Refresco delivers on strategic goals and reports higher full year 2016 adjusted net profit
(Thomson Reuters ONE) -
Q4 2016 Highlights[1]:
* Total volume increased 18.6% to 1,631 million liters.
* Gross profit margin per liter was 14.5 euro cents (Q4 2015: 14.8 euro
cents).
* Adjusted EBITDA increased 7.9% to ?52 million.
FY 2016 Highlights( [1]):
* Total volume increased 6.0% to 6,462 million liters.
* Co-Packing volumes increased 49.0%, representing 26.8% of total volume.
Private Label volumes decreased 4.1%, representing 73.2% of total volume.
* Gross profit margin per liter was 14.2 euro cents (FY 2015: 14.2 euro
cents).
* Adjusted EBITDA increased 2.7% to ?222 million.
* Adjusted net profit increased 11.1% to ?86 million and adjusted EPS
increased 8.2% to ?1.06.
* Proposed cash dividend of ?0.38 per share, subject to shareholder approval.
Un-audited Audited
-------------------------------------------------------------------------------
In millions of ?, unless stated otherwise Q4 2016 Q4 2015 FY 2016 FY 2015
-------------------------------------------------------------------------------
Volume (millions of liters) 1,631 1,376 6,462 6,095
Revenue 529 471 2,107 2,016
Gross profit margin per liter (euro cents)[2] 14.5 14.8 14.2 14.2
EBITDA 50 53 217 195
Adjusted EBITDA([2]) 52 48 222 216
Net profit / (loss) 17 25 82 42
Adjusted net profit / (loss) 19 19 86 78
Adjusted EPS[3] (euro) 0.23 0.23 1.06 0.98
Net debt ratio (net debt/LTM adj. EBITDA) - - 2.8 2.1
([2])
Dividend proposal (euro) - - 0.38 0.34
CEO Refresco, Hans Roelofs: "Looking back on the 2016 results and our strategic
objectives, we are pleased to report good progress. Our strategy to grow rapidly
the Co-Packing business is contributing very positively to volume development.
With many branded players looking for international partners like Refresco, we
expect this part of our business to continue to grow at a rapid pace.
We made strong progress on our buy & build strategy, strengthening our position
in Europe with the acquisition of DIS. A major highlight of the year was
undoubtedly the acquisition of Whitlock Packaging with which we took our first
step into the US market. Integration of this business is now underway and
proceeding smoothly. Buy & build remains an important focus for us and we see
ample opportunities for consolidation - in Europe and the US - going forward.
In our operations we continued to invest in new bottling lines and warehousing
facilities across the business, expanding further our capabilities especially in
Aseptic PET. The expansion of our customer offering is an important driver of
organic growth, which remains our top priority.
Finally, we are pleased to welcome Thomas Kunz as new Supervisory Board member
and Vincent Delozière as additional Executive Board member, subject to
shareholder approval at the upcoming AGM."
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[1] Change percentages and totals calculated before rounding.
[2] 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/gains that we believe are not indicative of our underlying
operating performance. Such adjustments relate primarily to substantial one-off
restructurings, costs/gains relating to acquisitions or disposals, refinancing,
IPO relating costs and related tax effect.
[3] Adjusted EPS has been calculated based upon adjusted net profit. The number
of issued shares amounts to 81.2 million shares in Q4 2016 and in Q4 2015. FY
2015 the number of shares was determined on a pro forma basis of 79.5 million.
Please open the link below for the press release:
Refresco reports full year 2016 results:
http://hugin.info/169419/R/2086312/787145.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Refresco via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.03.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 529135
Anzahl Zeichen: 5278
contact information:
Town:
Rotterdam
Kategorie:
Business News
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