10/28/2015 Business performance Q3 2015PDF 308Kb

VIDRALA, S.A.
BUSINESS PERFORMANCE NINE MONTHS 2015
Main figures
EUR million
NINE MONTHS
ENDED SEPTEMBER
2015
NINE MONTHS
ENDED SEPTEMBER
2014
Sales
602.8
362.8
+66.2%
EBITDA
121.5
83.5
+45.5%
EBIT
65.5
54.3
+20.7%
Net profit
46.3
40.2
+15.3%
CHANGE
%
Financial information related to 2015 includes the full consolidation of Encirc Ltd. acquired at the start of the year.
Sales reported for the first nine months amounted to EUR 602.8
million.
Operating profit, EBITDA, reached EUR 121.5 million.
Net profit increased by 15.3% over the same period of the
previous year to EUR 46.3 million.
Net debt at September 30, 2015 stood at EUR 440.2m, after being
reduced by 7.1% during the third quarter.
VIDRALA SA. Business performance. Nine months 2015.
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Sales
Net sales registered by Vidrala during the first nine months of
2015 amounted to EUR 602.8 million, representing an increase
of 66.2% over the previous year.
On a comparable structure basis, including Encirc figures
within the previous year, sales grew 4.3% as a result of
increased sales volumes and a favorable currency translation.
SALES
YEAR OVER YEAR CHANGE
EUR million
700,0
602.8
600,0
215.0
500,0
Encirc
400,0
300,0
200,0
362.8
Pre-Encirc
100,0
0,0
9 MONTHS
2014
9 MONTHS
2015
FX GBP/EUR
9 MONTHS 2014:
0.8118
FX GBP/EUR
9 MONTHS 2015:
0.7271
VIDRALA SA. Business performance. Nine months 2015.
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Operations
Operating profit, EBITDA, generated over the first nine months
reached EUR 121.5 million, 4.2% below the previous year on a
comparable structure basis.
Operating profit, EBIT, amounted to EUR 65.5 million representing a
margin over sales of 10.9%.
EBITDA
FIRST NINE MONTHS SINCE 2011
EUR million
140,0
121.5
120,0
100,0
80,0
75.9
78.8
88.1
83.5
60,0
40,0
20,0
0,0
9 MONTHS 9 MONTHS 9 MONTHS 9 MONTHS 9 MONTHS
2011
2012
2013
2014
2015
OPERATING MARGINS (EBIT)
QUARTER ON QUARTER CHANGE
As a percentage of sales
15,0%
10.2%
11.0%
11.3%
SECOND
QUARTER
2015
THIRD
QUARTER
2015
10,0%
5,0%
0,0%
FIRST
QUARTER
2015
VIDRALA SA. Business performance. Nine months 2015.
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Results and financial position
Net profit obtained during the period stood at EUR 46.3 million.
This represents an increase of 15.3% over the previous year,
demonstrating that the acquisition of Encirc is earnings
accretive since the beginning.
Net debt at September 30, 2015 was reduced down to EUR
440.2 million. Leverage ratio stood at 2.7 times twelve months
proforma EBITDA, including Encirc.
DEBT
QUARTERLY EVOLUTION
EUR million
500
490.7
473.9
480
460
440.2
440
420
400
AS AT MARCH
31,2015
AS AT JUNE
30,2015
AS AT SEPTEMBER
30,2015
Debt evolution, which reflects the fully disbursed acquisition of
Encirc announced January 14 2015, is the result of a free cash
flow generation over the last twelve months, excluding the
payment for Encirc, of EUR 74.7 million, equivalent to 10.5% of
sales.
VIDRALA SA. Business performance. Nine months 2015.
-4-
Outlook
Demand of glass containers for food and beverage products
along the main European markets is showing signs of recovery.
Nevertheless, margins throughout the packaging industry
remain affected under a context in which increasing
competition is pressurising sales prices downwards.
Under this context, management priorities will remain firmly
focused on customer service, cost competitiveness and cash
generation.
This way, Vidrala´s financial results throughout the current year
should improve benefited by the integration of Encirc and the
previously proven solid business profile. For the full year 2015,
these targets will be reflected in earnings per share growth
and increased free cash flow.
VIDRALA SA. Business performance. Nine months 2015.
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