Rotterdam, the Netherlands – Refresco Gerber N.V., the leading European bottler of soft drinks and fruit juices for retailers and A-brand owners, today announces that options have been launched on Euronext Amsterdam, expanding the trading opportunities in Refresco Gerber shares. The options are included in the Spotlight Options segment, which is dedicated to the development of new option classes requested by market participants, on the Amsterdam and Brussels derivatives markets. The Spotlight Options have short-term maturities of 1, 2 and 3 months.
CEO Hans Roelofs: “Our shares have been listed on Euronext Amsterdam since last March and we are very pleased with the added liquidity for investors and the extra visibility for our company. It reconfirms the strength of our investment proposition, supporting us further in pursuing the organic and acquisitive growth opportunities that we see in Europe and beyond.”
Refresco Gerber shares have been listed on Euronext Amsterdam since March 27, 2015. The company realised full year 2014 volumes of 6.0 billion litres and revenues of € 2.0 billion.
Claire Verhagen, tel. +31 10 440 5165
|Sales in litres (millions of litres)||1,377.3||1,352,8|
|Gross profit margin per litre (euro cents)||14.2||13.8|
|IPO related and other one-time costs||20.0||1.2|
|Operating profit (loss)||(3.3)||9.9|
|Net profit / (loss)||(15.3)||(1.9)|
|Adjusted net profit / (loss)||2.6||(1.7)|
|EPS (euro cents) – pro forma||(20.1)||(2.4)|
|Adjusted EPS2 (euro cents) – pro forma||3.5||(2.3)|
|Cash and cash equivalents at the end of the period||201.9||105.7|
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, and refinancing and IPO relating costs.
2 Adjusted EPS has been calculated based upon adjusted net profit, which excludes the costs (in Q1) related to the IPO, discontinued business (2014) and relating tax effect. The number of issued shares has been determined on a pro forma basis of 74.2 million, excluding the newly issued (primary) shares in the IPO.
“In the first quarter of 2015 we reported results in line with our expectations while we also concluded our search for a new capital structure and successfully listed Refresco Gerber on Euronext Amsterdam. At the beginning of our second year of integrating Refresco and Gerber Emig, progress is well underway, resulting in scale and efficiency synergies, cost advantages and commercial opportunities which for the most part will benefit our business throughout 2015.
In the period under review we realized a volume increase of 1.8% with total volume up to 1,377.3 litres, slightly outperforming the market trend. Revenue was in line with the same quarter last year, with the first effects of the pass-on of lower input costs to customers already showing at the end of the first quarter. Margin per litre, the key indicator in the development of our business, improved by 2.6%, driven by our maintained focus on higher margin products in combination with synergy effects resulting from the merger. We experienced some softening of margins due to the product mix effect and expect this to continue in the quarters ahead. For this reason we anticipate margin per litre for the full year to be slightly lower than in 2014.”
Rotterdam, the Netherlands – Refresco Gerber N.V., the leading European bottler of soft drinks and fruit juices for retailers and A-brand owners, today announces the refinancing of its existing Senior Secured Notes and Revolving Credit Facility, following its listing on Euronext Amsterdam on March 27, 2015. The refinancing will, upon completion, lower overall finance costs to create headroom for continued execution of the Company’s growth strategy.
Redemption outstanding notes
On April 29, 2015 Refresco Gerber completed the partial redemption of its Floating Rate Notes totalling EUR 100 million, or 33.33%, of the aggregate principal amount of its Floating Rate Notes. The repayment was made from the net proceeds of the sale of new offer shares in the IPO and the Company’s cash reserves. Reference is made to press releases published on March 17 and March 27, 2015.
Redemption of all remaining outstanding Floating Rate Notes with an aggregate principal amount of EUR 200 million and all outstanding Fixed Rate Notes with an aggregate principal amount of EUR 360 million will be completed in the course of May 2015, subject to certain conditions. In accordance with the Indenture governing the Notes, the redemption price of the Floating Rate Notes consists of 100% of the aggregate principal amount of each outstanding Floating Rate Note, plus accrued and unpaid interest, and the redemption price of the Fixed Rate Notes consists of 100% of the aggregate principal amount of each outstanding Fixed Rate Notes, plus a redemption premium of 3.6875%, and accrued and unpaid interest. Refresco Gerber has today provided a Notice of Redemption to all currently registered note holders with more detailed information on the redemption terms and conditions.
New loans in place
To repay all outstanding notes, Refresco Gerber will use surplus cash and has entered into an agreement with an international bank syndicate comprising ABN Amro, BNP Paribas, HSBC, J.P. Morgan, Mizuho Bank, Rabobank and Société Générale on a new (unsecured) term loan totalling EUR 522.0 million. The syndicate loan agreement includes a Revolving Credit Facility of up to EUR 150 million to finance general corporate purposes, including capital expenditure investments and acquisitions, and working capital purposes.
One-time costs related to the refinancing are expected to be approximately EUR 24.0 million in 2015. Total cash outflow related to the refinancing is expected to be approximately EUR 62.0 million. With the refinancing of these facilities a large part of the Company’s variable interest rate instruments will be replaced by fixed rate instruments.
The Company’s total annual interest costs going forward are expected to amount to approximately EUR 20 million, a decrease of over 50% compared to 2014.
Upon completion, Refresco Gerber targets a leverage ratio of approximately 2.5. The refinancing will provide sufficient headroom for Refresco Gerber to continue to execute its growth strategy of providing a high quality bottling platform to meet customer needs in each of the countries they operate and a pro-active approach towards consolidation.
Next financial reporting:
First quarter 2015 results Thursday May 21, 2015
Fourth quarter and full year highlights
|Key figures (in millions of euros)||Q4 2014 un-audited||Q4 2013 un-audited||FY 2014||FY 2013|
|Sales in litres (millions of litres)||1,387.1||1,214.2||5,968.9||5,054.0|
|Gross profit margin per litre (euro cents)||14.9||12.7||14.2||12.2|
|Merger, restructuring and other one-time costs||(3.8)||(19.8)||(13.6)||(29.0)|
|Net profit / (loss)||4.8||(35.7)||38.7||(28.9)|
|Cash and cash equivalents at the end of the period||96.6||85.6||96.6||85.6|
CEO Hans Roelofs
“2014 was a successful year for Refresco Gerber in many respects. We are pleased to report strong operating results and cash flow as well as significant synergies from the merger of Refresco and Gerber Emig which took place in November 2013.
We took a big leap forward in our operations and financial results. The merger expanded our manufacturing footprint and we now provide our customers access to more markets, products, packaging formats and innovations. At the same time the merger has enabled us to further professionalize our organisation and realize scale and efficiency synergies, cost advantages and commercial opportunities – all contributing to strong profits for the year. The merger also resulted in a significant increase in volume and revenue, although in certain markets and categories underlying private label volumes were slightly under pressure throughout the year.
We have today announced Refresco Gerber’s intention to launch an Initial Public Offering and listing on Euronext Amsterdam. Over the last few months we have been exploring the alternatives that will enable us to best capture the private label and contract manufacturing growth opportunities we see in our industry. Following a comprehensive review of all options, a stock exchange listing providing us full access to equity capital markets has proven to be the most logical step to support us in effectively implementing our strategy going forward. We are looking forward to the opportunities a listing on Euronext Amsterdam can bring.”