Rotterdam, the Netherlands - March 12, 2019. Refresco publishes fourth quarter and full year 2018 results of Sunshine Top B.V., the entity owning Refresco Group B.V.
Q4 2018 Highlights
- Total volume was 2,556 million liters (Q4 2017: 1,525 million liters).
- Gross profit margin per liter was 14.3 euro cents (Q4 2017: 14.6 euro cents).
- Adjusted EBITDA amounted to €82 million (Q4 2017: €50 million).
FY 2018 Highlights
- Total volume was 10,888 million liters (FY 2017: 7,104 million liters).
- Gross profit margin per liter was 14.0 euro cents (FY 2017: 14.0 euro cents).
- Adjusted EBITDA amounted to €322 million (FY 2017: €214 million).
- Pro-forma synergies adjusted EBITDA amounted to €374 million.
- One-off acquisition costs and operating cost overruns reflected in net results.
- Net debt excluding shareholder funding amounted to €2,273 million at year-end (September 30, 2018: €2,300 million).
| In millions of €, unless stated otherwise (unaudited) | Q4 2018 | Q4 2017 | YTD 2018 | YTD 2017 |
| Volume (millions of liters) | 2,556 | 1,525 | 10,888 | 7,104 |
| Revenue | 901 | 520 | 3,737 | 2,269 |
| Gross profit margin | 366 | 223 | 1,529 | 992 |
| Gross profit margin per liter (euro cents) | 14.3 | 14.6 | 14.0 | 14.0 |
| Adjusted EBITDA | 82 | 50 | 322 | 214 |
| Net profit / (loss) | (39) | 10 | (99) | 54 |
| Adjusted net profit / (loss) | (6) | 19 | 24 | 70 |
| Net debt | 2,373 | 593 |
CEO Refresco, Hans Roelofs commented:
"2018 was a transformational year for Refresco. In January we completed the acquisition of Cott's bottling business, creating the world's largest independent bottler for retailers and branded beverage companies and in March we completed the public to private transaction by PAI and BCI. In the final quarter of 2018, we continued to see strong overall volume growth across the business in line with our expectations and driven by both the Cott acquisition and organic growth. Although we did not achieve the level of profitability we wanted, we made good progress with integration of the two businesses and synergies are on track.
"One-off costs related to the acquisition of Cott's bottling business and acquisition of Refresco by PAI & BCI, overruns in operating costs and some headwinds on input costs were the key items impacting our net results for the year.
"In 2018 we worked hard on the building blocks for further profitable growth in 2019 and we invested €134 million in our production and warehousing capabilities across the business. In February 2019, I was pleased to announce that we acquired Cott's concentrate manufacturing business in Columbus, Georgia (US). This creates a global center of excellence in beverage concentrate manufacturing and adds new innovations skills and capabilities to our Group.
"To accelerate the next phase of our growth, we have decided to adjust the management structure of Refresco and create an Executive Committee. The Executive Committee will comprise the current Executive Board members and as of 1 April 2019 Chief Purchasing Officer (CPO) Coert Michielsen. The Executive Committee will be installed on 1 April 2019."
Please open the link below for the press release.
[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 - December 31, 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 €100 million shareholder funding.
