SIG GROUP AG SIG is a leading systems and solutions provider for aseptic carton packaging. We work in partnership with our customers to bring food and beverage products to consumers around the world in a safe, sustainable and affordable way. Our unique technology and outstanding innovation capacity enable us to provide our customers with end-to-end solutions for differentiated products, smarter factories and connected packs, all to address the ever-changing needs of consumers. Sustainability is integral to our business and we are going Way Beyond Good to create a net positive food packaging system.
Founded in 1853, SIG is headquartered in Neuhausen, Switzerland. The skills and experience of our approximately 5,500 employees worldwide enable us to respond quickly and effectively to the needs of our customers in over 60 countries. In 2020, SIG produced 38 billion carton packs and generated EUR1.8 billion in revenue. SIG has an AA ESG rating by MSCI, an 18.8 (low risk) score by Sustainalytics and a Platinum CSR rating by EcoVadis. For more information, visit www.sig.biz.
Disclaimer & cautionary statement
The information contained in this media release and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorised to access or use any such information.
This media release contains "forward-looking statements" that are based on our current expectations, assumptions, estimates and projections about us and our industry. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "may", "will", "should", "continue", "believe", "anticipate", "expect", "estimate", "intend", "project", "plan", "will likely continue", "will likely result", or words or phrases with similar meaning. Undue reliance should not be placed on such statements because, by their nature, forward-looking statements involve risks and uncertainties, including, without limitation, economic, competitive, governmental and technological factors outside of the control of SIG Combibloc Group AG ("SIG", the "Company" or the "Group"), that may cause SIG's business, strategy or actual results to differ materially from the forward-looking statements (or from past results). For any factors that could cause actual results to differ materially from the forward-looking statements contained in this media release, please see our offering circular for the issue of notes in June 2020. SIG undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted that past performance is not a guide to future performance. Please also note that quarterly results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser
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. For definitions of alternative performance measures and their related reconciliations that are not included in this media release, please refer to the following link https://reports.sig.biz/annual-report-2020/services/ chart-generator
The following table reconciles profit to EBITDA and adjusted EBITDA.
Year ended Year ended
(In EUR million) 31 Dec. 2020 31 Dec. 2019
Profit for the period 68.0 106.9
Net finance expense 81.0 44.6
Income tax expense 23.0 41.1
Depreciation and amortisation 277.7 287.1
EBITDA 449.7 479.7
Adjustments to EBITDA:
Replacement of share of profit of joint ventures with
cash dividends received from joint ventures 5.3 5.3
Restructuring costs, net of reversals 6.3 1.8
Unrealised gain on derivatives (21.5) (10.1)
Transaction- and acquisition-related costs 3.1 4.3
Impairment losses 49.3 2.8
Other 6.1 1.6
Adjusted EBITDA 498.3 485.4 The table below is a summary of the reconciliation of profit for the period to adjusted net income.
Year ended Year ended
(In EUR million) 31 Dec. 2020 31 Dec. 2019
Profit for the period 68.0 106.9
Non-cash foreign exchange impact of non-functional currency loans
and realised foreign exchange impact due to refinancing 24.6 (1.2)
Amortisation of transaction costs 3.1 2.8
Net change in fair value of derivatives (0.5) 1.5
Net effect of early repayment of term loans 19.7 -
Onex acquisition PPA depreciation and amortization 125.4 136.5
Adjustments to EBITDA ^(1) 48.6 5.7
Tax effect on above items (56.6) (34.8)
Adjusted net income 232.3 217.4
^1 The adjustments made to EBITDA are detailed in the "EBITDA and adjusted EBITDA" table above.
Additional features: File: SIG 2020 full-year results ----------------------------------------------------------------------------------------------------------------------- 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: 1170178
End of Announcement EQS Group News Service
=------------ 1170178 23-Feb-2021 CET/CEST
(END) Dow Jones Newswires
February 23, 2021 01:03 ET (06:03 GMT)
