Refresco reports increased volumes and net profit in Q3 2016
CEO Refresco, Hans Roelofs: “Our total volume and results developed favorably in the quarter. Volume growth was primarily driven by recent acquisitions and our strategy to rapidly grow the Co-Packing business.”
Q3 2016 highlights:
- Total volume increased 8.0 % to 1,803.8 million liters.
- Co-Packing volumes grew by 61.1 % to 486.3 million liters. Private Label volumes decreased 3.7 % to 1,317.5 million liters.
- Gross profit margin per liter was 13.8 euro cents (Q3 2015: 13.9 euro cents).
- Adjusted EBITDA increased 6.8 % to € 67.9 million.
- Adjusted net profit increased 15.3 % to € 31.6 million.
- Adjusted EPS increased 15.0 % to 39.0 euro cents.
CEO Refresco, Hans Roelofs: "Our total volume and results developed favorably in the quarter. Volume growth was primarily driven by recent acquisitions and our strategy to rapidly grow the Co-Packing business. Strong comparatives last year, linked to good weather, and our earlier decision to discontinue low margin-large volume contracts was reflected in our lower Private Label volumes in the third quarter. The strong growth in Co-Packing especially has helped us to slightly outperform the soft drinks market in Europe on a like-for-like basis.
We finalized the acquisition of US-based Whitlock Packaging in September and the integration of the newly acquired company is well on track creating a solid platform to execute our growth strategy in North America."
More Information: http://bit.ly/2fntV2c
 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.
 Adjusted EPS has been calculated based upon adjusted net profit. The number of issued shares amounts to 81.2 million shares in Q3 2016 and in Q3 2015. YTD 2015 the number of shares was determined on a pro forma basis of 79.0 million.