Rotterdam, the Netherlands - May 16, 2019. Refresco publishes first quarter 2019 results of Sunshine Top B.V., the entity owning Refresco Holding B.V.
Q1 2019 Highlights
- Total volume was 2,579 million liters (Q1 2018: 2,273 million liters).
- Gross profit margin per liter was 15.6 euro cents (Q1 2018: 14.4 euro cents).
- Adjusted EBITDA amounted to €81 million (Q1 2018: €44 million).
- Integration of Cott's bottling business continues to be well on track.
- Acquisition of Cott's concentrate manufacturing business boosts innovation capabilities.
| In millions of €, unless stated otherwise (unaudited) | Q1 2019 | Q1 2018 |
| Volume (millions of liters) | 2,579 | 2,273 |
| Gross profit margin | 404 | 327 |
| Gross profit margin per liter (euro cents) | 15.6 | 14.4 |
| Adjusted EBITDA | 81 | 44 |
| Net profit / (loss) | (15) | (39) |
| Adjusted net profit / (loss) | (14) | 2 |
| Net debt | 2,880 | 1,698 |
CEO Refresco, Hans Roelofs commented:
"We are pleased to report a good start to 2019. Our volume continued to develop favorably, driven by additional volume from the former Cott bottling business and organic growth. This reflects our 2018 investments in production capacity and the increased market demand, especially in contract manufacturing for our branded customers and non-alcoholic beverages in cans.
Gross profit margin per liter was up compared to last year: a combined effect of synergies, recovery of input cost increases, strengthening of the USD and GBP as well as a shift towards more value added products and services for our customers.
Integration of Cott's bottling business remains well on track both in North America and the UK. We expect to see the full benefits of the many organizational, operational and commercial projects that we've implemented over the past year flow into our results in 2019 and we confirm that we are on track to realize our synergy plan in full by mid-2020.
In line with our growth strategy we have embarked on a new journey to transform Refresco from a bottler to beverage solutions provider. We've also increased our focus on innovation and addressing industry sustainability themes in line with our own ambitions and market demand for new, innovative and sustainable products."
Please open the link below for the press release.
[1] The Q1 2018 figures relate to Refresco Group N.V. All values are rounded to the nearest million unless otherwise stated.
[2] Cott's bottling business in North America and the UK was consolidated in Refresco's financial information as of January 30, 2018.
[3] Q1 2019 figures include IFRS 16 effect. Preliminary estimate of the IFRS 16 related EBITDA improvement is in a range of €74 million (+/-10%) for the full year 2019.
[4] Net debt in Q1 2019 includes €100 million shareholder funding. Preliminary impact of the IFRS 16 Leases is €333 million (+/-10%) for the full year 2019.
