Rotterdam, the Netherlands - August 11, 2016. Refresco Group N.V. publishes second quarter and half year 2016 results.
Q2 2016 highlights:
- Group volume of 1,703.3 million liters (Q2 2015: 1,672.2 million liters), an increase of 1.9%.
- Co-Packing volume increased 18.8% and comprised 25.2% of total volume (Q2 2015: 21.6%). Private Label volume decreased 2.8%.
- Gross profit margin per liter was 14.0 euro cents (Q2 2015: 14.2 euro cents).
- Adjusted EBITDA increased to €68.3 million (Q2 2015: €67.6 million).
- Adjusted net profit amounted to €30.3 million (Q2 2015: €29.0 million).
- Adjusted EPS increased to 37.3 euro cents (Q2 2015: 35.7 euro cents).
- Announced acquisition of US-based bottler Whitlock Packaging on 26 July.
| In millions of €, unless stated otherwise Un-audited | Q2 2016 | Q2 2015 | HY 2016 | HY 2015 |
| Volume (millions of liters) | 1,703.3 | 1,672.2 | 3,027.9 | 3,049.5 |
| Revenue | 558.7 | 548.4 | 1,006.6 | 1,006.6 |
| Gross profit margin per liter (euro cents)[1] | 14.0 | 14.2 | 14.3 | 14.2 |
| EBITDA | 66.6 | 62.3 | 100.6 | 79.4 |
| Adjusted EBITDA | 68.3 | 67.6 | 102.6 | 104.7 |
| Net profit / (loss) | 28.9 | 5.4 | 34.6 | (9.9) |
| Adjusted net profit / (loss) | 30.3 | 29.0 | 36.3 | 31.6 |
| Adjusted EPS[2] (euro cents) - pro forma | 37.3 | 35.7 | 44.7 | 40.6 |
| Net debt ratio (net debt/LTM adjusted EBITDA) | - | - | 2.6 | 2.4 |
CEO Refresco, Hans Roelofs: "The unfavorable weather conditions throughout Europe and continued pressure on the private label market have created a challenging environment for Refresco to grow volumes while keeping margins at a sustainable level. Even though we gained some private label volumes, the impact of our earlier decision to discontinue low margin-large volume contracts, mainly in water and CSD's, was still visible in the second quarter. Mainly driven by the recent DIS acquisition, Co-Packing volumes continued to develop favorably during the quarter. Looking ahead, the third quarter had a soft start due to the poor summer weather and continued challenging market conditions for private label affecting our volumes in July. Therefore, we expect volumes this year to be below our medium term guidance."
"We are well on track to complete the acquisition of US-based Whitlock Packaging, which was announced in July and we expect to complete the transaction in September. It is our first step beyond Europe and the start of creating a second growth platform with value creating opportunities similar to what we have in Europe."
[1] 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 that we believe are not indicative of our underlying operating performance. Such adjustments relate primarily to substantial one-off restructurings, costs relating to acquisitions or disposals, refinancing, IPO relating costs and related tax effect.
[2] Adjusted EPS has been calculated based upon adjusted net profit. The number of issued shares amounts to 81.2 million shares in Q2 2016 and in Q2 2015. YTD 2015 the number of shares was determined on a pro forma basis of 77.9 million.
Please open the link below for the press release:
