Refresco reports strong volume growth in Q1 2017
(Thomson Reuters ONE) -
Rotterdam, the Netherlands -11 May, 2017. Refresco Group N.V. publishes first
quarter 2017 results.
Q1 2017 Highlights[1]:
* Volume increased 26.4% to 1,674 million liters. Organic volume growth was
2.3%.
* Co-Packing volume increased to 37.1% of total volume.
* Gross profit margin per liter was 14.1 euro cents (Q1 2016: 14.6 euro
cents).
* Adjusted EBITDA increased 8.5% to ?37 million.
* Adjusted EPS increased 2.7% to 7.5 euro cents.
Un-audited
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In millions of ?, unless stated otherwise Q1 2017 Q1 2016
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Volume (millions of liters) 1,674 1,325
Revenue 524 448
Gross profit margin per liter (euro cents)[2] 14.1 14.6
EBITDA 37 34
Adjusted EBITDA(2) 37 34
Net profit / (loss) 6 6
Adjusted net profit / (loss) 6 6
Adjusted EPS[3] (euro cents) 7.5 7.3
Net debt ratio (net debt/LTM adj. EBITDA)( 2) 2.9 2.2
CEO Refresco, Hans Roelofs:
"We are pleased to report solid first quarter results. Volume increased this
quarter on a reported as well as a like-for-like basis, significantly
outperforming the market. Volume growth in Co-Packing was a combination of
organic and acquisitive growth. Private Label developed favorably, largely due
to strong Private Label volume in the UK where our investments in new customer
offerings are paying off. Due to the seasonal nature of our business, volume and
profit contributions in the first quarter are typically less significant to our
full year results, even more so for the companies we recently acquired.
"In line with expectations, gross profit margin per liter came down compared to
the same quarter last year due to the impact of acquisitions and the weaker
British pound.
"We see ample opportunities to execute our buy & build strategy in Europe and
the US. At the same time we will continue to look for opportunities to
strengthen our market positions via investments in production capacity and
innovation."
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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
and related tax effect.
[3] Adjusted EPS has been calculated based upon adjusted net profit.
Please open the link below for the press release:
Refresco reports Q1 2017 results:
http://hugin.info/169419/R/2103651/798063.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: 11.05.2017 - 07:31 Uhr
Sprache: Deutsch
News-ID 541724
Anzahl Zeichen: 4188
contact information:
Town:
Rotterdam
Kategorie:
Business News
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