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2022 annual results: Verallia continues its profitable growth

Increase in revenue to EUR 3.352 billion (+25.3 percent) - Growth in net income to EUR 356 million (+42.7 percent) - Net debt ratio of 1.6x after the acquisition of Allied Glass in November - Reduction in CO2 emissions of 10.8 percent vs. 2019, in line with commitments

Patrice Lucas, CEO of Verallia, said, “I am very pleased with 2022 results, illustrating the relevance of the Group’s strategy and the agility of its teams in a particularly volatile environment. Verallia demonstrated its flexibility and ability to generate a positive inflation spread despite unprecedented cost inflation while continuing its productivity plans. The Group also capitalised on a buoyant market by optimising its production capacities and successfully lighting a new furnace in Brazil.

“Verallia has also implemented all facets of its capital allocation strategy through investment in its organic growth and decarbonisation, a strategic acquisition in the UK and the launch of a share buyback programme. Lastly, we are more motivated than ever to maintain our decarbonisation trajectory, while further delivering our profitable growth.”


  • Increase in revenue of +25.3 percent to EUR 3.352 billion (+26.5 percent at constant exchange rates and scope)[1] compared with 2021
  • Growth in adjusted EBITDA to EUR 866 million in 2022, from EUR 678 million in 2021 (+27.6 percent)
  • Improvement in adjusted EBITDA margin to 25.8 percent in 2022 compared with 25.4 percent in 2021 (+47 bps vs. 2021)
  • Net income[2] of EUR 356 million compared with EUR 249 million in 2021 (+42.7 percent vs. 2021) and earnings per share of EUR 2.92
  • Acquisition of Allied Glass, UK market leader in premium spirits closed in November
  • Drop in net debt ratio to 1.6x adjusted 2022 EBITDA compared with 1.9x at 31 December 2021, after the acquisition of Allied Glass for an EV[3] of £315m
  • Reduction in Scope 1 & 2 CO2 emissions of -2.7 percent 2021 (-10.8 percent vs. 2019) and increase in external cullet[4] ratio of 55.7 percent (+0.7 points vs. 2021) in 2022
  • Proposal to pay a dividend per share of EUR 1.40[5]

To read the full report click here.

[1] Growth in revenue at constant exchange rates and scope excluding Argentina of +22.4 percent in 2022 compared with 2021.
[2] Net income for 2022 includes an amortisation expense for customer relationships recognised upon the acquisition of Saint-Gobain’s packaging business in 2015, of EUR 44 million and EUR 0.38 per share (net of taxes). If this expense had not been taken into account, net income would be EUR 400 milion and EUR 3.30 per share. This expense was EUR 43 million and EUR 0.36 per share in 2021.
[3] Enterprise value.
[4] Recycled glass.
[5] Subject to the approval of the Annual General Shareholders’ Meeting which will take place on 25 April 2023.

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