INNOVATIVE PACKAGING
Half Year results 2018
August 30, 2018
1
Overview
Key figures Resilux group 1H 2018 Raw materials
Financials
Outlook 2018
1. Key figures 1H 2018
3 Half Year results 2018 – Resilux NV
1H 2018 Key figures
000 EUR AS REPORTED - NO ADJUSTMENTS
1H 2018 1H 2017
Turnover 192'689 163'757 28'932 17.7%
Added Value 45'076 38'419 6'657 17.3%
Ebitda 23'027 19'216 3'811 19.8%
Ebit 14'665 11'497 3'168 27.6%
Net Result before Taxes 12'667 10'160 2'507 24.7%
Net Result after Taxes 9'928 7'822 2'106 26.9%
000 EUR
1H 2018 1H 2017
Turnover 192'689 163'757 28'932 17.7%
Added Value 45'076 39'428 5'648 14.3%
Ebitda 23'027 20'225 2'802 13.9%
Ebit 14'665 12'506 2'159 17.3%
Change
Change ADJUSTED (*)
1H 2018 Key figures
5 Half Year results 2018 – Resilux NV
000 EUR
30.06.2018 30.06.2017 Change 31.12.2017
Equity strictu sensu 127'979 118'552 8.0% 121'485
Solvency Ratio strictu sensu 50.9% 44.4% 49.9%
Equity largo sensu (incl sub. Debt) 128'935 117'277 9.9% 122'760
Solvency Ratio largo sensu 51.3% 43.9% 50.4%
Net Financial Debt 31'384 -23'503 233.5% 6'844
Working Capital 57'712 40'471 42.6% 38'235
Total Assets 251'571 266'894 -5.7% 243'688
2. Raw materials
Evolution of raw material prices
7 Half Year results 2018 – Resilux NV
Evolution of raw material prices (Jan = 100)
3. Financials
9 Half Year results 2018 – Resilux NV
Increased Volumes (+6.1%) and Turnover (+17.7%)
Total sold quantities during 1H 2018 increased by 6.1% compared to 1H 2017
There was an increase of the volumes sold of preforms but a 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 turnover increased during the first half year by 17.7% 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 a 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.
Sales of preforms per area based upon volumes
1H 2018 1H 2017
11 Half Year results 2018 – Resilux NV 17.4%
12.0%
12.8%
7.0% 7.9%
6.8%
5.5%
4.9%
4.2%
4.6%
4.5%
1.0% 11.3%
East Europe Spain Portugal Russia
France USA / Canada Greece Cyprus Germany Italy Benelux Switzerland Scandinavia United Kingdom Other
16.2%
14.3%
12.2%
4.5% 7.2%
7.4%
5.5%
4.7%
3.2%
4.7%
3.9%
1.4%
15.0%
1H 2018 1H 2017
Sales of preforms per application based upon volumes
56.6%
16.4%
7.1%
8.3%
5.3%
3.6% 2.3% 0.4% Water /
Softdrinks Juices Oil
Detergent Beer
Milk Alcohol Food
56.8%
16.2%
7.1%
6.3%
5.6%
5.8%
1.9% 0.4%
Added Value +14.3% (in Mio Eur) adjusted
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0
'12 '13 '14 '15 '16 '17 '15Adj'16Adj'17Adj '18 28.2
31.7 33.7 37.2 40.1
38.4 35.2 38.1 39.4
45.1 56.3
59.8 64.8
72.5 74.5 75.7
68.9
72.3
76.8
1H FY
13 Half Year results 2018 – Resilux NV
Increased Added Value (+14.3%) and EBITDA (+13.9%)
adjustedStable added value per processed tonne
Increase in other goods and services mainly due to increase volumes and the consolidation of the acquisitions from 2017
The increase of the total personnel costs increased by € 2.5 million. Also here the
major increase is explained by the full period
EBITDA +13.9% (in Mio €)
adjusted0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0
'12 '13 '14 '15 '16 '17 '15Adj '16Adj '17Adj '18 13.7
16.6 18.0 20.2 22.6
19.2 18.2
20.6
20.2
23.0 26.1
30.6
33.1
38.5 40.2
36.4 34.9
38.0
H1 FY 37.4
15 Half Year results 2018 – Resilux NV
Depreciations - Finance
Operational non cash costs increased by € 0.6 mln:
increase of depreciations fixed assets : € 0.5 mln
increase of depreciations stocks : € 0.1 mln
Net financial result decreased from € -1.3 mln to € -2.0 mln:
net interest expenses stable
1H 2018 net exchange results more negative net exchange result in 1H 2017
negative other financial result compared to a positive other financial result in
1H 2017
EBIT +17.3% (in € Mln) adjusted
0.0 5.0 10.0 15.0 20.0 25.0 30.0
'12 '13 '14 '15 '16 '17 '15
Adj
'16 Adj
'17 Adj
'18 7.2
10.5 11.4
13.1 15.3
11.5 11.1
13.3 12.5 13.7 14.7
17.2
19.0
24.2 25.8
20.6 20.6
23.6
21.7
H1 FY
17 Half Year results 2018 – Resilux NV
Taxes
Total tax expense of € -2.7 mln includes a tax payable of € -2.9 mln and a deferred tax of
€ +0.2 mln (depreciations differences/tax losses)
Profit after tax +17.0% (in € Mln) adjusted
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
'12 '13 '14 '15 '16 '17 '15Adj'16Adj'17Adj '18 6.8
9.9 9.6
11.7
15.2
10.2
9.0
12.2
11.2
12.7
5.6
7.5 7.7
9.8
11.3
7.8 7.5
8.8 8.5
9.9 Profit before taxes
Profit after taxes
19 Half Year results 2018 – Resilux NV
Net Capex : € 18.5 mln
Buildings 4.4
Moulds 3.2
Petlines 4.1
Periphery production 3.0
Blowing 0.2
Polyrecycling 2.8
Other 1.4
Disposals / conso -0.7
Evolution of net financial debt in € Mln
-30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
jun/30 dec/31 21 Half Year results 2018 – Resilux NV
4. Outlook 2018
Outlook
Resilux expects that the investments made will
also result in a growth of the operational cash flow (ebitda) for the second half year of 2018 compared to the second half year of 2017
Resilux expects in the second half of 2018 to invest an amount of around € 15.0 million. This includes the building of a new pet-recycling factory in Bilten
23 Half Year results 2018 – Resilux NV
