Rotterdam, the Netherlands - 20 November 2018. Refresco publishes third quarter 2018 results of Sunshine Top B.V., the entity owning Refresco Group B.V.
Q3 2018 Highlights
- Total volume was 3,019 million liters (Q3 2017: 1,853 million liters).
- Gross profit margin per liter was 13.5 euro cents (Q3 2017: 13.9 euro cents).
- Adjusted EBITDA amounted to €97 million (Q3 2017: €61 million).
- Integration of Cott's bottling activities is well on track.
| In millions of €, unless stated otherwise (unaudited) | Q3 2018 | Q3 2017 | YTD 2018 | YTD 2017 |
| Volume (millions of liters) | 3,019 | 1,853 | 8,332 | 5,579 |
| Revenue | 1,026 | 583 | 2,836 | 1,749 |
| Gross profit margin | 408 | 258 | 1,163 | 769 |
| Gross profit margin per liter (euro cents) | 13.5 | 13.9 | 14.0 | 13.8 |
| EBITDA | 84 | 48 | 162 | 151 |
| Adjusted EBITDA | 97 | 61 | 240 | 164 |
| Net profit / (loss) | 4 | 11 | (60) | 43 |
| Adjusted net profit / (loss) | 14 | 20 | 31 | 54 |
| Net debt | 2,400 | 597 |
CEO Refresco, Hans Roelofs commented:
"This quarter's numbers show solid overall volume development. The weather conditions that Europe experienced for most of Q3 had a positive impact on the volumes, reflecting the seasonality of our business in an unparalleled manner. While volumes were up, gross profit margin came down slightly. This is a result of increased sales of lower margin products such as water and carbonated soft drinks, and of the acquisition of Cott's bottling business. Our net results were also impacted by one-off acquisition costs, headwind in packaging material costs and by hiccups in the supply chain where we saw market shortage of cans and CO2.
The integration of Refresco and Cott's former bottling activities is going well and with the expanded customer base and solutions offering, we were well-positioned to reap the benefits of the warm summer months. Our broader proposition has attracted new customers, and many existing customers are benefiting from having a single supplier helping them develop and sell a beverage solution across multiple countries. They rely on us to help them meet additional consumer demand."
Please open the link below for the press release.
Refresco reports Q3 2018 results
[1]The YTD 2018 financial information comprises the financial information of Refresco Group N.V. for the period January 1, 2018 - March 31, 2018 and the financial information of Sunshine Top B.V for the period April 1, 2018 - September 30, 2018. The YTD 2017 financial information relates to Refresco Group N.V. All values are rounded to the nearest million unless otherwise stated.
[2] Cott's bottling business in North America and in the UK was consolidated in Refresco's financial information as of January 30, 2018.
[3] 2017 amounts for adjusted net profit have been adjusted so that tax effect is included.
[4] Net debt YTD 2018 includes EUR 100 million shareholder funding.
