Ontex Q3 2018: Further progress in challenging environment

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Overig advies 07/11/2018 07:15
Ontex Q3 2018: Further progress in challenging environment
•Q3 LFL revenue ex Brazil +3%, outperforming flat hygiene markets
•Continuous focus on value: price/mix +2.9%
•Important milestones achieved in Brazil turnaround

Aalst-Erembodegem, November 7, 2018 - Ontex Group NV (Euronext Brussels: ONTEX; ‘Ontex,’ ‘the Group’ or ‘the Company’) today announced its results for the nine-month period ended September 30, 2018.

Q3 2018 Financial Highlights
•Like-for-like (LFL) revenue grew 3.0% ex Brazil driven by positive price/mix

o Solid LFL growth in Adult Inco; baby pants up double digits
o Brazil revenue improved sequentially ex foreign exchange (FX): Q3 +5% versus Q2
o LFL Group revenue up 0.8%; FX headwind of €25.5 million
•Adjusted EBITDA of €58.1 million, Adjusted EBITDA margin of 10.3% (11.0% ex Brazil);

o Positive price/mix in all Divisions and categories
o Continued delivery of savings and efficiencies
o Brazil positive Adjusted EBITDA; sequential improvement each quarter since Q4 2017
o Higher raw material costs and FX headwind of €4.9 million weighed on margins

Q3 2018 Operational Highlights
• New production Baby and Adult pants capacity underpinned acceleration of price/mix
• Strong growth in North America driven by new business
• Relaunched Pom Pom diaper in Brazil with premium ultra-thin core
• Transferred and consolidated production onto one site in Brazil

Charles Bouaziz, Ontex CEO: “The steps we are taking to achieve a more balanced top and bottom line are working. LFL revenue improved, driven by positive price/mix in all Divisions and categories. The top line contribution and our ongoing focus on savings has largely offset input costs and negative FX. While it is disappointing that the benefits of our actions are currently being masked by these external factors, we remain focused on executing our 2018 priorities and developing a comprehensive review to accelerate the delivery of value for the benefit of our shareholders, which we will announce at the time of our 2018 results.”
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