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    VID   ES0183746314

VIDRALA, S.A.

(VID)
  Report
Delayed Quote. Delayed Bolsas y Mercados Espanoles - 01/21 11:38:00 am
79.8 EUR   -2.68%
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Q3 2021 Results | Earnings release

10/29/2021 | 01:58am EST

VIDRALA, S.A.

BUSINESS PERFORMANCE Q3 2021

MAIN FIGURES (NINE MONTHS ENDED)

September

September

Change

Change on

2021

2020

constant currency basis

Sales (EUR million)

820.5

749.8

+9.4%

+8.3%

EBITDA (EUR million)

226.5

203.6

+11.2%

+10.0%

Earnings per share (EUR)

4.44

3.91

+13.5%

Debt / EBITDA

0.3x

1.0x

-0.7x

Important: In order to allow comparability, last year's earnings per share has been adjusted for the effect of the bonus share issue carried out in December 2020.

Sales during the first nine months 2021 amounted to EUR 820.5 million, showing an organic growth of 8.3%.

Operating profit, EBITDA, was EUR 226.5 million representing an operating margin of 27.6%.

Net debt at September 30, 2021 declines by 63% versus the previous year, reflecting a leverage ratio of 0.3 times last twelve months EBITDA.

Earnings performance

Sales

Sales reported by Vidrala during the first nine months 2021 amounted to EUR 820.5 million, an increase of 9.4% over the previous year. On a constant currency basis, sales reflected an organic growth of 8.3%, mainly driven by higher volumes.

SALES

YEAR OVER YEAR CHANGE

EUR million

900

+8.3% +1.1%

800

820.5

700

600

749.8

9M 2020

Organic

FX

9M 2021

change

effect

EUR/GBP:

EUR/GBP:

0.8851

0.8636

VIDRALA. Earnings Report. Third quarter 2021. │ 2

Operating results

Operating profit -EBITDA- obtained in the first nine months 2021 reached EUR 226.5 million, an increase of 11.2% over the figure reported last year. Organic growth, on a constant currency basis, was 10.0%.

Over sales, EBITDA margin stood at 27.6%.

EBITDA

YEAR OVER YEAR CHANGE

EUR million

250

+10.0%

+1.2%

200

226.5

203.6

150

100

9M 2020

Organic

FX

9M 2021

change

effect

EUR/GBP:

EUR/GBP:

0.8851

0.8636

OPERATING MARGINS EBITDA

YEAR OVER YEAR CHANGE

As percentage of sales

30%

28%

27.6%

27.2%

+44 bps

26%

24%

22%

9M 2020

9M 2021

VIDRALA. Earnings Report. Third quarter 2021. │ 3

Results and financial position

Net profit in the first nine months amounted to EUR 125.7 million. As a result, earnings reached EUR 4.44 per share, an increase of 13.5% over the previous year.

Net debt at September 30, 2021 stood at EUR 97.8 million, reflecting a leverage ratio of 0.3 times last twelve months EBITDA.

DEBT

YEAR OVER YEAR EVOLUTION, SINCE SEPTEMBER 2018

Debt in EUR million and times EBITDA

700

2,5x

600

1.9x

2,0x

500

400

1.3x

1,5x

300

1.0x

1,0x

200 448

333

263

0.3x

0,5x

100

98

0

0,0x

Sep-18

Sep-19

Sep-20

Sep-21

VIDRALA. Earnings Report. Third quarter 2021. │ 4

Business outlook

Demand for glass packaging across our markets remains solid, grounded on the strong underlying fundamentals for consumption of food and beverages, the progressive normalization of social activities and the continuous support from packagers, brand owners and consumers to glass as the ultimate sustainable packaging material.

Under this market context, our ambitious investment plan initiated in 2019, that include specific actions to better serve our customers, enhance our industrial footprint, realign our capacity and improve the sustainability of our business, is progressing well. As a result, our level of competitiveness is today stronger and our service evolves at comparable good levels despite external supply chain conditions are challenging and our inventories remain tight. Vidrala's results are a proof of all this.

Despite this solid business base, margins during the next coming months will be unavoidably affected by the abnormal cost inflationary context and the overall supply chain difficulties, until our sales prices are progressively adapted or external issues stabilize.

In any case, our structural profitability will remain strong and the strategic guidelines firmly committed to our long-term priorities. We will invest more than ever, with our customers in mind, to expand our capabilities and diversify our business with the aim to supply our services and make our products in the most sustainable way. And we will do it securing a strict capital discipline.

VIDRALA. Earnings Report. Third quarter 2021. │ 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Vidrala SA published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 05:57:07 UTC.


© Publicnow 2021
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Sales 2021 1 066 M 1 209 M 1 209 M
Net income 2021 162 M 184 M 184 M
Net Debt 2021 134 M 152 M 152 M
P/E ratio 2021 14,4x
Yield 2021 1,63%
Capitalization 2 374 M 2 692 M 2 692 M
EV / Sales 2021 2,35x
EV / Sales 2022 2,12x
Nbr of Employees 3 500
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Technical analysis trends VIDRALA, S.A.
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TrendsBearishBearishBearish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 79,80 €
Average target price 102,17 €
Spread / Average Target 28,0%
EPS Revisions
Managers and Directors
Gorka Schmitt Zalbide Chief Executive Officer
Raul Gomez Merino Chief Financial Officer
Carlos Delclaux Zulueta Non-Executive Chairman
Carlos Barranha Technical Director
Paloma Gonzalo Director-Information Technology
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