused on 3 main drivers:


• Keep the focus on customer loyalty and in sustaining Inapa’s leadership position

• Increase the weight of sales made through electronic channels

• Continuous optimization of the infrastructure and logistics organization

• Expand the implementation of the new ERP to all geographies, enabling further development of shared services and adoption of new technologies to reduce costs


• Target significant organic growth in non-paper products

• Explore acquisition opportunities to foster growth in the Packaging and Viscom areas


• Continue the debt reduction process and the strengthening of the equity/ debt ratio through the generation of operational cash flows and the divestment in fixed assets

• Bring in new talent with digital skills and rejuvenate the structure

• Reduce direct emissions by increasing renewable energy generation and by increasing the usage of green energy/ fuels in the operations

• Improve indirect emissions by increasing the purchases of certified product

Environmental and Social Responsibility

Inapa has a responsible and preventive approach to environmental challenges, being mobilised around measures that promote environmental protection and fully comply with all community or local laws and regulations.

Our environmental commitment is based on the following pillars:
  • Legal compliance
  • Environmental certification of subsidiaries and the supply chain
  • Proactive environmental product management
  • Efficient management of the carbon footprint of operations

Despite the challenges the industry faces, the Group also sees social responsibility as an essential contribution to building a sustainable, fairer and more balanced future, which is why it has multiple solidarity initiatives underway in the countries where it operates.