Resilux: Presentatie jaarresultaten 2017 | Vlaamse Federatie van Beleggers

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INNOVATIVE PACKAGING

Year results 2017

March 8, 2018

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Overview

Key figures Resilux group 2017 Raw materials

Financials

Outlook 2018

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1. Key figures 2017

3 Year results 2017 – Resilux NV

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2017 Key figures

000 EUR AS REPORTED - NO ADJUSTMENTS

2017 2016

Turnover 328'677 293'667 35'010 11.9%

Added Value 75'741 95'109 -19'368 -20.4%

Ebitda 36'359 60'819 -24'460 -40.2%

Ebit 20'592 46'426 -25'834 -55.6%

Net Result before Taxes 18'115 45'044 -26'929 -59.8%

Net Result after Taxes 15'823 40'807 -24'984 -61.2%

Result JV Airolux (50%) 0 18'884

Net Result after Taxes incl JV Airolux 0 59'691

000 EUR ADJUSTMENTS

Adjusted 2017 2016

Turnover 328'677 290'212 38'465 13.3% 2017 : Excluding transactions cost Bain Capital

Added Value 76'802 72'256 4'546 6.3% 2016 : Excluding income / costs related to sale of share Airolux

Ebitda 37'420 37'966 -546 -1.4% Excluding business with JV Airolux : sales / production - variable

Ebit 21'653 23'573 -1'920 -8.1% and finance

Net Result before Taxes 19'176 21'213 -2'037 -9.6%

Change

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2017 Key figures

000 EUR

Unadjusted 31.12.2017 31.12.2016 Change

Equity strictu sensu 121'485 147'568 -17.7%

Solvency Ratio strictu sensu 49.9% 57.6%

Equity largo sensu (incl sub. Debt) 122'760 149'162 -17.7%

Solvency Ratio largo sensu 50.4% 58.2%

Net Financial Debt 6'844 -22'319 130.7%

Working Capital 38'235 42'294 -9.6%

Total Assets 243'688 256'191 -4.9%

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2. Raw materials

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Evolution of raw material prices

1'300 1'400 1'500 1'600 1'700 1'800 1'900

Price in Euro per tonne

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Evolution of raw material prices (Jan = 100)

85 90 95 100 105 110 115 120 125

1 2 3 4 5 6 7 8 9 10 11 12

2013 2014 2015 2016 2017

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3. Financials

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Increased Volumes (+8.4%) and Turnover (+13.3%)

Total sold quantities during 2017 increased by 8.4% compared to 2016

There was an increase of the volumes sold of preforms but a decrease of the sold volumes of blown bottles

The growth continued in most of the regions of Europe as well in North America and Ukraine. Also the total sales on the export markets increased. The growth in Europe was the strongest in Italy and France.

The turnover increased during 2017 by 13.3% up to € 328.7 mln. This increase is a combination of higher volumes, higher average raw material prices and a positive exchange rate in Russia, among others. As of the second quarter, also the acquired company Borverk Eurotrade in Serbia has been included in the

Resilux consolidation. The results of the acquired activities of Poly Recycling AG in Switzerland are consolidated as of the fourth quarter of 2017.

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Sales of preforms per area based upon volumes

2017 2016

11 Year results 2017 – Resilux NV 17.1%

13.7%

12.4%

7.2% 7.9%

5.8%

4.9%

4.8%

4.5%

3.9%

3.0%

1.4% 13.5%

East & Central Europe Spain Portugal

Russia France

Greece Cyprus Germany Italy

USA / Canada Switzerland Scandinavia Benelux

United Kingdom Other

17.1%

14.7%

13.5%

8.5% 6.3%

3.0% 6.0%

3.9%

5.2%

3.9%

3.8%

1.2% 12.8%

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2017 2016

Sales of preforms per application based upon volumes

58.5%

14.7%

7.1%

6.8%

5.7%

5.0%

1.9% 0.4% Water /

Softdrinks Juices Oil

Detergent Beer

Milk Alcohol Food

56.3%

15.7%

8.6%

6.2%

8.2%

3.4% 1.3%

0.4%

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Added Value +6.3% (in Mio Eur)

adjusted for Airolux

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 28.2

31.7 33.7 37.2 40.1 39.4

35.2 38.1 39.4 56.3

59.8 64.8

72.5 74.5 76.8

68.9

72.3

76.8

1H FY

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Increased Added Value (+6.3%)

and EBITDA (-1.4%)

Increase in other goods and services mainly due to increase of transportation costs due increased sold volumes

Increase in personnel costs by € 3.9 Mln:

translation impact, shift from temporary

labour, salary increases & additional people

(further expansion of blowing activities Russia

& Spain), including acquisition (Borverk in

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EBITDA -1.4% (in Mio €)

0.0 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 13.7

16.6 18.0 20.2 22.6

20.2 18.2

20.6 20.2 26.1

30.6

33.1

38.5 40.2

37.4 34.9

38.0 37.4

H1 FY

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Depreciations - Finance

Operational non cash costs increased by € 1.4 mln:

 increase of depreciations fixed assets : € 1.2 mln

 increase of depreciations stocks : € 0.2 mln

Net financial result decreased from € -1.4 mln to € -2.5 mln:

 net interest expenses increased by € 0.6 mln (2016 include interest income from Airolux for € 1.0 mln)

 2017 net exchange results are negative for € -0.9 mln compared to positive net exchange result in 2016 of € 0.4 mln

 positive other financial result : € 0.3 mln for 2017, compared to € -0.5 mln in 2016 (mainly due to unrealised results on financial instruments)

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EBIT -8.1% (in € Mln)

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 7.2

10.5 11.4

13.1 15.3

12.5 11.1

13.3 12.5 13.7

17.2

19.0

24.2 25.8

21.7 20.6

23.6

21.7

H1 FY

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Taxes – Equity method

Total tax expense in 2017 of € -2.3 mln includes a tax payable of € -3.2 mln and a deferred tax of

€ 0.9 mln (additional capitalisation of tax losses in Resilux America)

Result equity method: JV Airolux

For 2016, the reported result based on the equity method amounted to € 18.9 mln. This amount was the reversal of the booked losses since the establishment of the Joint Venture Airolux AG after the sale of the shares of Airolux AG.

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Profit after tax -3.6% (in € Mln)

0.0 5.0 10.0 15.0 20.0 25.0

'12 '13 '14 '15 '16 '17 '15Adj '16Adj '17Adj 12.0

15.2 15.8

21.7

24.3

19.2

16.6

21.2

19.2

10.1

12.6 12.5

17.9

19.2

16.5

13.5

16.5 16.5

Profit before taxes

Profit after taxes

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Net Capex : € 8.1 mln

Buildings 4.5

Moulds 4.7

Petlines 2.7

Periphery production 3.0

Blowing 1.8

Other 1.8

Disposals / conso / grants 0.2

Total Net Capex 18.7

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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

jun/30 dec/31 21 Year results 2017 – Resilux NV

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4. Outlook 2018

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Outlook 2018

Resilux expects for 2018 a further growth of the volumes as a result of additiona capital expenditures in production capacity. Resilux

expects that this volume growth and the acquisitions from 2017 will lead to increased operational results in 2018.

Expected capex for 2018: € 14 Mln, excluding buildings and special projects. This will be mainly in additional production capacity and production tooling.

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