Refresco Gerber benefits from good summer in Q3 2015

Third quarter highlights

Key indicators:

• Volume increased 6.4% to 1,670.3 million liters compared to the same period last year (Q3 2014: 1,569.3 million liters).
• Due to weather related mix effects, gross profit margin per liter in euro cents amounted  to 13.9 euro cents (Q3 2014: 14.3 euro cents). Year to date, gross profit margin per liter was 14.1 euro cents, unchanged compared to the same period last year.
• Adjusted EBITDA amounted to €63.6 million, an increase of 3.2% compared to the same period last year (Q3 2014: €61.6 million).

• Revenue at €539.2 million increased 1.8% compared to the same period last year (Q3 2014: €529.7 million).
• On a reported basis net profit amounted to €27.0 million (Q3 2014: €12.0 million). Net profit, adjusted for one-off items, amounted to €27.4 million compared to €19.3 million in the same period last year.
• Adjusted EPS amounted to 33.9 euro cents compared to 26.0 euro cents in the same quarter last year.
• Working capital decreased significantly in the third quarter after the seasonal peak level in the second quarter. This resulted in a strong cash position of €99.0 million.
• With a net debt of €454.7 million at the end of September 2015, net debt ratio, based on LTM adjusted EBITDA, amounted to 2.1, an improvement from a ratio of 2.4 at the end of June 2015.
• Third quarter 2015 results are in line with expectation and 2015 guidance.

Key figures:

[1] Adjusted EBITDA is not a measure of our financial performance under IFRS. We apply adjusted EBITDA to exclude the effects of certain exceptional charges that we believe are not indicative of our underlying operating performance. Such adjustments relate primarily to substantial one-off restructurings, costs relating to acquisitions or disposals, refinancing and IPO relating costs.
[2] Adjusted EPS has been calculated based upon adjusted net profit, which excludes the costs related to the IPO, exceptional financing costs, restructuring costs and relating tax effect. The number of issued shares has been determined on 81.2 million for Q2 and Q3 2015. For Q1 2015 this number was determined on a pro forma basis of 74.3 million shares. YTD 2015 the number of shares was determined on a pro forma basis of 79.0 million. For all calculations in 2014 the number of shares has been determined on a pro forma basis of 74.3 million.

Please open the link below for the press release: