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Filling & Packaging 26.08.2022

Elopak’s second quarter (Q2) 2022: Strong revenue growth and profitability – actively mitigating challenging market conditions

Elopak reported revenue growth of 7 % in Q2 supported by price increases and successful onboarding of Naturepak.

Elopak’s second quarter (Q2) 2022: Strong revenue growth and profitability - actively mitigating challenging market conditions
(Photo: Elopak)

Elopak reported revenue growth of 7 % in Q2 supported by price increases and successful onboarding of Naturepak. This was achieved despite the discontinued operations in Russia.

Highlights from Q2 2022:

  • Revenue increased by 7 %, to EUR 259 million, driven by growth in EMEA and Americas
  • New revenue from acquired businesses in MENA and India was EUR 12 million in the quarter
  • Continued high raw material prices impacted the Q2 results negatively by approximately EUR 14 million
  • Adjusted EBITDA was EUR 25.3 million, reflecting an adjusted EBITDA margin of 9.8 %
  • The leverage ratio increased to 3.4x as of second quarter 2022, primarily driven by dividend payment in May and lower Last Twelve Months EBITDA compared to last year
  • Elopak completed the acquisition of GLS Elopak to supply Roll Fed and Pure-Pak® cartons to the Indian market

Commenting on Elopak’s performance in the quarter, CEO Thomas Körmendi said:

“I am pleased to announce strong revenue growth and profitability for Elopak in the second quarter. We are actively mitigating the unprecedented raw material prices and the challenging business environment. We expect margins to improve in the second half of 2022.

At Elopak, we are committed to delivering on our sustainability-driven growth strategy. We are very excited about entering India in a partnership with leading Indian packaging provider GLS, positioning Elopak in one of the world’s biggest and fast-growing markets. Further, the second quarter saw the post-merger integration and full first quarter of Naturepak operations as part of the Elopak Group. We continue to implement different value enhancing initiatives across all markets, aimed at improving both our top- and bottom-line.

I also want to praise our colleagues in Ukraine for their impressive resilience, managing to ramp up production despite all the challenges. Our Russian operation was sold to the local management this summer, following our earlier announcement that we were suspending our operations in the country in Q1.”

As of 30 June 2022, Year to date revenue increased by 8 %, to EUR 502.5 million. Year to date adjusted EBITDA was EUR 52.3 million, reflecting a 10.4 % margin.

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