Verallia announces 2018 annual results

Verallia 2018 annual results show continued operating improvements leading to EBITDA growth and further deleveraging.

Verallia an independent Group, the third largest global manufacturer of glass containers for food and beverages, and proposes innovative, customized and environmentally-friendly solutions has released its 2018 annual results. Highlights of the 2018 annual Results reported revenue of 2,416 million euros in 2018, a solid 5.7% revenue growth at constant foreign exchange rates and excluding IFRS15 impact. A meaningful adjusted EBITDA growth at 544 million euros, for example, +7.8% year-on-year,14.4% at constant foreign exchange rates. The adjusted EBITDA margin expansion reaching 22.5%, up 210 bps compared to 2017, up 150 bps excluding IFRS15. Further deleveraging at 3.1x adjusted EBITDA through positive operating cash flow generation of 301 million euros and a good level of cash conversion at 58.6%

Michel Giannuzzi, CEO of Verallia commented “2018 has been a very good year for Verallia with improvements in the service provided to our customers and stronger productivity. This joint effort in sales contribution and costs base reduction has enabled a solid increase in adjusted EBITDA both in value and in the margin. We expect continuing improvements in 2019.”

In 2019, Verallia expects further top-line growth and margin expansion, in spite of the challenges that the glass packaging industry may face due to rising energy and raw material costs; and potential macro-economic and geopolitical uncertainties, in particular in South America.

Despite these headwinds, Verallia continues to roll-out its strategy with the following

Objectives. Positive organic sales growth and adjusted EBITDA increase, additional adjusted EBITDA margin expansion, disciplined CapEx spending with recurring CapEx amount around €200million (ca. 8% of revenue) and stronger cash flow generation.

The next results release will be first quarter results and are expected to be released on April 30th, 2019.

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