Q1 2017 Highlights:
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.
In millions of €, unless stated otherwise
Q1 2017 Q1 2016
Volume (millions of liters) 1,674 1,325
Revenue 524 448
Gross profit margin per liter (euro cents)  14.1 14.6
EBITDA 37 34
Adjusted EBITDA2 37 34
Net profit / (loss) 6 6
Adjusted net profit / (loss) 6 6
Adjusted EPS2, (euro cents) 7.5 7.3
Net debt ratio (net debt/LTM adj. EBITDA) 2 2.9 2.2
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."
 Change percentages and totals calculated before rounding.
 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.
 Adjusted EPS has been calculated based upon adjusted net profit.
Volume and revenue by location of sales
Total group volume in Q1 2017 increased 26.4% to 1,674 million liters (Q1 2016: 1,325 million liters). On a like for like basis total
group volume increased 2.3%, signicantly outperforming the European so? drinks market4
Volume in Europe increased 8.3% compared to the same quarter last year. This was driven by the DIS acquisition in the Benelux
and strong organic private label volume growth in the UK, partly o?set by a challenging start of the year in Iberia.
Refresco US, consisting of Whitlock Packaging, was consolidated as of September 7, 2016. The US business has a strong
seasonal pattern with a signicant higher volume and prot contribution in Q2 and Q3.
Volume (in million liters) Q1 2017 Q1 2016
Benelux 317 226
France 223 214
Germany 317 313
Iberia 113 128
Italy 184 185
North East Europe5 111 114
UK 170 146
Total Europe 1,435 1,325
US 239 -
Total Group 1,674 1,325
Total volume in Co-Packing increased in Q1 2017 to 621 million liters compared to 283 million liters in Q1 2016. Growth in CoPacking
was mainly driven by the acquisitions. On a like-for-like basis Co-Packing volume increased 10.2%. Private Label volume
returned to positive growth this quarter with an increase of 1.1% to 1,053 million liters. On a like-for-like basis Private Label
volume was in line with Q1 2016, despite the later timing of Easter this year. Co-Packing as a percentage of total volume
increased to 37.1% in Q1 2017 compared to 21.4% in the same quarter last year.
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Refresco EUR 17,67 -4ct vol. 142.449