Refresco reports Q3 2017 results; Public offer for all shares of Refresco and the acquisition of Cott's bottling activities on track
(Thomson Reuters ONE) -
Rotterdam, the Netherlands - 9 November 2017. Refresco Group N.V. publishes
third quarter 2017 results.
Public offer for all shares of Refresco and the acquisition of Cott's bottling
activities on track
On 25 October 2017, Refresco announced that it had reached conditional agreement
on a recommended, fully funded, public offer by a consortium of PAI and bcIMC
for all the issued and outstanding shares of Refresco for an offer price of ?20
(cum dividend) in cash per share. Both the Executive Board and the Supervisory
Board of Refresco unanimously recommend shareholders to tender their shares.
Based on the required steps and subject to the necessary approvals, Refresco and
the consortium anticipate that the offer will close in Q1 2018.
The consortium fully supports Refresco's buy-and-build strategy going forward,
including the acquisition of Cott's bottling activities which was announced on
25 July 2017. Refresco expects the acquisition to close in Q4 2017.
Q3 2017 Highlights[1]
* Volume including acquisitions increased 2.7% to 1,853 million liters (Q3
2016: 1,804 million liters).
* Contract manufacturing volume comprised 36.9% of total volume, up from
27.0% in Q3 2016.
* Gross profit margin per liter increased to 13.9 euro cents (Q3 2016: 13.8
euro cents).
* Adjusted EBITDA amounted to ?61 million (Q3 2016: ?68 million).
* Adjusted EPS was ?0.28 (Q3 2016: ?0.39).
Key figures
In millions of ?, unless stated otherwise Q3 2017 Q3 2016 YTD 2017 YTD 2016
(unaudited)
Volume (millions of liters) 1,853 1,804 5,579 4,832
Revenue 583 572 1,749 1,578
Gross profit margin per liter (euro cents) 13.9 13.8 13.8 14.1
EBITDA 48 66 151 167
Adjusted EBITDA 61 68 164 171
Net profit / (loss) 11 30 43 65
Adjusted net profit / (loss) 23 32 56 68
Adjusted EPS (euro cents) 28 39 70 84
Net debt ratio (net debt/LTM adj. EBITDA) - - 2.8 2.9
CEO Refresco, Hans Roelofs commented:
"We had a challenging third quarter with weak market conditions. Volumes
increased by 2.7%, driven primarily by the acquisition of Whitlock Packaging in
the US in 2016 and the continued growth in contract manufacturing. Excluding
acquisitions volumes declined due to poor summer weather in Western Europe and
continued pressure on retailer brand volume."
"In line with our strategy, contract manufacturing showed solid volume growth
across most geographies as we are outperforming the contract manufacturing
market. The outsourcing trend by international A-brands is clearly gathering
pace with greater emphasis on innovation, more SKUs and different formats and
therefore towards the ability to handle more complexity."
"Gross profit margin per liter was better than expected at 13.9 euro cents
compared to 13.8 euro cents in the third quarter of 2016. This reflects the
decision to decline low margin contracts in the retailer brand market, mainly in
Germany and Iberia. Adjusted net profit came in at ?23 million compared to ?32
million in the third quarter of last year. One-off costs in the quarter related
to the acquisition of Cott's bottling activities and the restructuring of the
plant in Hamburg."
"In October we announced the public offer made by the consortium of PAI and
bcIMC for all the shares of Refresco. We firmly believe this is a good
transaction for our stakeholders and represents a fair price for shareholders.
The consortium fully endorses our buy-and-build strategy including the intended
acquisition of Cott's bottling activities which will create the world's largest
independent bottler with leadership positions across Europe and North America.
Supported by the consortium's track record, financial strength and understanding
of our business we will be able to accelerate our growth plans and move forward
on our journey to put our drinks on every table."
Please open the link below for the press release.
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1. Change percentages and totals calculated before rounding.
Refresco reports Q3 2017 results:
http://hugin.info/169419/R/2148442/824254.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: 09.11.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 567338
Anzahl Zeichen: 5458
contact information:
Town:
Rotterdam
Kategorie:
Business News
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