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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.

Krones, the world’s leading manufacturer of filling and packaging technology, continued its stable growth in the first half of 2017. Overall, revenue improved 13.8 % year-on-year to €1,775.2 million. Adjusted for acquisitions, revenue was up 10.2 %. The increase was partly due to a relatively low baseline of sales in the first half of 2016. The strongest revenue growth came in the North and Central America, Asia-Pacific, and South America/Mexico regions in the period from January to June 2017.

Order intake at Krones increased 11.0 % in the first half of 2017 to €1,779.3 million. Adjusted for acquisitions, order intake was up 4.7 % year-on-year. Orders growth in Western Europe and Latin America was higher than overall orders growth. Order intake in China was lower. In the Asia-Pacific, North America, and Middle East/Africa sales regions, order intake was stable. At €1,148.8 million, orders on hand at Krones at the end of June 2017 were up 1.1 % over the year-earlier period.

EBT margin is 6.8 % after six months
Krones improved earnings before taxes (EBT) by 12.8 % to €121.0 million in the period from January to June 2017 despite a highly competitive market situation. As expected, market prices provided no support. By contrast, the Value strategy programme, with which Krones is increasing efficiency throughout the company, had a positive impact. At 6.8 %, the EBT margin for the first six months of 2017 was nearly unchanged year-on-year (previous year: 6.9 %). After taxes, net income was up 10.8 % to €82.4 million. Earnings per share increased from €2.37 in the previous year to €2.64.

The ratio of average working capital for the past four quarters to revenue came to 26.3 %, after 25.5 % in the year-earlier period. However, the ratio is an improvement over the first quarter of 2017 (26.8 %).

The return on capital employed (ROCE) increased to 16.3 % (previous year: 15.6 %). In the period from January to June 2017, the company generated operating free cash flow of -€126.7 million (previous year: -€155.5 million), which is an improvement of around €30 million.

Krones forecast for 2017 is unchanged
The company’s revenue growth target (excluding acquisitions) for the year 2017 as a whole remains 4 %. Profitability should be stable this year. Krones expects the EBT margin to be around 7.0 % for the year 2017. For its third financial performance target, working capital to revenue, the company is forecasting 27 % for the current financial year.

Krones has published the complete half-yearly report online at