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EQS-Adhoc: SIG Combibloc Group AG: Strong 2020 performance demonstrates business resilience

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EQS Group-Ad-hoc: SIG Combibloc Group AG / Key word(s): Annual Results
SIG Combibloc Group AG: Strong 2020 performance demonstrates business resilience
23-Feb-2021 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
MEDIA RELEASE
23 February 2021
SIG Combibloc Group AG ("SIG")
Strong 2020 performance demonstrates business resilience
Full year 2020 highlights
. Core revenue up 5.5% at constant currency; up 1.7% as reported
. Adjusted EBITDA margin 27.4% (2019: 27.2%): slight increase despite currency headwind
. Adjusted net income up 7% at EUR232.3 million
. Strong free cash flow of EUR233.2 million after investments in fillers and new production plant
. Proposed dividend increase of over 10% to CHF 0.42 per share
Key performance indicators:^1 2020
Year ended Year ended Change
31 Dec. 31 Dec. Reported Constant
(In EUR million or %) 2020 2019 currency currency
Core revenue 1,796.4 1,766.9 1.7% 5.5%
Adjusted EBITDA 498.3 485.4 2.7%
Adjusted EBITDA margin 27.4% 27.2%
Adjusted net income 232.3 217.4 6.9%
Adjusted earnings per share diluted (EUR) 0.73 0.68 6.9%
Free cash flow 233.2 266.8
Cash conversion 71% 77%
Proposed dividend per share (CHF) 0.42 0.38 10.5%

Reported Measures: 2020


Year ended Year ended Change
31 Dec. 31 Dec. Reported Constant
(In EUR million or %) 2020 2019 currency currency
Total revenue 1,816.1 1,783.9 1.8% 5.6%
EBITDA 449.7 479.7 (6.3%)
Net income 68.0 106.9
^1 For additional information about alternative performance measures used by management that are not defined in IFRS,
including definitions and reconciliations to measures defined in IFRS, refer to the link below:
https://reports.sig.biz/annual-report-2020/services/chart-generator


Key performance indicators:^1 Q4 2020


Three months Three months Change
ended ended Reported Constant
(In EUR million or %) 31 Dec. 2020 31 Dec. 2019 currency currency
Core revenue 508.1 531.3 (4.4%) 1.4%
Adjusted EBITDA 149.0 156.1 (4.5%)
Adjusted EBITDA margin 29.0% 29.2%
Adjusted net income 75.3 83.1

Reported Measures: Q4 2020


Three months Three months Change
ended ended Reported Constant
(In EUR million or %) 31 Dec. 2020 31 Dec. 2019 currency currency
Total revenue 514.2 535.2 (3.9%) 1.8%
EBITDA 98.7 158.1 (37.5%)
Net income 11.8 55.2
^1 For additional information about alternative performance measures used by management that are not defined in IFRS,
including definitions and reconciliations to measures defined in IFRS, refer to the link below:
https://reports.sig.biz/annual-report-2020/services/chart-generator


Samuel Sigrist, CEO of SIG Combibloc, said: "As we look back on the unprecedented events of 2020, we can be proud of what SIG has achieved. The early implementation of a global pandemic preparedness plan, starting in China, allowed our factories to keep running throughout the COVID-19 crisis. The commitment and dedication of employees throughout the year enabled us to continue serving our customers, helping them to deliver essential nutrition to consumers.

The year was proof of the robustness of our business model and the resilience of our end markets. Core revenue growth of 5.5% at constant currency illustrates the portfolio effect created by our deliberate geographic diversification of the business over many years. We continued to win new business and to expand our global footprint with the construction of a new plant in China, which is now in operation. We also announced the planned acquisition of the remaining 50% of our Middle East & Africa joint venture. This transaction will expand our presence in growth markets and enable us to fully consolidate a business with an attractive financial profile.

Through the favourable environmental footprint of our packs, we are already helping our customers to meet the growing societal demand for environmental stewardship. It is our mission to create food packaging that gives back to the people and the planet by centring our sustainability programme on four positive, far-reaching actions: Forest Positive, Climate Positive, Resource Positive and Food Positive. This means planting trees to expand forests; taking carbon from the atmosphere; creating resources for future generations; and ensuring nutrition comes safely to ever more people. We believe this programme will further enhance the value of our offering to customers while bringing us closer to realising our vision of a net positive food packaging system.

Our track record on sustainability is evidenced by our Platinum rating from EcoVadis, which puts us in the top 1% of companies evaluated." Revenue by region: 2020


Year ended Year ended Change
31 Dec. 31 Dec.
(In EUR million or %) 2020 2019 Reported currency Constant currency
EMEA 797.5 755.1 5.6% 5.6%
APAC 659.8 666.8 (1.1%) 1.2%
Americas 320.8 329.5 (2.6%) 14.7%
Group Functions 18.3 15.5
Core revenue from transactions with external customers 1,796.4 1,766.9 1.7% 5.5%
Revenue from sales of folding box board 19.7 17.0
Total revenue 1,816.1 1,783.9 1.8% 5.6%

All regions contributed to constant currency growth in 2020. For the Americas and, to a lesser extent, Asia Pacific (APAC), the depreciation of local currencies against the Euro resulted in reported revenue declines. The strong constant currency growth in Europe and the Americas reflected increased at-home consumption during COVID-19 lockdowns. The Americas growth also included a significant contribution from filler placements with new customers. In APAC, where a large proportion of sales are for on-the-go consumption, lockdowns had a negative impact. This was exacerbated in the fourth quarter by lower stock-building by customers as the effects of the pandemic continued to be felt in South East Asia. APAC revenue includes the full year consolidation of Visy Cartons in Australia, acquired in November 2019. Revenue by region: Q4 2020


Three months Three months Change
ended ended
(In EUR million or %) 31 Dec. 2020 31 Dec. 2019 Reported currency Constant currency
EMEA 216.5 207.3 4.5% 4.5%
APAC 194.1 211.3 (8.2%) (4.4%)
Americas 90.7 107.9 (15.9%) 5.3%
Group Functions 6.8 4.8
Core revenue from transactions with external customers 508.1 531.3 (4.4%) 1.4%
Revenue from sales of folding box board 6.1 3.9
Total revenue 514.2 535.2 (3.9%) 1.8%

EBITDA and adjusted EBITDA


Year ended Year ended
31 Dec. 2020 31 Dec. 2019
Adjusted EBITDA Adjusted EBITDA Reported currency
(In EUR million or %) margin Adjusted EBITDA margin Adjusted EBITDA change
EMEA 34.4% 274.1 32.1% 242.2 13.2%
APAC 31.6% 215.0 33.5% 228.9 (6.1%)
Americas 22.7% 72.8 25.5% 84.1 (13.4%)
Group Functions (63.6) (69.8)
Total 27.4% 498.3 27.2% 485.4 2.7%

Adjusted EBITDA increased to EUR498.3 million and the adjusted EBITDA margin increased slightly to 27.4%. Operational leverage, lower raw material costs and production efficiencies more than offset a negative impact from the depreciation of key currencies, notably the Brazilian Real, against the Euro.

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February 23, 2021 01:03 ET ( 06:03 GMT)
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