SIG Combibloc Group AG
- WKN: A2N5NU
- ISIN: CH0435377954
- Land: Switzerland
Nachricht vom 29.10.2019 | 07:00
SIG Combibloc Group AG: Continued strong performance in growth markets
EQS Group-News: SIG Combibloc Group AG
/ Key word(s): 9 Month figures
29 October 2019
Continued strong performance in growth markets
Third quarter 2019 highlights
Key performance indicators:1 Third quarter 2019
Reported measures:1 Third quarter 2019
Key performance indicators:1 Nine months 2019
Reported measures:1 Nine months 2019
Revenue by region: Third quarter 2019
Growth was good in all regions in the third quarter. The improvement in EMEA compared with the first half reflected a business upturn in markets in the Middle East and Africa. Demand for dairy products remained robust in APAC and sales benefited from the ramp-up of recent filler placements. Double digit growth in the Americas compares with a relatively weak third quarter in 2018 and was driven primarily by the United States and Mexico.
Revenue by region: Nine months 2019
EBITDA and adjusted EBITDA
Adjusted EBITDA increased by 9.8% year-on-year to EUR123.8 million in the third quarter and the EBITDA margin was slightly higher at 27.7%. For the first nine months, the adjusted EBITDA margin was 26.4% compared with 26.5% in the comparable period of 2018.
Revenue growth and currencies made a positive contribution to adjusted EBITDA in the third quarter and the first nine months, more than offsetting higher SG&A costs which include investments in innovation and growth markets as well as the additional costs of being a listed company. Strong cash flow generation by the Middle East joint venture meant that the dividend paid in the third quarter was slightly above the third quarter 2018 level; for the first nine months the dividend was below the comparable period of 2018.
EBITDA in the third quarter was slightly lower due to derivative gains in 2018 which were not repeated. For the first nine months, EBITDA increased by 9.1% relative to the prior year to EUR321.6 million. In addition to the contribution from revenue growth and currencies, the share of profit from joint ventures increased. Transaction costs were lower given that the company's IPO took place in September 2018. These positive elements more than offset higher SG&A costs and lower derivative gains.
Net income and adjusted net income
Adjusted net income for the first nine months increased to EUR134.3 million compared with EUR74.8 million in the comparative period of 2018. The increase was a consequence of higher profit from operating activities and lower net finance expense following the reduction and re-financing of debt in connection with the IPO.
Net income was EUR 51.7 million in the first nine months of 2019 compared with a net loss of EUR7.8 million in the same period of 2018. The higher profit from operating activities and lower net finance expense, together with lower transaction costs, more than offset a reduction in derivative gains.
Full year outlook
After strong growth in the first nine months of the year, notably in the third quarter, growth in the fourth quarter is likely to be muted. Guidance for the full year 2019 of core revenue growth of 4 - 6% at constant currency and an adjusted EBITDA margin of 27 - 28% is unchanged.
 The positive impact of lower net finance expense on adjusted net income has been highlighted with the publication of pro forma adjusted net income on 26 February 2019 (Annual Report p. 20 and Full Year Results Media Release) and in the Q1 and H1 2019 Media Releases.
Jennifer Gough +41 52 674 6508
The information contained in this media release and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorised to access or use any such information.
This media release may contain "forward-looking statements" that are based on our current expectations, assumptions, estimates and projections about us and our industry. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "may", "will", "should", "continue", "believe", "anticipate", "expect", "estimate", "intend", "project", "plan", "will likely continue", "will likely result", or words or phrases with similar meaning. Undue reliance should not be placed on such statements because, by their nature, forward-looking statements involve risks and uncertainties, including, without limitation, economic, competitive, governmental and technological factors outside of the control of SIG Combibloc Group AG ("SIG", the "Company" or the "Group"), that may cause SIG's business, strategy or actual results to differ materially from the forward-looking statements (or from past results). For any factors that could cause actual results to differ materially from the forward-looking statements contained in this media release, please see our offering memorandum for the IPO. SIG undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.
Some financial information in this media release has been rounded and, as a result, the figures shown as totals in this presentation may vary slightly from the exact arithmetic aggregation of the figures that precede them.
The attached information is not an offer to sell or a solicitation of an offer to purchase any security in the United States or elsewhere and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. No securities may be offered or sold within the United States or to U.S. persons absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from any issuer of such securities and that will contain detailed information about us.
In this media release, we utilise certain alternative performance measures, including core revenue, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA margin less net capex margin, net capex, adjusted net income, free cash flow, cash conversion and net leverage ratio that in each case are not defined in International Financial Reporting Standards ("IFRS"). These measures are presented as we believe that they and similar measures are widely used in the markets in which we operate as a means of evaluating a company's operating performance and financing structure. Our definition of and method of calculating the alternative performance measures stated above may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit from operations for the period or operating cash flows determined in accordance with IFRS, nor should they be considered as substitutes for the information contained in our consolidated financial statements. You are cautioned not to place undue reliance on any alternative performance measures and ratios not defined in IFRS included in this media release. Refer to the section "Financial review" and the consolidated interim financial statements in the 2019 Interim Report for SIG's definitions of the above alternative performance measures not defined in IFRS and reconciliations to measures defined in IFRS.
Document title: SIG Q3 2019 english
|Company:||SIG Combibloc Group AG|
|8212 Neuhausen am Rheinfall|
|Phone:||+41 52 674 61 11|
|Fax:||+41 52 674 65 56|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||898711|
|End of News||EQS Group News Service|
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