FY 2019 RESULTS
27TH FEBRUARY 2020
DISCLAIMER
This presentation includes or may include representations or estimations concerning the future about intentions, expectations or forecasts of VIDRALA or its management. which may refer to the evolution of its business performance and its results. These forward looking statements refer to our intentions, opinions and future expectations, and include, without limitation, statements concerning our future business development and economic performance. While these forward looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates and interest rates as well as commodities, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties.
The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the regulatory and supervisory authorities (including the Spanish Securities Market Authority - Comisión Nacional del Mercado de Valores - CNMV), could adversely affect our business and financial performance. VIDRALA expressly declines any obligation or commitment to provide any update or revision of the information herein contained, any change in expectations or modification of the facts, conditions and circumstances upon which such estimations concerning the future have been based, even if those lead to a change in the strategy or the intentions shown herein.
This presentation can be used by those entities that may have to adopt decisions or proceed to carry out opinions related to securities issued by VIDRALA and, in particular, by analysts. It is expressly warned that this document may contain not audited or summarised information. It is expressly advised to the readers of this document to consult the public information registered by VIDRALA with the regulatory authorities, in particular, the periodical information and prospectuses registered with the Spanish Securities Market Authority - Comisión Nacional del Mercado de Valores (CNMV).
FY 2019 KEY FIGURES
- | ||
FY 2019 | Change | Organic change |
(constant currency basis) | ||
Net sales (EUR million) | 1,010.8 | +5.8% | +5.5% |
EBITDA (EUR million) | 274.6 | +14.7% | +14.5% |
Earnings per share (EUR/share) | 5.27 | +24.0% | |
Debt (EUR million) | 334.9 | -18.5% | |
Debt / LTM EBITDA (multiple) | 1.2x | -0.5x |
3
SALES
YEAR OVER YEAR CHANGE
EUR million
1.100
+5.5% +0.3% +5.8%
1.000
1,010.8
900 955.4
800
700
600
FY 2018 | Organic | FX | FY 2019 |
4
EBITDA
YEAR OVER YEAR CHANGE
EUR million
300
+14.5% +0.2% +14.7%
275
250
225
274.6
239.4
200
175
150
FY 2018 | Organic | FX | FY 2019 |
5
OPERATING MARGINS
YEAR OVER YEAR CHANGE
As percentage of sales
29%
27.2%
27%
25%
23%
21%
+210 bps
25.1%
FY 2018 | FY 2019 |
6
EARNINGS PER SHARE
YEAR OVER YEAR , SINCE 2015
EUR per share
6 | +24.0% | |||
5.27 | ||||
5 | ||||
4 | ||||
3 | ||||
2 | ||||
1 | ||||
0 | ||||
2015 | 2016 | 2017 | 2018 | 2019 |
7
CASH PROFILE
FREE CASH FLOW GENERATION
EUR million / as percentage of sales
300 27.2%
250 274.6
-10.6% | ||||||||||||||
200 | ||||||||||||||
150 | ||||||||||||||
-4.6% | ||||||||||||||
12.0% | ||||||||||||||
100 | ||||||||||||||
121.1 | ||||||||||||||
50 | ||||||||||||||
0 | ||||||||||||||
EBITDA | Capex | WC & Others | FCF |
8
DEBT
SIX-MONTHLY EVOLUTION, SINCE 2017
Debt in EUR million and times EBITDA
600 | 2.2x | 2,5x | ||||||||
2.1x | ||||||||||
500 | 1.7x | 2,0x | ||||||||
1.6x | ||||||||||
400 | 1.2x | 1,5x | ||||||||
300 | 487 | 478 | 1,0x | |||||||
411 | 402 | |||||||||
200 | 335 | 0,5x | ||||||||
100 | 0,0x | ||||||
Dec-17 | Jun-18 | Dec-18 | Jun-19 | Dec-19 |
9
FY 2019 MAIN HIGHLIGHTS
ORGANIC TOP-LINE GROWTH OF 5.5%
Sales in 2019 amounted to EUR 1,010.8 million, showing an organic growth of 5.5%.
OPERATING MARGIN OF 27.2%
Operating profit, EBITDA, was EUR 274.6 million representing an operating margin of 27.2%.
>20% GROWTH IN EARNINGS
Earnings reached EUR 5.27 per share, an increase of 24.0% over the previous year.
DELEVERAGING, MAIN USE OF CASH
Debt at December 31, 2019 stood at EUR 334.9 million, equivalent to 1.2 times last twelve months EBITDA.
10
ANNEX. ALTERNATIVE PERFORMANCE MEASURES (APM).
Vidrala publishes this information in order to promote comparability and interpretation of its financial information and in compliance with the Directive of the European Securities and Markets Authority (ESMA) on Alternative Performance Measures (APM).
See below, the alternative performance measures used by Vidrala, as well as its basis of calculation. For further detail, please check the reference document published on the corporate website (link), as well as the reconciliation provided on the next slide of this presentation.
EBITDA. Vidrala calculates EBITDA as earnings before interest, taxes, depreciation and amortization (as reported in the consolidated income statement).
Consolidated net debt. Vidrala calculates consolidated net debt as the sum of all long-term liabilities and short-term obligations, and then subtracting cash and cash equivalents (as reported in the consolidated balance sheet).
Free cash flow. Vidrala calculates free cash flow by adding -to the real variation in net debt balances (as reported in the consolidated balance sheet)- payments during the period dedicated to dividends and net treasury stock purchases (as reported in the consolidated statement of cash flows).
Other magnitudes referred to in this report:
- EBITDA margin is calculated as accumulated EBITDA during the reported period divided by net sales.
- Organic refers to the variation on a like-for-like (comparable perimeter) and constant currency basis.
- Debt/EBITDA ratio is calculated as consolidated net debt at the end of the reported period divided by EBITDA obtained in the last 12 months.
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ANNEX. ALTERNATIVE PERFORMANCE MEASURES (APM).
i) EBITDA
EUR million | FY 2019 |
Profit before income tax from continuing operations | 165,980 |
Amortisation and depreciation | +91,088 |
Finance income | -1,004 |
Finance costs | +6,595 |
Impairment of non-current assets | +11,980 |
Reported EBITDA | 274,639 |
ii) Consolidated net debt
EUR million | FY 2019 |
Loans and borrowings (non-current liabilities) | 231,906 |
Loans and borrowings (current liabilities) | +131,787 |
Cash and cash equivalents | -28,795 |
Reported consolidated net debt | 334,898 |
Source of data
Consolidated Income Statement
Consolidated Income Statement
Consolidated Income Statement
Consolidated Income Statement
Consolidated Income Statement
Source of data
Consolidated Balance Sheet
Consolidated Balance Sheet
Consolidated Balance Sheet
iii) Free Cash Flow
EUR million | FY 2019 |
Year-over-year change in net debt balances * | 76,196 |
Dividends paid** | +27,471 |
Annual General Meeting attendance bonus | +936 |
Proceeds from issue of treasury shares and own equity instruments*** | -0 |
Payments to redeem own shares and other own equity instruments*** | +16,512 |
Reported Free Cash Flow | 121,115 |
Source of data
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Note 15(b) - Equity
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows
*The year-over-year change in net debt balances is obtained as the difference from the captions "Loans and borrowings" and "Cash and cash equivalents". **The amount of dividends paid is obtained from the "Consolidated statement | 13 |
of changes in equity" and/or the "Consolidated statement of cash flows". ***The proceeds and payments related to treasury shares and own equity instruments are obtained from the "Consolidated statement of cash flows". | |
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Vidrala SA published this content on 27 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2020 10:22:09 UTC