SIG GROUP AG The declaration and payment by the Company of any future dividends and the amounts of any such dividends will depend upon SIG's ability to maintain its credit rating, its investments, results, financial condition, future prospects, profits being available for distribution, consideration of certain covenants under the terms of outstanding indebtedness and any other factors deemed by the Directors to be relevant at the time, subject always to the requirements of applicable laws.
Some financial information in this media release has been rounded and, as a result, the figures shown as totals in this media release may vary slightly from the exact arithmetic aggregation of the figures that precede them.
In this media release, we utilise certain alternative performance measures, including but not limited to core revenue, EBITDA, adjusted EBITDA, adjusted EBITDA margin, net capex, adjusted net income, free cash flow and net leverage ratio that in each case are not defined in International Financial Reporting Standards ("IFRS"). These measures are presented as we believe that they and similar measures are widely used in the markets in which we operate as a means of evaluating a company's operating performance and financing structure. Our definition of and method of calculating the alternative performance measures stated above may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period or operating cash flows determined in accordance with IFRS, nor should they be considered as substitutes for the information contained in our consolidated financial statements. You are cautioned not to place undue reliance on any alternative performance measures and ratios not defined in IFRS included in this media release.
Alternative performance measures
For additional information about alternative performance measures used by management that are not defined in IFRS, including definitions and reconciliations to measures defined in IFRS, the change in our calculation methodology for constant currency and a definition of like-for-like growth rates, please refer to the link below: https://reports.sig.biz/annual-report-2020/services/glossary.html
The following table reconciles profit for the period to EBITDA and adjusted EBITDA.
Six months Six months
ended ended
30 June 30 June
(In EUR million) 2021 2020
Profit for the period 92.0 10.0
Net finance expense 15.2 55.2
Income tax expense 28.8 9.2
Depreciation and amortisation 147.5 139.5
EBITDA 283.5 213.9
Adjustments to EBITDA:
Unrealised gain on derivatives (21.4) (1.0)
Replacement of share of profit or loss of joint ventures with
cash dividends received from joint ventures 1.6 -
Restructuring costs, net of reversals 22.1 0.6
Loss on sale of subsidiary 12.6 -
Transaction- and acquisition-related costs 6.8 1.3
Fair value adjustment on inventories 10.4 -
Gain on pre-existing interest in joint ventures (48.8) -
Out of period indirect tax recoveries (5.9) -
Other 3.2 0.9
Adjusted EBITDA 264.1 215.7 The table below is a summary of the reconciliation of profit for the period to adjusted net income.
Six months Six months
ended ended
30 June 30 June
(In EUR million) 2021 2020
Profit for the period 92.0 10.0
Non-cash foreign exchange impact of non-functional currency loans
and realised foreign exchange impact due to refinancing (10.6) 6.3
Amortisation of transaction costs 1.8 1.3
Net change in fair value of derivatives - (0.5)
Onex acquisition PPA depreciation and amortisation 53.4 64.4
Net effect of early repayment of former joint venture loans 3.7 -
Net effect of early repayment of secured term loans - 19.7
Interest on out of period indirect tax recoveries (2.2) -
Adjustments to EBITDA ^(1) (19.4) 1.8
Tax effect on above items (9.1) (23.4)
Adjusted net income 109.6 79.6 ^1 The adjustments made to EBITDA are detailed in the "EBITDA and adjusted EBITDA" table above. Additional features: File: SIG H1 2021 English ----------------------------------------------------------------------------------------------------------------------- End of ad hoc announcement -----------------------------------------------------------------------------------------------------------------------
Language: English
Company: SIG Combibloc Group AG
Laufengasse 18
8212 Neuhausen am Rheinfall
Switzerland
Phone: +41 52 674 61 11
Fax: +41 52 674 65 56
E-mail: info@sig.biz
Internet: www.sig.biz
ISIN: CH0435377954
Listed: SIX Swiss Exchange
EQS News ID: 1221745
End of Announcement EQS Group News Service
=------------ 1221745 27-Jul-2021 CET/CEST
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July 27, 2021 01:01 ET (05:01 GMT)
