Refresco reports solid Q2 2016 results
(Thomson Reuters ONE) -
Rotterdam, the Netherlands - August 11, 2016. Refresco Group N.V. publishes
second quarter and half year 2016 results.
Q2 2016 highlights:
* Group volume of 1,703.3 million liters (Q2 2015: 1,672.2 million liters), an
increase of 1.9%.
* Co-Packing volume increased 18.8% and comprised 25.2% of total volume (Q2
2015: 21.6%). Private Label volume decreased 2.8%.
* Gross profit margin per liter was 14.0 euro cents (Q2 2015: 14.2 euro
cents).
* Adjusted EBITDA increased to ?68.3 million (Q2 2015: ?67.6 million).
* Adjusted net profit amounted to ?30.3 million (Q2 2015: ?29.0 million).
* Adjusted EPS increased to 37.3 euro cents (Q2 2015: 35.7 euro cents).
* Announced acquisition of US-based bottler Whitlock Packaging on 26 July.
In millions of ?, unless stated otherwise Q2 2016 Q2 2015 HY 2016 HY 2015
Un-audited
Volume (millions of liters) 1,703.3 1,672.2 3,027.9 3,049.5
Revenue 558.7 548.4 1,006.6 1,006.6
Gross profit margin per liter (euro cents)[1] 14.0 14.2 14.3 14.2
EBITDA 66.6 62.3 100.6 79.4
Adjusted EBITDA 68.3 67.6 102.6 104.7
Net profit / (loss) 28.9 5.4 34.6 (9.9)
Adjusted net profit / (loss) 30.3 29.0 36.3 31.6
Adjusted EPS[2] (euro cents) - pro forma 37.3 35.7 44.7 40.6
Net debt ratio (net debt/LTM adjusted EBITDA) - - 2.6 2.4
CEO Refresco, Hans Roelofs: "The unfavorable weather conditions throughout
Europe and continued pressure on the private label market have created a
challenging environment for Refresco to grow volumes while keeping margins at a
sustainable level. Even though we gained some private label volumes, the impact
of our earlier decision to discontinue low margin-large volume contracts, mainly
in water and CSD's, was still visible in the second quarter. Mainly driven by
the recent DIS acquisition, Co-Packing volumes continued to develop favorably
during the quarter. Looking ahead, the third quarter had a soft start due to the
poor summer weather and continued challenging market conditions for private
label affecting our volumes in July. Therefore, we expect volumes this year to
be below our medium term guidance."
"We are well on track to complete the acquisition of US-based Whitlock
Packaging, which was announced in July and we expect to complete the transaction
in September. It is our first step beyond Europe and the start of creating a
second growth platform with value creating opportunities similar to what we have
in Europe."
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[1] Gross profit margin per liter, adjusted EBITDA, adjusted EPS (euro cents)-
pro forma, net debt ratio (net debt/LTM adjusted EBITDA) and adjusted net
profit/(loss) are not a measure of our financial performance under IFRS. We
apply adjusted EBITDA and adjusted net profit to exclude the effects of certain
exceptional charges that we believe are not indicative of our underlying
operating performance. Such adjustments relate primarily to substantial one-off
restructurings, costs relating to acquisitions or disposals, refinancing, IPO
relating costs and related tax effect.
[2] Adjusted EPS has been calculated based upon adjusted net profit. The number
of issued shares amounts to 81.2 million shares in Q2 2016 and in Q2 2015. YTD
2015 the number of shares was determined on a pro forma basis of 77.9 million.
Please open the link below for the press release:
Refresco reports solid Q2 2016 results:
http://hugin.info/169419/R/2034422/757617.pdf
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Refresco via GlobeNewswire
[HUG#2034422]
Unternehmensinformation / Kurzprofil:
Datum: 11.08.2016 - 07:30 Uhr
Sprache: Deutsch
News-ID 488481
Anzahl Zeichen: 4737
contact information:
Town:
Rotterdam
Kategorie:
Business News
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