321 0 Kommentare Refresco reports Q4 & FY 2017 results and starts integration of Cott's bottling activities

Rotterdam, the Netherlands - 5 March 2018. Refresco Group N.V. publishes fourth quarter and full year 2017 results.

Update on acquisition of Cott's bottling activities and launch of recommended cash offer for all shares
On 30 January 2018, Refresco and Cott's bottling activities joined forces creating the world's largest independent bottler for retailers and A-brands. In combining Refresco's strong European capabilities and Cott's strength in the UK and North America, Refresco almost doubles its production volume to approximately 12 billion liters. Integration of the two businesses has begun in North America while in the UK we are in the process of obtaining clearance from the Competition and Markets Authority. Brad Goist, formerly President of Cott's bottling business in North America has been appointed COO North America and a new member of the Executive Board, subject to shareholder approval at the Annual General Meeting in May.

On 22 January 2018, Refresco, PAI and bcIMC jointly announced the launch of a recommended cash offer for all shares of Refresco for an offer price of €20 (cum dividend) per share. Both the Executive Board and the Supervisory Board unanimously recommend shareholders to tender their shares. The acceptance period, unless extended, expires at 17:40 hours CET, on 19 March 2018. Shareholders will be informed about the offer and are able to vote on the respective resolutions during an Extraordinary General Meeting, held today 5 March 2018 at 14:00 hours CET at Inntel Hotels, Leuvehaven 80, Rotterdam.

Q4 2017 Highlights

Total volume was 1,525 million liters (Q4 2016: 1,631 million liters).
Gross profit margin per liter was 14.6 euro cents (Q4 2016: 14.5 euro cents).
Adjusted EBITDA amounted to €50 million (Q4 2016: €52 million).

FY 2017 Highlights

Total volume was 7,104 million liters (2016: 6,462 million liters).
Contract manufacturing volume comprised 36.3% of total volume, up from 26.8% in 2016.
Gross profit margin per liter was 14.0 euro cents (2016: 14.2 euro cents).
Adjusted EBITDA amounted to €214 million (2016: €222 million) and adjusted EPS was €1.00 (2016: €1.06).

Key figures

	Unaudited		Unaudited	Audited
In millions of €, unless stated otherwise (unaudited)	Q4 2017	Q4 2016	YTD 2017	YTD 2016
Volume (millions of liters)	1,525	1,631	7,104	6,462
Revenue	520	529	2,269	2,107
Gross profit margin	223	236	992	916
Gross profit margin per liter (euro cents)	14.6	14.5	14.0	14.2
EBITDA	41	50	191	217
Adjusted EBITDA	50	52	214	222
Net profit / (loss)	10	17	53	82
Adjusted net profit / (loss)	25	19	81	86
Adjusted EPS (euro cents)	31	23	100	106
Net debt ratio (net debt/LTM adj. EBITDA)	-	-	2.8	2.8
Dividend proposal (euro cents)	-	-	-	38