Refresco reports strong volume growth in Q1 2017
CEO Refresco, Hans Roelofs: “We are pleased to report solid first quarter results. Volume increased this quarter on a reported as well as a like-for-like basis, significantly outperforming the market. Volume growth in Co-Packing was a combination of organic and acquisitive growth.”
Q1 2017 Highlights[1]:
- Volume increased 26.4 % to 1,674 million liters. Organic volume growth was 2.3 %.
- Co-Packing volume increased to 37.1 % of total volume.
- Gross profit margin per liter was 14.1 euro cents (Q1 2016: 14.6 euro cents).
- Adjusted EBITDA increased 8.5 % to €37 million.
- Adjusted EPS increased 2.7 % to 7.5 euro cents.
CEO Refresco, Hans Roelofs:
“We are pleased to report solid first quarter results. Volume increased this quarter on a reported as well as a like-for-like basis, significantly outperforming the market. Volume growth in Co-Packing was a combination of organic and acquisitive growth. Private Label developed favorably, largely due to strong Private Label volume in the UK where our investments in new customer offerings are paying off. Due to the seasonal nature of our business, volume and profit contributions in the first quarter are typically less significant to our full year results, even more so for the companies we recently acquired.
“In line with expectations, gross profit margin per liter came down compared to the same quarter last year due to the impact of acquisitions and the weaker British pound.
“We see ample opportunities to execute our buy & build strategy in Europe and the US. At the same time we will continue to look for opportunities to strengthen our market positions via investments in production capacity and innovation.”
Please open the link for the full report: http://hugin.info/169419/R/2103651/798063.pdf
[1] Change percentages and totals calculated before rounding.
[2] 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/gains that we believe are not indicative of our underlying operating performance. Such adjustments relate primarily to substantial one-off restructurings, costs/gains relating to acquisitions or disposals, refinancing and related tax effect.
[3] Adjusted EPS has been calculated based upon adjusted net profit.