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Refresco Gerber: Refresco Gerber reports higher net profit in the quarter with low private label volumes

Q1 2016 highlights:

* Volumes amounted to 1,324.7 million liters (Q1 2015: 1,377.3 million
* Co-Packing volumes grew by 10.8% to 282.9 million liters. Private Label
volumes decreased 7.1% to 1,041.8 million liters. Co-Packing increased to
21.4% of total volumes.
* Gross profit margin per liter was 14.6 euro cents (Q1 2015: 14.2 euro
* Adjusted EBITDA amounted to €34.2 million (Q1 2015: €37.1 million).
* Adjusted net profit increased to €5.9 million (Q1 2015: €2.6 million)
* Adjusted EPS increased to 7.3 euro cents (Q1 2015: 3.5 euro cents).
* Announced acquisition of the PepsiCo bottling plant in Germany.
* Announced acquisition of DIS in the Netherlands; closed on 11 May 2016.

| In millions of €, unless stated otherwise Un-audited |
| Q1 2016 Q1 2015 |
| Sales in liters (millions of liters) 1,324.7 1,377.3 |
| Revenue 447.9 458.2 |
| Gross profit margin per liter (euro cents) 14.6 14.2 |
| EBITDA 34.0 17.1 |
| Adjusted EBITDA[1] 34.2 37.1 |
| Net profit / (loss) 5.7 (15.3) |
| Adjusted net profit / (loss)2 5.9 2.6 |
| Adjusted EPS[2](euro cents) - pro forma 7.3 3.5 |
| Net debt ratio (net debt/LTM adjusted EBITDA) 2.2 2.3 |
CEO Hans Roelofs:
"Our strategic focus to grow Co-Packing relative to Private Label is paying
off and I am pleased that this quarter we reported double digit growth in
this category. The development of Private Label unfortunately did not meet
expectations with volumes declining, partly due to very soft sales in the
Easter period. Another important factor impacting Private Label volumes
compared to last year was our commercial decision to let go of some of the
lower margin private label contracts in water and CSD, specifically in
Germany and Poland. This benefits our gross profit margin per liter but also
impacts overall volumes. Going forward we must manage this balance carefully
to ensure continued volume and bottom line growth.

"Despite the challenging conditions in the first quarter we were able to
report an increase in net profit thanks to the refinancing in June 2015 and
no negative impact of exceptional items.

"We confirm our mid-term guidance of low to mid-single digit organic volume
growth. For 2016 we expect the organic growth to be closer to the lower end
of this range while we expect gross profit margin per liter to remain flat
compared to 2015.

"During Q1 we announced the first acquisitions since our IPO and yesterday we
closed the DIS transaction. We remain focused on our buy and build strategy
and continue to work with a well-filled pipeline of M&A opportunities.
I am looking forward to our first AGM today during which we will propose the
appointment of new supervisory board member Inge Plochaet."
---------------------------------------[1]Gross profit margin per liter, adjusted EBITDA, adjusted EPS (euro
cents)-pro forma, net debt ratio (net debt/LTM adjusted EBITDA) and adjusted
net profit/(loss) are not a measure of our financial performance under IFRS.
We apply adjusted EBITDA and adjusted net profit 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, IPO relating costs and related tax effect.
[2]Adjusted EPS has been calculated based upon adjusted net profit. The number
of issued shares in Q1 2016 amounts to 81.2 million shares. The number of
issued shares for Q1 2015 was determined on a pro forma basis of 74.3million

Please open the link below for the press release:

Refresco Gerber reports Q1 2016 results


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Refresco Gerber via Globenewswire


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