Q1 2024 RESULTS
30th APRIL 2024
DISCLAIMER
This presentation includes or may include representations or estimations concerning the future about intentions, expectations or forecasts of VIDRALA or its management. which may refer to the evolution of its business performance and its results. These forward-looking statements refer to our intentions, opinions and future expectations, and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates and interest rates as well as commodities, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties.
The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the regulatory and supervisory authorities (including the Spanish Securities Market Authority - Comisión Nacional del Mercado de Valores - CNMV), could adversely affect our business and financial performance. VIDRALA expressly declines any obligation or commitment to provide any update or revision of the information herein contained, any change in expectations or modification of the facts, conditions and circumstances upon which such estimations concerning the future have been based, even if those lead to a change in the strategy or the intentions shown herein.
This presentation can be used by those entities that may have to adopt decisions or proceed to carry out opinions related to securities issued by VIDRALA and, in particular, by analysts. It is expressly warned that this document may contain not audited or summarised information. It is expressly advised to the readers of this document to consult the public information registered by VIDRALA with the regulatory authorities, in particular, the periodical information and prospectuses registered with the Spanish Securities Market Authority - Comisión Nacional del Mercado de Valores (CNMV).
Q1 2024 KEY FIGURES
Q1 2024 | Change |
Change
at constant currency & comparable scope
Sales (EUR million) | 419.4 | +11.0% | +1.4% |
EBITDA (EUR million) | 109.8 | +9.1% | -4.7% |
Earnings per share (EUR) | 1.64 | -9.8% |
Debt (EUR million) | 529.7 | +67.8% |
Debt / LTM EBITDA* (multiple) | 1.2x | +0.3x |
Important: Debt figure and leverage ratio do not include the effect of IFRS 16 Leases. Comparable scope excludes the effect of perimeter changes due to the consolidation of Vidroporto's results since | 3 |
December 1, 2023 and the exclusion of Vidrala Italia, reported as discontinued operations from March 1, 2024. *Pro-forma EBITDA, including the contribution of the last twelve months from Vidroporto. |
SALES
YEAR OVER YEAR CHANGE
EUR million
450 | +11.0% | ||||
+1.4% | +1.8% | YoY | |||
+7.9% | |||||
419.4 | |||||
350 | 377.9 | ||||
250 | |||||
150 | |||||
Q1 2023 | Scope | Organic | FX | Q1 2024 | |
change | change | effect |
Scope refers to the combined effect of the consolidation of 2023 YTD Vidroporto's results and the exclusion of Vidrala Italia since March 1, 2024. | 4 |
EBITDA
YEAR OVER YEAR CHANGE
EUR million
125 | +9.1% | |||
YoY | ||||
+12.0% | -4.7% | +1.8% | ||
100 | 109.8 | |||
100.7 | ||||
75 | ||||
50 | ||||
25 | ||||
Q1 2023 | Scope | Organic | FX | Q1 2024 |
change | change | effect |
Scope refers to the combined effect of the consolidation of 2023 YTD Vidroporto's results and the exclusion of Vidrala Italia since March 1, 2024. | 5 |
OPERATING MARGIN
YEAR OVER YEAR CHANGE
As percentage of sales
30%
25%
20%
15%
10%
26.6%26.2%
-40 bps
Q1 2023 | Q1 2024 |
6
MAIN FIGURES, BY BUSINESS UNIT
NEW PERIMETER, INCLUDING THE CONTRIBUTION OF VIDROPORTO AND EXCLUDING THE RESULTS OF VIDRALA ITALIA
EUR million
SALES | EBITDA | ||||||||||
Iberia & Rest of EU | UK & Ireland | Brazil | Iberia & Rest of EU | UK & Ireland | Brazil | ||||||
35 | 56 | +63% |
134 | 150 | +12% |
222 | 196 | -12% |
2023 YTD | 2024 YTD |
12 | 24 | +110% |
26 | ||
30 | +16% | |
68 | 51 | |
-25% | ||
2023 YTD | 2024 YTD |
Average EUR/GBP exchange rate: 0.883 in 2023 YTD vs 0.856 in 2024 YTD. | 7 |
Average EUR/BRL exchange rate: 5.577 in 2023 YTD vs 5.373 in 2024 YTD. |
CASH PROFILE
FREE CASH FLOW GENERATION YEAR-TO-DATETO MARCH 2024
EUR million / as percentage of sales
480
25.2% | ||||
360 | 402.8 | |||
-9.6% | ||||
240 | ||||
-4.5% | 11.1% | |||
120 | 177.0 | |||
0 | ||||
EBITDA | Capex | WC & Others | FCF |
Net debt at March 31, 2024 stood at EUR 529.7 million. This is equivalent to a leverage ratio of 1.2x times last twelve months pro-forma EBITDA, including the | 8 |
contribution of the last twelve months from Vidroporto. Important: Debt figure and leverage ratio do not include the effect of IFRS 16 Leases. |
Q1 2024 RESULTS | Main highlights
ORGANIC TOP-LINE GROWTH OF 1.4%
Sales during the first three months of 2024 amounted to EUR 419.4 million, showing an organic growth of +1.4%
OPERATING MARGIN OF 26.2%
Operating profit, EBITDA, amounted to EUR 109.8 million representing an operating margin of 26.2%
SOLID FINANCIAL POSITION
Net debt as of March 31, 2024 stood at 529.7 million, equivalent to 1.2x times last twelve months pro-forma EBITDA
RECENT M&A
Business performance, supported by the contribution of recent corporate transactions
9
FY 2024 OUTLOOK
Actuals | Last Twelve Months | |
FY 2023 | as of March 2024 | |
1,559 | 1,596 | |
Sales | EUR million | |
EUR million | ||
New perimeter1 | ||
394 | 412 | |
EBITDA | EUR million | |
EUR million | ||
New perimeter1 | ||
Earnings | EUR 7.23 | EUR 7.06 |
per share | per share | |
Free Cash | 154 | 177 |
Flow3 | EUR million | EUR million |
Outlook
FY 2024
≈EUR 1,600 million
Modest volume recovery in Europe & the UK
Second-round effects of the capacity expansion in Brazil
>EUR 450 million
Double-digit growth
of recurrent, adjusted EPS2
>EUR 180 million
- New perimeter includes Vidroporto's last-twelve-month results and the contribution of Vidrala Italia only in the first 2 months of 2024 to sales and EBITDA, for an amount of EUR 17.0 million and EUR 4.6 million, respectively.
- Recurrent growth, excluding one-off impacts due to capital gains/losses related to M&A, and adjusted for the effect of bonus share issues.
3. Organic free cash flow generation, excluding payments for M&A transactions. | 10 |
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Vidrala SA published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 08:04:11 UTC.