Investments made and acquisitions lead to growth in added value (+14.3%), ebitda (+13.9)

and net profit (+17.0)

Key figures 1H 2018 compared to 1H 2017

Mio €

1H 2018

(*)

Turnover

192.7

+17.7%

+17.7%

Added Value

45.1

+17.3%

+14.3%

Operating cash flow - Ebitda

23.0

+19.8%

+13.9%

Operating result - Ebit

14.7

+27.6%

+17.3%

Net Result before Taxes

12.7

+24.7%

+13.4%

Net Result after Taxes

9.9

+26.9%

+17.0%

(*) 2017 adjusted for consultancy costs relating to potential acquisition by Bain Capital

Net financial debt 30.06.18

31.4

Consolidated key figures (1)

1H 2018

1H 2017

Key figures of the income statement

in 000 €

Evolution (%)

in 000 €

Turnover

192'689

163'757

17.7%

Operating revenues

197'796

165'623

19.4%

Added value (2)

45'076

38'419

17.3%

Operating cash flow - EBITDA (3)

23'027

19'216

19.8%

Depreciation and operational non-cash costs

8'362

7'719

8.3%

Operating result

14'665

11'497

27.6%

Financial result

-1'998

-1'337

-49.4%

Result before taxes

12'667

10'160

24.7%

Taxes

-2'739

-2'338

17.2%

Net result, part of Group

9'928

7'822

26.9%

Key figures of the the balance sheet

in 000 €

Evolution (%)

in 000 €

Equity

127'979

118'552

8.0%

Equity (incl. subordinated loans)

128'935

119'827

7.6%

Net financial debts (excl. subordinated loans) (4)

31'384

-23'503

-233.5%

Total assets and total liabilities

251'571

266'894

-5.7%

Key figures per share

in €

Evolution (%)

in €

Operating cash flow - EBITDA (3)

11.37

9.49

19.8%

Operating result

7.24

5.68

27.6%

Net result, part of Group

4.90

3.86

26.9%

Average number of shares

2'024'860

2'024'860

  • (1)Figures are fully in conformity with IFRS-rules.

  • (2)Revenues minus trade goods and raw materials minus services and other goods.

  • (3)Operating profit plus depreciations and write offs of intangible and tangible assets, plus provisions for write offs in value relating to stocks.

  • (4)Interest bearing financial obligations minus available funds and investments.

Adjusted consolidated Key figures (1)

1H 2017 : excluding consultancy costs relating to potential acquisition by Bain Capital

1H 2018

1H 2017

Key figures of the income statement

in 000 €

Evolution (%)

in 000 €

Turnover

192'689

163'757

17.7%

Operating revenues

197'796

165'623

19.4%

Added value (2) - Adjusted

45'076

39'428

14.3%

Operating cash flow - EBITDA (3) - Adjusted

23'027

20'225

13.9%

Depreciation and operational non-cash costs

8'362

7'719

8.3%

Operating result - Adjusted

14'665

12'506

17.3%

Financial result

-1'998

-1'337

-49.4%

Result before taxes - Adjusted

12'667

11'169

13.4%

Taxes - Adjusted

-2'739

-2'681

2.2%

Net result, part of Group - Adjusted

9'928

8'488

17.0%

Key figures per share

in €

Evolution (%)

in €

Operating cash flow - EBITDA (3) - Adjusted

11.37

9.99

13.9%

Operating result - Adjusted

7.24

6.18

17.3%

Net result, part of Group - Adjusted

4.90

4.19

17.0%

Average number of shares

2'024'860

2'024'860

  • (1)These are non-IFRS measures and as a consequence the presented figures are unaudited

  • (2)Revenues minus trade goods and raw materials minus services and other goods.

  • (3)Operating profit plus depreciations and write offs of intangible and tangible assets, plus provisions for write offs in value relating to stocks.

Overview of results for the first half year of 2018

During the first half year of 2018 thevolumessold of preforms and bottles haveincreased by 6.1%compared to the first half of 2017. There was an increase of the volumes sold of preforms but a slight decrease of the sold volumes of blown bottles. The growth of the preforms continued in almost all regions of Europe with the exception of Spain where the weather in the spring was disappointing. In North America, after the capacity expansion, there was a growth of more than 50%. The total sales on the export markets decreased compared to the first half of last year. The volumes sold also contain 6 months of sales from the production unit in Serbia after the takeover in April last year. The growth is the result of increased sales efforts and a further diversification of products and customers.

Theturnoverincreased during the first half year by17.7%up to€ 192.7 million.This increase is a combination of higher volumes, higher average raw material prices and a negative exchange rate effect due to an average stronger euro. In addition to organic growth, sales also increased due to the sales of Poly Recycling AG, the pet recycling activities acquired in Switzerland in the autumn of 2017.

The further explanation of the operational results (added value, operational cash flow and operating result) for the first half year of 2018 in this press release does not take into account the amount booked in 2017of € 1.0 million of consultancy fees relating to thepotential takeover by Bain Capital. This makes the comparison between the results for 2018 and 2017 relevant.

Compared to the first half year of 2017, theadded valuefor the first half of 2018 increased by 14.3%or €5.6 million to€45.1 million. The increase of the added value is the result of organic growth and the inclusion into the consolidation of the acquisitions from 2017 of Borverk and Poly Recycling. The added value per processed tonne is more or less stable compared to the same period of last year.

The increase in other goods and services is for the major part explained by higher volumes and the consolidation of the acquisitions of last year.

The totalpersonnel costs increased by € 2.5 million. Also here the major increase is explained by the full period consolidation of the acquisitions made in 2017.

The consolidatedoperating cash flow (Ebitda)increased by €2.8 million and amounts to€ 23.0 millionfor the first half of 2018compared to € 20.2 million for the first half of 2017.

Thedepreciations and amortisationsincreased by € 0.6 million and amounted to€8.4 millionin the first half of this year.

Theoperating resultfor the first semester of 2018 amounts to€ 14.7 millioncompared to the reworked amount of€ 12.5 million for the first semester of 2017, which means an increase of €2.2 million.

The total financial result decreasedfrom €-1.3 million to€-2.0 million. The decrease of the financial result is the result of increased negative foreign exchange results and a negative other financial result compared to a positive other financial result as per first half 2017. The total net interest costs remained stable. The totalnet financial resultamounts to€-2.0 million.

During the first half of 2018, apre-tax profitwas realized of€ 12.7 millioncompared to €10.2 in the first half of 2017.The total taxes amount to €-2.3 million. This amount includes taxes payablefor €-2.9 million and deferred taxes for € +0.2 million. After taxes, Resilux has realized anet profitof€9.9 millioncompared to € 7.8 million in the first half of 2017 or an increase of 26.9% or € 2.2million.

Attachments

  • Original document
  • Permalink

Disclaimer

Resilux NV published this content on 30 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 August 2018 16:06:03 UTC