First quarter highlights
l In the first quarter a volume of 1,377.3 million litres was reported, an increase of 1.8% compared to the period under review last year; slightly outperforming the market.
l Revenue at €458.2 million was in line with the same period last year (Q1 2014: €459.0 million).
l Gross profit margin per litre increased to 14.2 euro cents (Q1 2014: 13.8 euro cents).
l Recorded adjusted EBITDA of €37.1 million compared to €31.7 million in the same period last year.
l Adjusted for the costs related to the IPO process, net profit amounted to €2.6 million (Q1 2014: adjusted net loss of €1.7 million); including these costs net loss amounted to €15.3 million (Q1 2014: net loss of €1.9 million).
l Adjusted EPS amounted to 3.5 euro cents compared to a loss of 2.3 euro cents in the same quarter last year.
l A strong cash position at the end of Q1 amounted to €201.9 million which includes the proceeds from issuing new shares in the Initial Public Offering in March 2015.
l Refresco Gerber successfully listed on Euronext Amsterdam on March 27, 2015.
lSubsequent to the review period, Refresco Gerber announced refinancing of its credit facilities which going forward will reduce annual interest costs by more than 50% compared to 2014.
Key figures (in millions of euro unless otherwise stated)
Q1 2015 un-audited Q1 2014 un-audited
Sales in litres (millions of litres) 1,377.3 1,352,8
Revenue 458.2 459.0
Gross profit margin per litre (euro cents) 14.2 13.8
Adjusted EBITDA1 37.1 31.7
IPO related and other one-time costs 20.0 1.2
Operating profit (loss) (3.3) 9.9
Net profit / (loss) (15.3) (1.9)
Adjusted net profit / (loss) 2.6 (1.7)
EPS (euro cents) – pro forma (20.1) (2.4)
Adjusted EPS2(euro cents) – pro forma 3.5 (2.3)
Cash and cash equivalents at the end of the period 201.9 105.7
1 Adjusted EBITDA is not a measure of our financial performance under IFRS. We apply adjusted EBITDA 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, and refinancing and IPO relating costs. in the IPO.
2 Adjusted EPS has been calculated based upon adjusted net profit, which excludes the costs (in Q1) related to the IPO, discontinued business (2014) and relating tax effect. The number of issued shares has been determined on a pro forma basis of 74.2 million, excluding the newly issued (primary) shares in the IPO.
CEO Hans Roelofs:
“In the first quarter of 2015 we reported results in line with our expectations while we also concluded our search for a new capital structure and successfully listed Refresco Gerber on Euronext Amsterdam. At the beginning of our second year of integrating Refresco and Gerber Emig, progress is well underway, resulting in scale and efficiency synergies, cost advantages and commercial opportunities which for the most part will benefit our business throughout 2015.
In the period under review we realized a volume increase of 1.8% with total volume up to 1,377.3 litres, slightly outperforming the market trend. Revenue was in line with the same quarter last year, with the first effects of the pass-on of lower input costs to customers already showing at the end of the first quarter. Margin per litre, the key indicator in the development of our business, improved by 2.6%, driven by our maintained focus on higher margin products in combination with synergy effects resulting from the merger. We experienced some softening of margins due to the product mix effect and expect this to continue in the quarters ahead. For this reason we anticipate margin per litre for the full year to be slightly lower than in 2014.”
tijd 09.07
Refresco EUR 14,01 -48ct vol. 9.222
