Quarterly Report • Feb 21, 2023
Quarterly Report
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As worldwide makers of carton-based packaging, we are committed to remaining our customers' partner and the consumers' favorite, through relentlessly developing new solutions for an expanding range of content.
Applying market-leading technology, skills and natural material sourcing, we always aim to provide the highest quality products that leave the world unharmed.
Elopak is a leading global supplier of liquid carton packaging and filling equipment. We use renewable, recyclable and sustainably sourced materials to provide innovative packaging solutions. Our iconic Pure-Pak® cartons are designed with the environment, safety and convenience front of mind. They offer a natural and convenient alternative to plastic bottles and fit within a low carbon circular economy.
As worldwide makers of carton-based packaging, we are committed to remaining our customers' partner and the consumers' favorite, through relentlessly developing new solutions for an expanding range of content. Applying market-leading technology, skills and natural material sourcing, we always aim to provide the highest quality products that leave the world unharmed.
Elopak was founded in Norway in 1957. Today, Elopak has its head office in Oslo, employs 2,600 people and sells in excess of 14 billion cartons every year across more than 70 countries. Our customers are private companies in food and retail. Elopak is a UN Global Compact participant member. We have set Science Based Targets to reduce emissions in line with the 1.5 degree trajectory, and aim to be Net-Zero by 2050. In 2021, we achieved a platinum rating by EcoVadis, making Elopak top 1% sustainable companies in the world.
| Q4-2022 | Q4-2021 | YTD-2022 | YTD-2021 | |||
|---|---|---|---|---|---|---|
| (EUR 1,000,000) | 2022 | 2021 | Change | 2022 | 2021 | Change |
| Revenues | 267.1 | 215.2 | 89 % | 1,023.7 | 855.3 | 20 % |
| EBITDA1) | 34.3 | 18.2 | 73 % | 109.9 | 103.3 | 6 % |
| Adjusted EBITDA1) | 35.9 | 20.8 | 39 % | 119.4 | 113.7 | 5 % |
| Adjusted EBITDA margin | 13.5 % | 9.7 % | -1,280 % | 11.7 % | 13.3 % | -12 % |
| Profit from continuing operations | 11.2 | -1.0 | 5,353 % | 34.2 | 30.3 | 13 % |
| Adjusted profit for the period1) | 11.8 | 0.2 | 44.0 | 35.5 | 24 % | |
| Net debt | 391.5 | 240.8 | 391.5 | 240.8 | ||
| Leverage ratio1) | 3.3 | - | 3.3 | - | ||
| Adjusted basic and diluted earnings per share (in EUR) | 0.04 | - | 0.16 | 0.14 |
1) Definition of Alternative Performance Measures, including specification of adjustments, at the end of this report
Elopak ended the year on a strong note, delivering profitable organic growth. We continue to work persistently towards our strategic priorities. Among our most notable strategic achievements in Q4 was yet another great performance in Americas, continued solid development in our acquired businesses in MENA and India, and the commercial launch of the new Pure-Pak® eSense aluminum-free aseptic carton.
2022 has been demanding in several aspects, and I would like to thank our employees for their hard work and dedication throughout the year. Although we proved our resilience in a demanding year, we recognize that we are still in volatile times, and move into a new year focused and prepared for new challenges.
Compared to the same quarter last year, Elopak reported revenue growth of 24% - or EUR 267.1 million – in Q4 2022. Adjusted for acquisitions and currency translation effects, the organic revenue growth was 12%. Price increases for our products in Europe contributed positively, and as stated above, the Americas business delivered yet another quarter of strong growth, driven by higher volumes. Adjusted EBITDA for the Group in Q4 grew by 15.1 million to EUR 35.9 million, reflecting a 13.5% margin. Margins were higher than in the same quarter last year, mainly due to implemented price increases on our products.
Our Americas business continued to perform well in Q4. The positive momentum and interest in Elopak's filling machines continued and we have successfully signed a high number of filling machines amounting to very significant share of total filling machines signed in Americas during the year. Revenues from these new machine contracts are expected in 2023 following commissioning. Operationally, we benefitted from strong improvements in the plant, driving up overall efficiency. All in all, Americas continued its momentum in Q4 fully in line with our strategic priorities, and we look forward to further strengthening our position in this key market.
Our newly acquired businesses in MENA and India are delivering and integrating well. In MENA, the recent economic challenges posed by inflationary pressures are weighing on both milk production and consumption. Despite the macroeconomic reality, we are happy to report solid sales in the quarter in India. Through our close cooperation with our JV partner GLS, the ramp-up in production and sales has exceeded our expectations and we are working to leverage our respective expertise, assets and networks in the partnership to capitalize on the significant consumer demand in India.
In Q4, Elopak launched operations at its new fully automated high-bay warehouse in Terneuzen, Netherlands. The high-tech, modern facility has been built to the latest standards, offering improved logistics and increasing efficiency. Improvements like this put Elopak in an even stronger position when it comes to meeting the growing demand for sustainable packaging solutions.
Given the recent global supply chain challenges, we are experiencing some delays in the roll-out of our aseptic portfolio. However, in Q4, a milestone was achieved when we commercially launched the Pure-Pak® eSense carton. A leader in the Spanish market for over 130 years, García Carrión was the first Elopak customer to introduce the new Pure-Pak® eSense aluminum-free aseptic carton. The company is using 1 litre Pure-Pak® eSense cartons with Natural Brown Board to package its famous Don Simón brand of plant-based drinks. We developed the Pure-Pak® eSense carton to promote a net zero circular economy for packaging, driving the transition from plastic bottles to fully renewable, low carbon cartons. Along with placing our new and innovative Pure-Fill filling machines at customer sites this year, the commercial launch of the eSense is an important step in our aseptic growth journey – a core tenet of our overall strategy.
2022 was characterized by the war in Ukraine, which led to continued high raw material prices, general inflationary pressure in all markets, supply chain issues following the pandemic, and an uncertain macro-economic environment. The supply chain challenges are especially impacting Elopak's filling machine and spare parts business as lead times increase and availability of certain components is constrained. Recently, this challenging environment has affected consumer behavior, leading to a preference towards typically lower-priced private label food and beverage products. Across the whole organization, we are working closely and relentlessly with our customers to minimize the impact of these challenges.
We remain optimistic on the longer-term market fundamentals. Elopak sales are mainly to fresh dairy and aseptic milk and juice customers, which have proven to be resilient market segments.
The volatile environment experienced throughout 2022, continues to make it challenging to predict short-term results as both suppliers and customers are adjusting to new realities. Increased board cost for Elopak will take effect from end of Q1. We have taken the required mitigating steps to protect our margins from increased and volatile raw material and utility prices, including hedging. However, we experience significant inflationary pressures on other input costs, and we expect these to continue to impact our EBITDA margin in 2023. We expect our ongoing, strategic initiatives to continue to grow our top-line and strengthen our results and we stay committed to our mid-term targets.
" "Elopak ended the year on a strong note, delivering profitable organic growth despite the continued volatile environment. Our strategic initiatives remain focused on growing our top-line and strengthening our results. Accordingly, while the uncertainties experienced in 2022 are expected to continue into 2023, we remain committed to our mid-term targets" Thomas Körmendi
Chief Executive Officer - CEO
Revenues Q4-22 (EURm) - Americas
Q4
Unless explicitly expressed, the statement of income for 2021 and 2022 excludes the Russian entity. As such the financial review focuses on the continuing operations.
In the fourth quarter of 2022, revenues were EUR 267.1 million, an increase of 24% compared to same period last year, or EUR 51.8 million. Adjusting for currency translation effects (EUR to USD) and acquisitions, the increase was 12%, or EUR 26.6 million.
In EMEA, revenues increased by EUR 37.2 million compared to the same quarter last year. The acquired businesses in MENA and India contributed with a total of EUR 14.4 million in the quarter.
The key driver for the strong organic revenue development in the quarter was a price increase of EUR 19 million on our products. In terms of volume, the development in the quarter was slightly negative for Pure-Pak®, when adjusting for acquired business. Fresh volumes decreased mainly due to underlying consumption decline, while aseptic volumes were relatively stable. The revenue growth in EMEA was also partly driven by higher Roll-Fed volumes.
The Americas business performed well, with total revenue growth of 25% compared to fourth quarter of 2021 (6 % adjusted for currency translation effects). In Americas the underlying development
was mainly driven by volume growth in the juiceand plant-based segments. Sale of school milk cartons was flat compared to the same quarter last year, as volumes started to ramp up in the second half of 2021. Pass-through of raw materials had a positive impact on revenue in the quarter as material prices continued to increase. In the quarter, no filling machines were commissioned, contributing to a EUR 2 million decrease in revenue compared to the same period last year.
For the full year 2022, Group revenues increased by 20 %, or EUR 168.4 million. Adjusted for currency translation effects and acquisitions, revenue growth was 11 %. Full year impact from acquired business was EUR 38.5 million. In EMEA, the main drivers of the underlying revenue growth for the full year were price increases and also higher Roll-Fed volumes.
In Americas full year revenues increased by 36 %, or EUR 68.4 million compared to last year. Currency translation effects had a EUR 32.8 million favourable impact, due to stronger USD against EUR. The organic revenue growth was EUR 35.6 million, mainly a result of pass through of raw material prices, volume growth and price increases.
Adjusted EBITDA in the fourth quarter of 2022 increased by EUR 15.1 million, from EUR 20.8 million in 2021 to EUR 35.9 million in 2022. The adjusted EBITDA margin at 13.5 % is higher than the comparative period, due to the impact of price increases in EMEA and growth in Americas.
In EMEA, adjusted EBITDA increased by EUR 11.3 million in the quarter. Adjusted EBITDA margin in the quarter was 14.0%, compared to 10.2% in the same period last year. EBITDA from acquired business was EUR 1.9 million. The main reason for the margin increase is the impact of price increases earlier in 2022, combined with a softening of Polyethylene (PE) and aluminium prices. Energy costs fluctuated but were on average lower in the fourth quarter than in the third quarter. In the comparable period in 2021 the margins were significantly impacted by rising input cost in almost all categories, combined with global supply chain disruptions while the responding price increase took place from Q1 2022 onwards. In total, Q4 2022 raw material cost increases had an estimated impact of EUR 9 million in the European carton and closure business, which was mitigated by price increases. The unprecedented volatility on input factors, combined with customer prices adjusted on a less frequent basis has led to higher than normal volatility in the quarterly margins in the EMEA value chain. In 2021 margins dropped from 16.4 % in Q2 to 10.2% in Q4, while in 2022 margins increased from 10.7 % in Q2 to 14.0 % in Q4. In
manufacturing, production efficiency was slightly lower than last year due to increased complexity following the close-down in Russia.
In Americas, adjusted EBITDA increased by EUR 5.6 million in the quarter. Adjusted EBITDA margin was 21.6%, compared to 17.4% in the same period last year, which was a relatively weak quarter for Americas. Currency translation had a favourable impact of EUR 2.2 million in the quarter. The underlying improvement in EBITDA was predominantly a result of continuous strengthening of the portfolio of customers and cartons. In the comparative period sale of filling machines contributed positively to the top line but had a negative impact on the margin in percent. The raw material indexing in customer agreements continued to provide protection against the higher raw material costs. Operations in the Montreal plant remained strong supported by waste reductions and lower manning cost.
On a full year basis, adjusted EBITDA for the Group increased by 5 %, or EUR 5.7 million. Adjusting for currency translation effects (EUR to USD) and acquisitions, the EBITDA decreased by 4%, or EUR 4.8 million. The decrease is mainly a result of the inflationary pressure in Europe.
In EMEA, adjusted EBITDA for the full year decreased by EUR 2.9 million. Adjusted EBITDA margin was 12.0 %, down from 14.4 % in the comparable period. Adjusting for acquisitions
the adjusted EBITDA decreased by EUR 8.2m. The decrease in EBITDA was mainly a result of increased payroll and other operational expenses and decline in Pure Pak volumes. On a full year basis, the increase in raw material cost had a negative impact of EUR 50 million. This was offset by customer pricing but had a negative impact of 0.8pp. to the EBITDA margin.
In Americas, adjusted EBITDA for the full year increased by EUR 16.1 million. Adjusted EBITDA margin was 19.8 %, up from 18.4 % in the same period last year. Adjusting for currency translation effects adjusted EBITDA increased by EUR 10.9 million. The increase was a result of volume growth, improved operations, and better mix.
The Group operating expenses increased from strengthening of central functions following the IPO, a general normalisation of costs post Covid-19 and inflationary pressure.
In the fourth quarter of 2022, operating profit increased by EUR 11.5 million, from EUR 4.6 million in same period last year to EUR 16.1 million in 2022. In the quarter, Elopak incurred EUR 1.1 million in impairments of current and non-current assets in Ukraine, reflecting uncertainty related to plant utilization and margins on the roll fed cartons manufactured in Fastiv. In the comparable period transaction cost was EUR 1.5 million.
Depreciation and amortisation were EUR 4.6 million higher than the same period last year. This is mainly due to amortisation of non-current assets related to acquired business in MENA and India, and the impairments in Ukraine.
For the full year operating profit decreased by EUR 7.4 million. EUR 4.2 million is due to impairments of non-current assets in Ukraine. EUR 9.8 million is due to increased depreciation and amortization of non-current assets, predominantly related to acquired business in MENA and India. The remaining margin development is a result of the factors explained above in adjusted EBITDA section.
The following table provides a reconciliation from reported operating profit to EBITDA and adjusted EBITDA. For further details and definitions, we refer to the APM section in the back of this report.
| Year to date ended 31 December 31 |
Quarter ended December | ||||||
|---|---|---|---|---|---|---|---|
| (EUR 1,000) | 2022 | 2021 | 2022 | 2021 | FY2021 | ||
| Operating profit | 16,105 | 4,642 | 41,774 | 49,224 | 49,224 | ||
| Depreciation, amortisation and impairment | 17,745 | 13,517 | 63,938 | 54,097 | 54,097 | ||
| Impairment fixed and long term assets Ukraine | 412 | - | 4,189 | - | - | ||
| EBITDA | 34,262 | 18,159 | 109,901 | 103,320 | 103,320 | ||
| Total adjusted items | 690 | 1,536 | 5,134 | 6,820 | 6,820 | ||
| Share of net income from joint ventures (continued operations) 1) 2) |
991 | 1,121 | 4,378 | 3,575 | 3,575 | ||
| Impairments on joint ventures investment (continued operations) 1) 2) |
|||||||
| Adjusted EBITDA | 35,943 | 20,815 | 119,413 | 113,715 | 113,715 |
,
1) Share of net income and impairment on investment from joint ventures included in adjusted figures
2) See reconciliation of net income from joint ventures
In the fourth quarter of 2022, profit from continuing operations increased to EUR 11.2 million in 2022, up by EUR 12.2 million, from EUR -1.0 million in the same period of 2021.
Share of net income from joint ventures was EUR 1.0 million in the quarter, an increase of EUR 0.1 million from 2021.
Net financial expenses decreased by EUR 0.9 million compared to last year. The main driver is positive currency impacts of EUR 2.2 million
Tax expense for the quarter was EUR 4.4 million, which is an increase of EUR 0.1 million compared to same period last year.
For the full year profit from continuing operations increased by EUR 3.9 million.
For the full year net financial income and expenses were EUR 0.3 million, an improvement of EUR 7.5 million compared to last year. The main driver is
revaluation of interest swaps which had a positive impact of EUR 8.4m.
The underlying net interest expense increased following a higher net debt and increased interest rates.
For the full year tax expense was EUR 12.2 million, a reduction of EUR 3.1 million. The effective income tax rate changed from 34 % in 2021 to 26 % in 2022 mainly due to currency impacts. Currency effects for 2022 decreased the tax expense by EUR 2.2 million and increased the 2021 tax expense by EUR 1.7 million.
The expected tax at current statutory tax rates for the Group is approximately 24%, depending on the relative mix of profits and losses taxed at varying rates in the jurisdictions in which Elopak operates
The Russian entity is deconsolidated as of July 15, 2022. Until the transaction is closed, the fair value of the shares in the company are presented as other current assets in the Consolidated statement of financial position. The fair value reflects considerations of credit risk, settlement risk and the payment profile over 5 years.
Year to date profit from discontinued operations was EUR -23.6 million. The negative result reflects ordinary business until operations were suspended in March and the following impairments of assets as presented in the first and second quarter. For further details please refer to note 10.
| Year to date ended September 30 | |||||
|---|---|---|---|---|---|
| (EUR 1,000) | 2022 | 2021 | Change | ||
| Net cash flow from operations | 25,094 | 73,200 | -66 % | ||
| Net cash flow from investing activities | -126,009 | -26,222 | 381 % | ||
| Net cash flow from financing activities | 102,558 | -30,784 | -433 % | ||
| Foreign currency translation on cash | -22 | 1,625 | -101 % | ||
| Net increase/decrease in cash | 1,621 | 17,819 | -91 % |
The key components of cash flow from operations are EBITDA, paid taxes and changes in working capital. For the full year 2022, cash flow from operations was EUR 25.0 million, which is a decrease of EUR 48.1 million compared to last year. Cash from operations was negatively impacted by increased working capital, as a result of the 20 % top line growth. Inventories increased by EUR 39 million following inflationary pressure and delayed placement of filling machines.
Net cash flow used in investing activities was EUR -126.0 million. The main investments were the acquisitions of Naturepak and Elopak GLS. See note 11 for details. In the existing business, investments were EUR 44 million, consisting of filling machine projects in Europe and manufacturing plant projects in Europe and Americas. This is EUR 6 million higher than in the same period last year but in line with normal levels.
Net cash flows from financing activities were EUR 102.6 million, reflecting an increase in bank loans. The increase is predominantly due to the funding of acquisitions.
Net interest-bearing bank debt has increased from EUR 160 million at year end 2021 to EUR 301 million as of December 31, 2022. The main reason for the increase is funding of the acquisitions, as explained in the cash flow section. In the fourth quarter the High Bay Warehouse was finalized and the lease liability according to IFRS 16 increased net debt by EUR 21m. Consequently, the Leverage Ratio as of December 31, 2022 was 3.3x.
For a specification of the net debt, please refer to Alternative Performance Measures section.
Equity decreased by EUR 1.1 million, from EUR 269.1 million as of December 31, 2021 to EUR 268.0 million as of December 31, 2022. Total comprehensive income for the full year 2022 was EUR 9.6 million. A dividend at EUR 19.6 million was paid on May 19, 2022. As part of the acquisition of Elopak GLS, a non-controlling interest in equity was established at EUR 9.2 million, reflecting our partner GLS' 50 % share of the equity in the consolidated Indian entity.
The Board confirms that the accounts are presented under a going concern assumption.
Condensed consolidated quarterly financial statements
| Quarter ended December 31 | Year to date ended December 31 | |||||
|---|---|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | Audited | |||
| (EUR 1,000) | Note | 2022 | 2021 | 2022 | 2021 | |
| Revenues | 3 | 267,057 | 215,240 | 1,023,696 | 855,265 | |
| Other operating income | 99 | - | 157 | 3 | ||
| Total income | 4 | 267,156 | 215,241 | 1,023,853 | 855,268 | |
| Cost of materials | 5, 6 | -173,911 | -140,969 | -681,474 | -538,124 | |
| Payroll expenses | 7 | -44,802 | -42,044 | -176,721 | -166,801 | |
| Depreciation and amortization expenses | 5, 8 | -16,723 | -13,332 | -61,528 | -52,879 | |
| Impairment of non-current assets | -1,434 | -184 | -6,599 | -1,218 | ||
| Other operating expenses | 5 | -14,180 | -14,069 | -55,757 | -47,023 | |
| Total operating expenses | -251,051 | -210,599 | -982,079 | -806,044 | ||
| Operating profit | 4 | 16,105 | 4,642 | 41,774 | 49,224 | |
| Financial income and expenses | ||||||
| Share of net income from joint ventures | 991 | 1,121 | 4,378 | 3,575 | ||
| Financial income | 1,195 | 469 | 10,305 | 2,046 | ||
| Financial expenses | -4,802 | -2,420 | -13,033 | -9,660 | ||
| Foreign exchange gain/loss | 2,192 | -341 | 2,983 | 375 | ||
| Profit before tax from continuing operations | 15,681 | 3,472 | 46,407 | 45,559 | ||
| Income tax | 9 | -4,461 | -4,423 | -12,188 | -15,288 | |
| Profit from continuing operations | 11,220 | -951 | 34,220 | 30,271 | ||
| Discontinued operations Russia | 10 | - | 511 | -23,622 | 3,538 | |
| Profit/loss | 11,220 | -440 | 10,598 | 33,809 | ||
| Profit attributable to: | ||||||
| Elopak shareholders | 10,940 | -440 | 10,856 | 33,809 | ||
| Non-controlling interest | 280 | - | -259 | - | ||
| Basic and diluted earnings per share from continuing operations (in EUR) |
0.04 | - | 0.13 | 0.12 | ||
| Basic and diluted earnings per share from discontinued operations (in EUR) |
- | - | -0.09 | 0.01 | ||
| Basic and diluted earnings per share attributable to Elopak shareholders (in EUR) |
0.04 | - | 0.04 | 0.13 |
| Quarter ended | Year to date ended | |||||
|---|---|---|---|---|---|---|
| December 31 | December 31 | |||||
| (EUR 1,000) | Unaudited | Unaudited | Unaudited | Audited | ||
| OTHER COMPREHENSIVE INCOME Note |
2022 | 2021 | 2022 | 2021 | ||
| Items that will not be reclassified subsequently to profit or loss | ||||||
| Net value gains/losses on actuarial benefit plans, net of tax | -27 | -292 | 20 | -309 | ||
| Items reclassified subsequently to net income upon derecognition | ||||||
| Exchange differences on translation foreign operations Elopak shareholders |
-15,183 | 2,307 | 6,406 | 8,048 | ||
| Exchange differences on translation foreign operations non-controlling interest |
-852 | |||||
| Net value gains/losses on cash flow hedges, net of tax | 624 | -3,907 | -6,972 | 4,218 | ||
| Other comprehensive income, net of tax | -15,438 | -1,892 | -1,013 | 11,957 | ||
| Total comprehensive income | -4,218 | -2,332 | 9,584 | 45,766 | ||
| Total comprehensive income attributable to: | ||||||
| Elopak shareholders | -4,031 | -2,332 | 10,310 | 45,766 | ||
| Non-controlling interest | -187 | - | -726 | - |
| December 31 | December 31, | ||
|---|---|---|---|
| (EUR 1,000) | 2022 | 2021 | |
| ASSETS | Note | Unaudited | Audited |
| Non-current assets | |||
| Development cost and other intangible assets | 5 | 71,331 | 56,862 |
| Deferred tax assets | 5 | 22,414 | 21,640 |
| Goodwill | 11 | 104,958 | 51,866 |
| Property, plant and equipment | 5, 11 | 201,975 | 186,426 |
| Right-of-use assets | 5, 7, 10 | 76,784 | 62,952 |
| Investment in joint ventures | 34,673 | 27,527 | |
| Other non-current assets | 11 | 19,841 | 13,501 |
| Total non - current assets | 531,976 | 420,775 | |
| Current assets | |||
| Inventory | 5, 11 | 187,207 | 145,115 |
| Trade receivables | 5, 11 | 102,197 | 91,533 |
| Other current assets | 5, 10, 11 | 109,214 | 101,595 |
| Cash and cash equivalents | 11 | 25,883 | 24,262 |
| Total current assets | 424,502 | 362,506 | |
| Total assets | 4 | 956,479 | 783,279 |
| December 31 | December 31, | |
|---|---|---|
| (EUR 1,000) EQUITY AND LIABILITIES Note |
2022 Unaudited |
2021 Audited |
| EQUITY | ||
| Share capital 12 |
50,155 | 50,155 |
| Other paid-in capital 12 |
69,987 | 70,236 |
| Currency translation reserve | -27,477 | -33,883 |
| Cash flow hedge reserve | -2,758 | 4,215 |
| Retained earnings | 169,584 | 178,330 |
| Attributable to Elopak shareholders | 259,491 | 269,054 |
| Non-controlling interest | 8,477 | - |
| Total equity | 267,967 | 269,054 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Pension liabilities | 2,668 | 2,563 |
| Deferred taxes 11 |
17,240 | 11,488 |
| Non-current liabilities to financial institutions 13 |
304,033 | 169,433 |
| Non-current lease liabilities 11 |
73,536 | 62,342 |
| Other non-current liabilities 11 |
1,867 | 2,900 |
| Total non-current liabilities | 399,344 | 248,726 |
| Current liabilities | ||
| Current liabilities to financial institutions 11, 13 |
21,682 | 14,420 |
| Trade payables 11 |
124,038 | 119,574 |
| Taxes payable | 2,198 | 4,335 |
| Public duties payable | 22,682 | 24,077 |
| Current lease liabilities 11 |
17,139 | 18,261 |
| Other current liabilities | 101,429 | 84,832 |
| Total current liabilities | 289,167 | 265,499 |
| Total liabilities | 688,512 | 514,226 |
| Total equity and liabilities 4 |
956,479 | 783,279 |
Jo Olav Lunder
Chairperson
Sanna Suvanto-Harsaae
Board member
Skøyen, February 21, 2023
Trond Solberg
Board member
Erlend Sveva
Board member
Anna Belfrage
Board member
Anette Bauer Ellingsen Board member
Sid Johari
Board member
Thomas Körmendi
CEO
| Year to date ended December 31 | ||
|---|---|---|
| 2022 | 2021 | |
| (EUR 1,000) Note |
Unaudited | Audited |
| Profit before tax from: | ||
| Continuing operations | 46,407 | 45,559 |
| Discontinued operations | -22,825 | 4,423 |
| Profit before tax (including discontinued operations) | 23,583 | 49,982 |
| Interest to financial institutions | 5,658 | 1,553 |
| Lease liability interest | 4,575 | 4,773 |
| Profit before tax and interest paid | 33,815 | 56,308 |
| Depreciation, amortization and impairment | 76,118 | 56,450 |
| Write-down of financial assets | 500 | 500 |
| Net unrealised currency gain(-)/loss | 2,297 | -2,123 |
| Income from joint ventures | -4,378 | -3,575 |
| Net gain(-)/loss on sale of non-current assets | 137 | 6 |
| Taxes paid | -13,683 | -19,122 |
| Change in trade receivables | -10,615 | -10,054 |
| Change in other current assets | -16,391 | -6,937 |
| Change in inventories | -39,175 | -5,582 |
| Change in trade payables | 4,893 | 2,998 |
| Change in other current liabilities | -8,117 | 4,296 |
| -307 | 33 | |
| Change in net pension liabilities | ||
| NET CASH FLOW FROM OPERATIONS | 25,094 | 73,200 |
| Purchase of non-current assets | -43,714 | -37,381 |
| Proceeds from sales of non-current assets | 1,232 | 15 |
| Proceeds from sales of business | - | - |
| Acquisition of subsidiaries and joint ventures 11 |
-88,262 | - |
| Dividend from joint ventures | - | 4,965 |
| Change in other non-current assets | 4,735 | 6,179 |
| NET CASH FLOW FROM INVESTING ACTIVITIES | -126,009 | -26,222 |
| Proceeds of loans from financial institutions | 1,178,067 | 728,843 |
| Repayment of loans from financial institutions | -1,030,217 | -775,640 |
| Interest to financial institutions | -5,658 | -1,553 |
| Dividend paid | -19,623 | -9,988 |
| Capital increase | -241 | 47,523 |
| Lease payments | -19,770 | -19,969 |
| NET CASH FLOW FROM FINANCING ACTIVITIES | 102,558 | -30,784 |
| Foreign currency translation on cash | -22 | 1,625 |
| Net increase/decrease in cash | 1,621 | 17,819 |
| Cash at beginning of year | 24,262 | 6,443 |
| Currency | ||||||||
|---|---|---|---|---|---|---|---|---|
| Other | trans | Cash flow | Non-con | |||||
| Quarter ended December 31, 2022 | Share | paid-in | lation | hedge | Retained | trolling | Total | |
| Unaudited | Note | capital | capital | reserve | reserve | earnings | interest | equity |
| Total equity 01.01 | 50,155 | 70,236 | -33,883 | 4,215 | 178,330 | - | 269,054 | |
| Profit for the period | - | - | - | - | 10,856 | -259 | 10,598 | |
| Other comprehensive income for the period net of tax |
- | - | 6,406 | -6,972 | 20 | -467 | -1,013 | |
| Total comprehensive income for the period |
- | - | 6,406 | -6,972 | 10,877 | -726 | 9,584 | |
| Dividend paid | -19,623 | -19,623 | ||||||
| Settlement of share-based bonus 2021 | -330 | -330 | ||||||
| Provision for share-based bonus 2022 | 7 | - | 89 | - | - | - | 89 | |
| Acquisition of GLS Elopak | 11 | 9,202 | 9,202 | |||||
| Treasury shares | -1 | -9 | -10 | |||||
| Total capital transactions in the period | 12 | -1 | -250 | - | - | -19,623 | 9,202 | -10,672 |
| Total equity 31.12 | 50,155 | 69,987 | -27,477 | -2,758 | 169,584 | 8,477 | 267,967 |
| Currency | ||||||||
|---|---|---|---|---|---|---|---|---|
| Other | trans | Cash flow | Non-con | |||||
| Share | paid-in | lation | hedge | Retained | trolling | Total | ||
| Quarter ended December 31, 2021 | Note | capital | capital | reserve | reserve | earnings | interest | equity |
| Total equity 01.01 | 47,482 | 15,332 | -41,930 | -3 | 164,564 | - | 185,444 | |
| Profit for the period | 33,809 | - | 33,809 | |||||
| Other comprehensive income for the period net of tax |
8,048 | 4,218 | -309 | - | 11,957 | |||
| Total comprehensive income for the period | 8,048 | 4,218 | 33,500 | - | 45,766 | |||
| Dividend paid | 58 | 1,112 | - | - | -9,988 | - | -9,988 | |
| Purchase of treasury shares | 5 | -2,380 | - | - | - | 1,170 | ||
| Settlement of share-based bonus 2020 | 330 | - | - | - | -2,375 | |||
| Provision for share-based bonus 2021 | 120 | 9,626 | 330 | |||||
| Bonus issue and reclassification within equity |
2,490 | 47,307 | - | - | -9,746 | - | - | |
| Issue of new shares in IPO | -1,091 | - | - | - | 49,798 | |||
| Share issue expenses | 2,673 | 54,904 | - | - | - | -1,091 | ||
| Total capital transactions in the period | 12 | 2,673 | 54,893 | - | - | -19,734 | - | 37,844 |
| Total equity 31.12 | 50,155 | 70,236 | -33,883 | 4,215 | 178,330 | - | 269,054 |
The Elopak Group consists of Elopak ASA and its subsidiaries. Elopak ASA is a public limited company registered in Norway. The Group is a leading global supplier of carton packaging and filling equipment. The consolidated financial information has not been subject to audit or review.
All numbers are presented in EUR 1,000 unless otherwise is clearly stated.
The Board of Directors approved the condensed consolidated interim financial statements for the period ended December 31, 2022 on February 21, 2023.
The consolidated condensed interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS), IAS 34 "Interim Financial Reporting". The condensed interim financial statements do not include all information and disclosures required in the annual financial statement and should be read in conjunction with the Group's Annual Report for 2021, which has been prepared according to IFRS as adopted by EU. The accounting policies applied in the preparation of the consolidated interim financial statements are consistent with those applied in the preparation of the annual IFRS financial statements for the year ended December 31, 2021.
The preparation of interim financial statements requires the Group to make certain estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income, and expenses. Estimates and judgements are continually evaluated by the company based on historical experience and other factors, including expectations of future events that are deemed to be reasonable under the circumstances. Actual results may differ from these estimates. The most significant judgements used in preparing these interim financial statements and the key areas of estimation uncertainty are the same as those applied in the consolidated annual report for 2021.
The annual report for 2021 provides a description of the uncertainties and risks for the business.
The Group's revenues consist of revenue from contracts with customers (99%) and rental income from lease of filling equipment (1%). Revenues are primarily derived from the sale of cartons and closures, sales and rental income related to filling equipment and service. The tables include investments in continuing operations only.
The revenues are specified by location (country) of the customer.
(EUR 1,000)
| Other and | ||||
|---|---|---|---|---|
| Quarter ended December 31, 2022 | EMEA | Americas | eliminations | Total |
| Cartons and closures | 170,389 | 72,274 | -970 | 241,692 |
| Equipment | 6,072 | 31 | -84 | 6,019 |
| Service | 11,747 | - | -239 | 11,508 |
| Other | 9,972 | 403 | -2,538 | 7,837 |
| Total revenues | 198,180 | 72,707 | -3,830 | 267,057 |
| Other and | ||||
|---|---|---|---|---|
| Quarter ended December 31, 2021 | EMEA | Americas | eliminations | Total |
| Cartons and closures | 138,271 | 55,172 | -1,087 | 192,356 |
| Equipment | 6,779 | 2,459 | -4 | 9,234 |
| Service | 10,542 | - | -152 | 10,390 |
| Other | 5,366 | 597 | -2,703 | 3,261 |
| Total revenues | 160,957 | 58,229 | -3,946 | 215,240 |
| Other and | ||||
|---|---|---|---|---|
| Year to date ended December 31, 2022 | EMEA | Americas | eliminations | Total |
| Cartons and closures | 671,025 | 256,522 | -3,797 | 923,750 |
| Equipment | 36,307 | 2,183 | -9,907 | 28,583 |
| Service | 46,036 | - | -669 | 45,367 |
| Other | 32,949 | 1 830 | -8,783 | 25,996 |
| Total revenues | 786,317 | 260,535 | -23 156 | 1,023,696 |
| Other and | ||||
|---|---|---|---|---|
| Year to date ended December 31, 2021 | EMEA | Americas | eliminations | Total |
| Cartons and closures | 570,565 | 185,246 | -3,307 | 752,503 |
| Equipment | 38,477 | 5,015 | -4 | 43,488 |
| Service | 42,823 | - | -495 | 42,329 |
| Other | 23,296 | 1,905 | -8,256 | 16,945 |
| Total revenues | 675,162 | 192,166 | -12 062 | 855,265 |
Information reported to the Group's chief operating decision makers, the Group Leadership Team, for the purpose of resource allocation and assessment of segment performance is focused on two key geographical regions – EMEA and Americas. Key figures representing the financial performance of these segments are presented in the following note. GLS Elopak is included in EMEA. The tables include investments in continuing operations only.
| Other and | ||||
|---|---|---|---|---|
| Quarter ended December 31, 2022 | EMEA | Americas | eliminations | Total |
| Total revenue and other operating income | 198,170 | 72,707 | -3,721 | 267,156 |
| Operating expenses 1) | -171,031 | -58,027 | -3,836 | -232,894 |
| Depreciation and amortization | -14,123 | -1,851 | -749 | -16,723 |
| Impairment | -1,173 | -261 | 0 | -1,434 |
| Operating profit | 11,843 | 12,568 | -8,306 | 16,105 |
| EBITDA 2) | 27,139 | 14,680 | -7,557 | 34,262 |
| Adjusted EBITDA 2) | 27,767 | 15,694 | -7,519 | 35,943 |
| Total assets | 945,626 | 157,111 | -146,258 | 956,479 |
| Purchase of non-current assets during the quarter | 12,761 | 819 | 672 | 14,253 |
| Other and | ||||
|---|---|---|---|---|
| Quarter ended December 31, 2021 | EMEA | Americas | eliminations | Total |
| Total revenue and other operating income | 160,957 | 58,229 | -3,945 | 215,241 |
| Operating expenses 1) | -144,284 | -49,234 | -3,564 | -197,082 |
| Depreciation and amortization | -10,703 | -1,977 | -653 | -13,333 |
| Impairment | -184 | - | - | -184 |
| Operating profit | 5,786 | 7,017 | -8,162 | 4,642 |
| EBITDA 2) | 16,674 | 8,994 | -7,509 | 18,159 |
| Adjusted EBITDA 2) | 16,654 | 10,134 | -5,973 | 20,815 |
| Total assets | 604,126 | 134,656 | 44,497 | 783,279 |
| Purchase of non-current assets during the quarter | 14,455 | 1,418 | 1,064 | 16,936 |
Operating expenses include cost of materials, payroll expenses, and other operating expenses. 2)See the APM disclosure for the reconciliation of EBITDA and adjusted EBITDA.
(EUR 1,000)
| Other and | ||||
|---|---|---|---|---|
| Year to date ended December 31, 2022 | EMEA | Americas | eliminations | Total |
| Total revenue and other operating income | 786,133 | 260,535 | -22,815 | 1,023,853 |
| Operating expenses 1) | -693,984 | -213,558 | -6,410 | -913,952 |
| Depreciation and amortization | -51,564 | -7,164 | -2,800 | -61,528 |
| Impairment | -6,338 | -261 | - | -6,599 |
| Operating profit | 34,247 | 39,551 | -32,024 | 41,774 |
| EBITDA 2) | 92,149 | 46,976 | -29,224 | 109,901 |
| Adjusted EBITDA 2) | 94,283 | 51,466 | -26,336 | 119,413 |
| Total assets | 945,626 | 157,111 | -146,258 | 956,479 |
| Purchase of non-current assets during the year | 45,006 | 5,657 | -6,949 | 43,714 |
| Other and | ||||
|---|---|---|---|---|
| Year to date ended December 31, 2021 | EMEA | Americas | eliminations | Total |
| Total revenue and other operating income | 674,862 | 192,166 | -11,760 | 855,268 |
| Operating expenses 1) | -577,764 | -160,598 | -13,590 | -751,948 |
| Depreciation and amortization | -43,589 | -6,644 | -2,646 | -52,879 |
| Impairment | -1,218 | - | - | -1,218 |
| Operating profit | 52,292 | 24,924 | -27,996 | 49,224 |
| EBITDA 2) | 97,097 | 31,568 | -25,351 | 103,320 |
| Adjusted EBITDA 2) | 97,407 | 35,391 | -19,083 | 113,715 |
| - | - | - | - | |
| Total assets | 604,126 | 134,656 | 44,497 | 783,279 |
| Purchase of non-current assets during the year | 25,445 | 8,815 | 3,121 | 37,381 |
1) Operating expenses include cost of materials, payroll expenses, and other operating expenses.
2) See the AP nciliation of EBITDA and adjusted EBITDA.
Due to the Ukraine/Russia crises, Elopak suspended all activities in Russia, and restarted operations in Ukraine after a temporary close-down in March 2022. Consequently, the Group has tested assets in Ukraine for impairment and recognized an impairment loss through the statement of comprehensive income and is within the operating segment EMEA. Total impairment of the Ukraine operations as per December 31 amounted to EUR 7,889 thousand.
The impairment loss is calculated using a weighted average of possible scenarios including continuing operations and closing operations.
The Russian operation is classified as discontinued operations and all assets and liabilities related to the Russian operation were deconsolidated from the Elopak consolidated financial statements due to loss of control on July 15. See note 10 Discontinued operations.
Due to the circumstances in Ukraine the impairment assessment has been updated at the end of each quarter. No deferred tax asset is recognized related to the operations in Ukraine.
| (EUR 1,000) | Year to date ended December 31 |
|---|---|
| ASSETS | 2,022 |
| Non-current assets | |
| Development cost and other intangible assets | -26 |
| Deferred tax assets | -1,555 |
| Property, plant and equipment | -4,155 |
| Right-of-use assets | -8 |
| Total non - current assets | -5,744 |
| Current assets | - |
| Inventory | -1,883 |
| Trade receivables | -32 |
| Other current assets | -230 |
| Total current assets | -2,145 |
| Total assets | -7,889 |
| Quarter ended March 31, |
Quarter ended June 30, |
Quarter ended September 30, |
Quarter ended December 31, |
Year to date ended |
|
|---|---|---|---|---|---|
| (EUR 1,000) | 2022 | 2022 | 2022 | 2022 | December 31 |
| COMPREHENSIVE INCOME | Total | Total | Total | Total | 2022 |
| Cost of materials | 2,007 | -713 | 785 | 2,079 | |
| Depreciation, amortisation and impairment | 4,256 | -354 | -126 | 412 | 4,189 |
| Other operating expenses | 1,000 | -800 | -133 | 67 | |
| Operating profit | 7,263 | -1,867 | -126 | 1,064 | 6,335 |
| Income tax | 213 | -213 | - | 1,555 | 1,554 |
| Profit/loss | 7,476 | -2,079 | -126 | 2,619 | 7,889 |
As per December 31, 2022 Other current liabilities includes a IAS 37 provision for onerous contracts of EUR 100 thousand related to the current high prices of raw materials. The provision reflects estimated margins, calculated based on current contracted sales prices and estimated costs of fulfilling these contracts. Cost of fulfilling a contract comprises estimated direct and allocated costs. The assumptions used in the estimate are based on historical material and sales prices and have not taken into account facts that were not present at the end of the reporting period.
In November 2022 the Group introduced a new long-term incentive program for eligible employees. PSUs (Performance Share units) of the parent are granted to members of the Global Leadership Team members (GLT). One PSU (instrument) equals one share. The eligible employees will be granted an annual award of shares from the company if certain performance criteria are met. This arrangement replaces former long term-incentive plans.
The key terms and conditions related to the grants are as follows:
| KPI Categories | Weighted | Matric |
|---|---|---|
| Financial targets | 50 % | Ajdusted EBITDA less normalized capex |
| People & Planet targets | 20 % | Environmental target (Co2 emission) |
| Shareholder value targets | 30 % | Total shareholders return (TSR) |
The granted PSUs will be gradually vested during a 3-year period. Allocation of PSUs will be based on % of base pay (with maximal allocation of 80% for CEO and 50% for Global Leadership Team members).
The exercise price of the PSUs is equal to the market price of the underlying shares on the date of grant. The fair value of the PSUs is estimated at the grant date through Monte Carlo simulation, reflecting the total shareholder return vesting condition. In subsequent periods, the above performance conditions, other than market conditions, will be taken into account by adjusting the number of PSUs that will ultimately vest and therefore be included in the measurement of the transaction amount.
The PSUs can be exercised up to two years after the three-year vesting period and therefore, the contractual term of each option granted is five years. There are no cash settlement alternatives. The Group does not have a past practice of cash settlement for these PSUs. The Group accounts for the PSUs as an equity-settled plan.
| In thousands of PSU | Number of optiobns |
Weighted average exercise price |
|---|---|---|
| Outstandng at January 1 | - | - |
| Granted November 23, 2022 | 744 | - |
| Performance adjusted | -45 | - |
| Forfeited during the year | - | - |
| Exercised during the year 1) | - | - |
| Expired during the year | - | - |
| Outstanding at December 31 | 699 | - |
| Exercisable at December 31 (vested) | - | - |
The weighted average remaining contractual life for the share options outstanding as at December 31, 2022 was 2.52 years. The weighted average fair value of PSU granted during 2022 was € 2,32.
The following tables list the inputs to the models used for the years ended December 31, 2022:
| Assumptions and inputs in model | Quarter ended December 31, 2022 |
|---|---|
| FV per instrument* | 2,32 |
| Dividend yield* | - |
| Expected volatility* | 7.95 % |
| Interest rate (IRR)* | 0.93% |
| Risk-free interest rate* | 3.09% |
| Contractual life* | 2.63 |
| Expected lifetime* | 0.03 |
| Weighted average share price (€) | 2.32 |
| Model used | Monte Carlo |
| *Weighted average parameters at grant of instrument |
Expected volatility has been based on an evaluation of the historical volatility of the Parents share price, particularly over the historical period commensurate with the expected term. The expected term of the instruments has been based on historical experience and general option holder behavior.
| Components of share-based payments employee benefit expenses | Quarter ended December 31, 2022 |
|---|---|
| Share based payment | 89 |
| Social security contribution | 9 |
| Total expenses related to share-based payments | 98 |
The Group leases several assets including buildings, plants, cars and filling machines.
(EUR 1,000)
| Property and | Office and | |||
|---|---|---|---|---|
| December 31, 2022 | buildings | Machinery | transport | Total |
| Cost at 1.1 | 53,861 | 29,987 | 22,179 | 106,027 |
| Net additions (disposals) | 18,301 | 6,279 | 3,178 | 27,758 |
| Cost at 31.12 | 72,162 | 36,266 | 25,357 | 133,785 |
| Accumulated depreciation at 1.1 | -15,208 | -17,001 | -10,866 | -43,075 |
| Current year depreciation charge | -4,806 | -5,288 | -3,823 | -13,918 |
| Impairment losses | -8 | -8 | ||
| Accumulated depreciation at 31.12 | -20,014 | -22,298 | -14,689 | -57,001 |
| Carrying amount at 31.12 | 52,148 | 13,968 | 10,668 | 76,784 |
| Property and | Office and | |||
|---|---|---|---|---|
| December 31, 2021 | buildings | Machinery | transport | Total |
| Cost at 1.1 | 52,636 | 27,141 | 18,231 | 98,007 |
| Net additions (disposals) | 1,225 | 2,846 | 3,949 | 8,020 |
| Cost at 31.12 | 53,861 | 29,987 | 22,179 | 106,027 |
| Accumulated depreciation at 1.1 | -10,133 | -11,496 | -7,108 | -28,737 |
| Current year depreciation charge | -5,075 | -5,505 | -3,758 | -14,338 |
| Accumulated depreciation at 31.12 | -15,208 | -17,001 | -10,866 | -43,075 |
| Carrying amount at 31.12 | 38,652 | 12,986 | 11,314 | 62,952 |
The Group has no significant purchase options except from one purchase option related to the High Bay warehouse lease agreement commenced in November, 2022. This purchase option can be exercised in 2042 and purchase price is market value at exercise date. An exercise of the purchase option is not considered to be reasonable certain, hence it is not recognized. Net additions in 2022 include EUR -3,955 thousand related to discontinued operations in Russia, other terminations in 2022 and 2021 are less than 1% of the right of use assets. The gross additions to right-of-use assets, excluding adjustments to existing contracts, were EUR 29,388 thousand in 2022 and EUR 4,460 thousand in 2021. The expired and terminated contracts in 2022 were replaced by new leases for similar underlying assets. Expenses related to short-term leases are EUR 350 thousand in 2022 and EUR 105 thousand in 2021. Expenses related to low value assets are EUR 615 thousand in 2022 and EUR 772 thousand in 2021. Expenses related to variable payments not included in the measurement of lease liabilities are EUR 98 thousand in 2022 and EUR 218 thousand in 2021.
The Group has signed contracts for Tethered Cap lines with a lease term of 5 years and a nominal value of EUR 45,284 thousand, which will commence at different stages during 2023 and Q1 2024
Due to NOK recognition for tax purposes of Group financing, the currency effects in the fourth quarter of 2022 and 2021 decreased the tax expense by EUR 1,167 thousand in 2022 and increased the tax expense by EUR 1,048 thousand in 2021.
On 15 July, 2022 Elopak and Packaging Management and Investing LLC, a company beneficially owned by management of JSC Elopak, have reached an agreement (the "SPA") for the sale and purchase of all of Elopak's shares in JSC Elopak. This represents a full divestment by Elopak from its existing Russian operations.
Transfer of shares in JSC Elopak will take place under completion of the transaction after approval from the Russian Government. However, the terms of the SPA implies that Elopak lost control of JSC Elopak on the date it was signed, hence the entity is no longer consolidated in the Elopak Group Financial statements. Following from deconsolidation, the shares of JSC Elopak are recognized at fair value measured as the net present value of the agreed purchase price, adjusted for risks of not receiving the payments. The purchase price is payable in five annual instalments, the first of which becomes due shortly after completion of the transaction. In addition to the payments, Elopak has the option to buy back the shares of JSC Elopak. The purchase price in the buy-back option will be the price in the SPA adjusted for inflation, investments, capex, working capital and net debt in the intermediate period, and Elopak is therefore not exposed for variable returns in this period. As of December 2022, the buy-back option is considered to have a fair value close to zero.
The comparative consolidated statement of comprehensive income profit or loss with notes have been re-presented to show the discontinued operation separately from continuing operations. Until all activities in Russia were suspended in March 2022, the Russian entity purchased raw materials from other entities in the Group, as well as generating some minor revenue. Although intra-group transactions have been fully eliminated in the consolidated financial statements, management has elected to attribute the elimination of transactions between the continued and discontinued operation to the continuing operation. This is to reflect that the Group does not intend to continue similar transactions with Russia, subsequent to the disposal.
As per date of loss of control, total impairment in 2022 related to JSC Elopak was EUR 20,282 thousand effecting the Financial position and EUR 9,201 thousand effecting comprehensive income, the difference is due to fx variances. Loss on sale of discontinued operations reflects accumulated translation differences of EUR -7,086 thousand recycled from equity to profit or loss and the net of deconsolidated equity, redemption of loans from continuing operations to discontinued operations and fair value of the JSC Elopak shares. The
fair value of JSC Elopak shares are presented as Other current assets in the consolidated statement of financial position.
In December, 2022 the buyer received an informal approval from the Russian Government and a completion of the transaction is expected to take place in Q1 2023.
| Discontinued operations | Quarter ended December 31 | Year to date ended | |||
|---|---|---|---|---|---|
| December 31 | |||||
| (EUR 1,000) | 2022 | 2021 | 2022 | 2021 | |
| Revenues | - | 23,307 | 18,184 | 84,984 | |
| Total income | - | 23,307 | 18,184 | 84,984 | |
| Cost of materials | - | -19,713 | -15,197 | -69,789 | |
| Payroll expenses | - | -1,321 | -2,311 | -4,864 | |
| Depreciation, amortisation and impairment | - | -594 | -9,921 | -2,354 | |
| Other operating expenses | - | -997 | -1,034 | -3,125 | |
| Total operating expenses | - | -22,625 | -28,463 | -80,132 | |
| Operating profit | - | 683 | -10,278 | 4,852 | |
| Net financial income | - | -43 | -2,452 | -429 | |
| Profit before tax | - | 639 | -12,730 | 4,423 | |
| Income tax | - | -128 | -797 | -885 | |
| Results from discontinued operations, net of tax | - | 511 | -13,527 | 3,538 | |
| Loss on sale of discontinued operations | - | - | -10,095 | - | |
| Income tax on gain on sale | |||||
| Profit/loss from discontinued operations | - | 511 | -23,622 | 3,538 | |
| Net cash flow from operating activities | - | 7,540 | 1,834 | 15,039 | |
| Net cash flow from investing activities | - | -1,842 | - | -1,470 | |
| Net cash flow from financing activities | - | -1,139 | -186 | -6,821 | |
| Foreign currency translations | - | 14 | 635 | 109 | |
| Net change in cash and cash equivalents | - | 4,573 | 2,283 | 6,858 |
A business combination is as a transaction or other event in which an acquirer obtains control of one or more businesses. A business consists of inputs and processes applied to those inputs that have the ability to create outputs. Determining whether a particular set of assets and activities is a business should be based on whether the integrated set is capable of being conducted and managed as a business by a market participant.
Business combinations are accounted for according to IFRS 3 using the acquisition method, also called purchase price allocation (PPA). The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at fair value at acquisition date according to IFRS 13, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree's identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date.
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss.
Goodwill arises in a business combination when the fair value of consideration transferred exceeds the fair value of identifiable assets acquired less the fair value of identifiable liabilities assumed. Goodwill acquired in a business combination is allocated to each of the Group's cash-generating units that are expected to benefit from the combination irrespective of whether other assets or liabilities of the acquiree are assigned to those units and tested subsequently for impairment.
In a business combination, the assets acquired, and liabilities assumed are valued at fair value at the time of acquisition. The various assets and liabilities are valued on the basis of different models, requiring estimates and assumptions to be made. Goodwill is the residual value in this allocation. Errors in estimates and assumptions can lead to an error in the split of the value between the various assets and liabilities incl. goodwill, but the sum of the total excess values will always be consistent with the purchase price paid. The useful lives of the intangible assets acquired in a business combination are assessed as either finite or indefinite and may in some cases involve considerable judgements. Intangible assets acquired with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful
life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates.
According to IFRS 3, goodwill is to be allocated at the acquisition date, to each of the acquirer's CGUs, or groups of CGUs, which are expected to benefit from the business combination. This can include existing CGUs of the acquirer irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The identification of CGUs may require significant judgement by management.
| Date of business | ||||
|---|---|---|---|---|
| Company | Principal activity | combination | Percentage owned | Acquiring entity |
| Elopak BV (49,5%) | ||||
| Elopak GLS | Trading and manufacturing | May 13, 2022 | 50 % | Elopak UK Limited (0,5%)" |
Elopak and GLS signed on April 28, 2022 an agreement in which the two companies will have 50% ownership of a newly formed company, Elopak GLS. The completion date (closing) took place May 13, 2022. The agreement provides Elopak with exposure to variable returns and power to affect the returns from GLS Elopak, which means that Elopak will have control of Elopak GLS in accordance with IFRS 10 and will consolidate the company as a subsidiary in Elopak's financial statements. Elopak GLS will leverage the respective expertise, assets and networks of Elopak and GLS to capitalize on the significant consumer demand in India. The company is being established to manufacture and process high-quality fresh and aseptic packaging solutions, which are designed to ensure that liquid food is safe and accessible to consumers across the globe. The company will cater to both fresh and aseptic segments with applications such as dairy, plant-based drinks, juice, water and liquor.
The transaction is recorded as a business combination in accordance with IFRS 3 and the acquisition date is May 13, 2022.
The acquisition-date fair value of the total consideration transferred was EUR 12,793 thousand in cash. Transaction costs of EUR 340 thousand were expensed and are included in other operating costs. If the transactions had occurred January 1, 2022, Elopak GLS would have contributed EUR 73 thousand revenue and EUR -292 thousand profit before tax. From acquisition date to reporting date Elopak GLS has contributed EUR 5,217 thousand revenue and EUR -713 thousand profit before tax.
| (EUR 1,000) | |
|---|---|
| ASSETS | |
| Non-current assets | |
| Development cost and other intangible assets | 29 |
| Deferred tax assets | 1 |
| Property, plant and equipment | 10,462 |
| Other non-current assets | - |
| Total non-current assets | 10,492 |
| Current assets | |
| Inventory | 550 |
| Trade receivables | - |
| Other current assets | 797 |
| Cash and cash equivalents | 8,419 |
| Total current assets | 9,766 |
| Total assets | 20,258 |
| Non-current liabilities | |
| Deferred tax liability | 624 |
| Other non-current liabilities | - |
| Total non-current liabilities | 624 |
| Current liabilities | |
| Current liabilities to financial institutions | |
| Trade and other payables | 1,106 |
| Other current liablities | 124 |
| Total current liabilities | 1,230 |
| Total liabilities | 1,854 |
| Total identifiable net assets at fair value | 18,404 |
| Non-controlling interest | 9,202 |
| Purchase consideration | 12,793 |
| Goodwill arising from acquisition | 3,591 |
| Purchase consideration | |
| Cash consideration paid | 12,793 |
| Total consideration | 12,793 |
Provision for deferred tax is made for the difference between acquisition cost and acquired tax base in accordance with IAS 12. Offsetting entry of this non-cash deferred tax is goodwill. The remaining goodwill comprises the value of expected synergies arising from the acquisition and assembled workforce, which is not separately recognized.
None of the goodwill recognized is deductible for income tax purposes.
| (EUR 1,000) | |
|---|---|
| Net cash acquired with the subsidiary | 8,419 |
| Cash paid | 12,793 |
| Net cash flow from acquisition (included in investing activites) | -4,374 |
| Company | Principal activity | Date of business combination |
Percentage owned | Acquiring entity |
|---|---|---|---|---|
| Naturepak Beverage Packaging Co Ltd |
Trading and manufacturing |
March 29, 2022 | 100 % | Elopak BV (99%) Elopak UK Limited (1%)" |
Elopak Arabia Holding Company acquired 100% of the voting shares of Naturepak Beverage Packaging Co Ltd on March 29, 2022. Naturepak Beverage is the leading provider of fresh liquid carton and packaging systems in the MENA region with local production facilities in Morocco and Saudi Arabia, which will be integrated into Elopak's global production network. Present in 16 countries, Naturepak Beverage has an annual production capacity of 2.7 billion cartons across various product sizes and its customers are global blue chip FMCG players and strong regional champions. The acquisition will reinforce Elopak's position in the region and is an important milestone in management's ambitions to target 2-3% organic revenue growth, deliver inorganic opportunities and grow its global footprint by entering new geographies.
The transaction is recorded as a business combination in accordance with IFRS 3 and the acquisition date is March 29, 2022.
The acquisition-date fair value of the total consideration transferred was EUR 85,383 thousand in cash. Transaction costs of EUR 2,110 thousand were expensed and are included in other operating costs. If the transactions had occurred January 1, 2022, Naturepak would have contributed EUR 7,765 revenue and EUR 917 profit before tax. From acquisition date to reporting date Naturepak has contributed EUR 33,422 thousand revenue and EUR -2,527 thousand profit before tax.
| (EUR 1,000) | |
|---|---|
| ASSETS | |
| Non-current assets | |
| Development cost and other intangible assets | 26,794 |
| Property, plant and equipment | 11,162 |
| Right-of-use assets | 50 |
| Deferred tax asset | 1,459 |
| Other non-current assets | 446 |
| Total non-current assets | 39,910 |
| Current assets | |
| Inventory | 1,480 |
| Trade receivables | 4,881 |
| Other current assets | 2,644 |
| Cash and cash equivalents | 1,495 |
| Total current assets | 10,500 |
| Total assets | 50,410 |
| Non-current liabilities | |
| Deferred tax liability | 7,789 |
| Non-current lease liabilities | 32 |
| Other non-current liabilities | 2,371 |
| Total non-current liabilities | 10,192 |
| Current liabilities | |
| Current liabilities to financial institutions | 713 |
| Trade and other payables | 3,921 |
| Current lease liabilities | 47 |
| Other current liablities | 3,652 |
| Total current liabilities | 8,333 |
| Total identifiable net assets at fair value | 18,525 |
| Total identifiable net assets at fair value | 31,885 |
| Purchase consideration | 85,383 |
| Goodwill arising from acquisition | 53,498 |
| Purchase consideration | |
| Cash consideration paid | 85,383 |
| Total consideration | 85,383 |
Provision for deferred tax is made for the difference between acquisition cost and acquired tax base in accordance with IAS 12. Offsetting entry of this non-cash deferred tax is goodwill. The remaining goodwill comprises the value of expected synergies arising from the acquisition and assembled workforce, which is not separately recognized.
None of the goodwill recognized is deductible for income tax purposes.
| (EUR 1,000) | |
|---|---|
| Net cash acquired with the subsidiary | 1,495 |
| Cash paid | 85,383 |
| Net cash flow from acquisition (included in investing activites) | -83,888 |
| Company | Date of business | Percentage | |||
|---|---|---|---|---|---|
| Principal activity | combination | owned | Acquiring entity | ||
| Trading and | 100% | Elopak BV (99%) | |||
| Naturepak Beverage Packaging Co Ltd | manufacturing | March 29, 2022 | Elopak UK Limited (1%) |
As of December 31, 2022, the share capital is NOK 376,906,620 (EUR 50,155,321) and the total number of shares outstanding for Elopak ASA is 269,219,014, each with a face value of NOK 1.4 (EUR 0.19). All shares have equal voting rights and all authorized shares are issued and fully paid.
The provision for share based bonus per December 31, 2021 were settled in the second quarter of 2022 through shares bought in the market and sold to members of the Management. The provision of EUR 330 thousand in other paid-in capital was reversed. As part of the settlement, Elopak repurchased 170,000 shares, and settled the share-based bonus with 164,481 shares. As of December 31, 2022, the balance of treasury shares is 5,519. The treasury share capital is EUR 1 thousand and the treasury share premium is EUR 8 thousand.
The Board approved a dividend of NOK 0.75 per share for the financial year 2021 on May 19, 2022. The dividend payment was EUR 19,623 thousand based on 269 219 014 outstanding shares, of which EUR 11,740 thousand was paid to Ferd AS.
Number of shares
| 2022 | Ordinary shares issued | Treasury shares | Ordinary shares outstanding |
|---|---|---|---|
| Shares at 1.1 | 269,219,014 | 269,219,014 | |
| Treasury shares purchased | -170,000 | -170,000 | |
| Treasury shares re-issued | 164,481 | 164,481 | |
| Shares at 31.12 | 269,219,014 | 5,519 | 269,213,495 |
| 2021 | Ordinary shares issued | Treasury shares | Ordinary shares outstanding |
|---|---|---|---|
| Shares at 1.1 | 5,012,707 | 5,012,707 | |
| Shares issued for share-based bonus | 8,959 | 8,959 | |
| Shares issued in stock split | 246,061,634 | 246,061,634 | |
| Shares issued in IPO | 18,135,714 | 18,135,714 | |
| Treasury shares purchased | -422,772 | -422,772 | |
| Treasury shares re-issued | 422,772 | 422,772 | |
| Shares at 31.12 | 269,219,014 | - | 269,219,014 |
Basic and diluted earnings per share
| Quarter ended December 31 | Year to date ended December 31 | |||
|---|---|---|---|---|
| (EUR 1,000, except number of shares) | 2022 | 2021 | 2022 | 2021 |
| Profit attributable to Elopak shareholders | 10,940 | -440 | 10,856 | 33,809 |
| Issued ordinary shares at beginning of period, adjusted for share split in the period |
269,219,014 | 250,635,350 | 269,219,014 | 250,635,350 |
| Effect of shares issued | -5,519 | 18,583,664 | -3,024 | 10,150,955 |
| Weighted-average number of ordinary shares in the period | 269,213,495 | 269,219,014 | 269,215,990 | 260,786,305 |
| Basic and diluted earnings per share attributable to Elopak shareholders (in EUR) |
0.04 | - | 0.04 | - |
| Interest-bearing loans and borrowings | December 31, 2022 | December 31, 2021 | ||
|---|---|---|---|---|
| (EUR 1,000) | Available | Utilised | Available | Utilised |
| Current liabilities to financial institutions | 57,073 | 21,682 | 56,804 | 14,420 |
| Non-current liabilities to financial institutions | 400,000 | 304,033 | 400,000 | 169,433 |
| Total | 325,715 | 183,854 |
The long term loans are drawn under a EUR 400,000 multi currency revolving credit facility. The facility is available until May 2025. Amounts are shown net of prepaid transaction costs. Changes to the Groups debt profile reflect changes in the functional currency of entities within the Group.
The Group manages the balance sheet to ensure a healthy financial position and liquidity. This is done through an annual budgeting process followed by performance management and forecasting updates to ensure adequate financial flexibility and liquidity for the company. The Group's main bank covenants, especially the net interest bearing debt/ EBITDA, are monitored closely on a continuous basis to ensure compliance at all times.
The Group is exposed to market risk, credit risk and liquidity risk. Risk management activities are governed by appropriate policies and procedures. Risks are identified, measured and managed in accordance with the Group's policies and risk objectives. It is the Group's policy that no trading in derivatives for speculative purposes shall be undertaken. There have been no significant changes in the management of risks related to financials during the period.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: currency risk, commodity price risk and interest rate risk. Elopak buys derivatives in order to manage market risks and seeks to apply hedge accounting in order to manage volatility in profit or loss. Hedge accounting is applied to currency and commodity derivatives, while interest rate derivatives are not subject to hedge accounting.
| Derivatives | December 31, 2022 | December 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|
| (EUR 1,000) | Assets | Liabilities | Total | Assets | Liabilities | Total | ||
| Currency derivatives | 747 | 1,280 | -534 | 836 | 2,079 | -1,244 | ||
| Commodity derivatives | - | 3,318 | -3,318 | 5,303 | - | 5,303 | ||
| Interest derivatives | 7,063 | - | 7,063 | 248 | 2,058 | -1,811 | ||
| Total | 7,810 | 4,598 | 3,212 | 6,386 | 4,138 | 2,249 |
The full fair value of a derivative is classified as "Other non-current assets or "Other non-current liabilities" if the remaining maturity of the derivative is more than 12 months and, as a "Other current assets" or "Other current liabilities", if the maturity of the derivative is less than 12 months. The fair value estimation of derivative financial instruments has been arrived at by applying a level 2 valuation methodology which uses inputs other than unadjusted quoted prices for identical assets and liabilities, with changes in fair value are therefore recognized in the income statement. No other material financial assets or liabilities are measured at fair value through profit or loss.
Where eligible, derivatives used for hedging are designated in cash flow hedge accounting relationships.
The Group prepares and reports its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the IASB and as endorsed by the EU (IFRS). In addition, the Group presents several Alternative Performance Measures (APMs).
In accordance with European Securities and Market Authority (ESMA) guidelines dated May 10, 2015, an APM is understood as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework (IFRS). It should be noted that these measures do not have any standardized meaning prescribed by IFRS and therefore are not necessarily comparable to the calculation of similar measures used by other companies. The APMs are regularly reviewed by the Group's management. The APMs are reported in addition to but are not substitutes for the Group's consolidated financial statements, prepared in accordance with IFRS.
The APMs provide supplementary information to measure the Group's performance and to enhance comparability between financial periods. The APMs also provide measures commonly reported and widely used by investors, lender, and other stakeholders as an indicator of the Group's performance. These APMs are among other, used in planning for and forecasting future periods, including assessing our ability to incur and service debt including covenant compliance. APMs are defined consistently over time and are based on the Group's consolidated financial statements (IFRS).
EBITDA is a measure of earnings before interest, taxes, depreciation, amortization, and impairments. The Group presents this APM because management considers it to provide useful supplemental information for understanding the overall picture of profit generation in the Group's operating activities and for comparing its operating performance with that of other companies.
Adjusted EBITDA is a measure of EBITDA adjusted for certain items affecting comparability (the Adjustment items) and further including the Group's share of net income from joint ventures (continued operations) presented as part of financial income and expenses. The Group presents this APM because management considers it to be an important supplemental measure for understanding the underlying profit generation in the Group's operating activities and comparing its operating performance with that of other companies.
Adjusted profit attributable to Elopak shareholders represents the Group's profit attributable to Elopak shareholders adjusted for certain items affecting comparability, taking into account the Adjustment items, related estimated calculatory tax effects based on a 24% statutory tax rate and excluding historical share of net income from joint ventures that have been discontinued. The Group presents this APM because management considers it to provide useful supplemental information for understanding the Group's profit attributable to Elopak shareholders and for comparability purposes with other companies.
Adjusted EPS represents adjusted profit attributable to Elopak shareholders divided by weighted average number of ordinary shares – basic and diluted. Elopak presents adjusted basic and diluted earnings per share because management considers it to be an important supplemental measure for understanding the Group's underlying profit for the year (period) on a per share basis and comparing its profit for the year (period) on a per share basis with that of other companies in the industry.
Net debt is a measure of borrowings (including liabilities to financial institutions before amortization costs and including lease liabilities) less cash and cash equivalents for the period. The Group presents this APM because management considers it as a useful indicator of the Group's indebtedness, financial flexibility and capital structure because it indicates the level of borrowings after taking into account cash and cash equivalents within the Group's business that could be utilized to pay down outstanding borrowings. Net debt is also used for monitoring the Group's financial covenants compliance by management.
Leverage ratio is a measure of net debt divided by adjusted EBITDA. The Group presents this APM because management considers it as a useful indicator of the Group's ability to meet its financial obligations. Net debt/adjusted EBITDA is also used for monitoring the Group's financial covenants compliance by management.
| Quarter ended December 31 |
Year to date ended December 31 |
|||
|---|---|---|---|---|
| (EUR 1,000) | 2022 | 2021 | 2022 | 2021 |
| Impairment fixed and long term assets Ukraine | 412 | - | 4,189 | - |
| Impairment short term assets Ukraine | 652 | - | 2,146 | - |
| Onerous contracts | - | - | 100 | - |
| Transaction costs | 38 | 1,536 | 2,888 | 6,820 |
| Total adjusted items | 1,102 | 1,536 | 9,322 | 6,820 |
| Calculatory tax effect 1) | -265 | -369 | 165 | -1,637 |
| Total adjusted items net of tax | 838 | 1,167 | 9,487 | 5,183 |
1) Calculatory tax effect on adjusted items at 24%
| Quarter ended December 31 |
Year to date ended December 31 |
|||
|---|---|---|---|---|
| (EUR 1,000) | 2022 | 2021 | 2022 | 2021 |
| Operating profit | 16,105 | 4,642 | 41,774 | 49,224 |
| Depreciation, amortisation and impairment adjusted | 17,745 | 13,517 | 63,938 | 54,097 |
| Impairment fixed and long term assets Ukraine | 412 | - | 4,189 | - |
| EBITDA | 34,262 | 18,159 | 109,901 | 103,320 |
| Total adjusted items with EBITDA impact | 690 | 1,536 | 5,134 | 6,820 |
| Share of net income from joint ventures (continued operations) 2) 3) | 991 | 1,121 | 4,378 | 3,575 |
| Adjusted EBITDA | 35,943 | 20,815 | 119,413 | 113,715 |
2) Share of net income and impairment on investment from joint ventures included in adjusted figures
3) See reconciliation of net income from joint ventures
| Quarter ended December 31 |
December 31 | Year to date ended | ||
|---|---|---|---|---|
| (EUR 1,000) | 2022 | 2021 | 2022 | 2021 |
| Profit | 10,940 | -951 | 34,478 | 30,271 |
| Total adjusted items net of tax | 838 | 1,167 | 9,487 | 5,183 |
| Adjusted profit | 11,778 | 216 | 43,966 | 35 454 |
| Quarter ended December 31 |
Year to date ended December 31 |
|||
|---|---|---|---|---|
| (EUR 1,000) | 2022 | 2021 | 2022 | 2021 |
| Bank debt 1) | 305,000 | 170,000 | 305,000 | 170,000 |
| Overdraft facilities | 21,682 | 14,420 | 21,682 | 14,420 |
| Cash and equivalents | -25,883 | -24,262 | -25,883 | -24,262 |
| Lease liabilities | 90,674 | 80,604 | 90,674 | 80,604 |
| Net debt | 391,473 | 240,762 | 391,473 | 240,762 |
1) Bank debt is excluding amortised borrowing costs of EUR 967 thousand as of December 31, 2022 and EUR 567 thousand as of December 31, 2021
| Leverage ratio 2) | 3.3 | 3.3 |
|---|---|---|
2) Leverage ratio per December 31, 2022 is calculated based on last twelve months adjusted EBITDA of EUR 119,413 thousand
| Quarter ended December 31 |
Year to date ended December 31 |
|||
|---|---|---|---|---|
| (EUR 1,000) | 2022 | 170 000 | 2022 | 170 000 |
| Weighted-average number of ordinary shares | 269,213,495 | 269,219,014 | 269,215,990 | 260,786,305 |
| Profit | 10,940 | -951 | 34,478 | 30,271 |
| Adjusted profit | 11,778 | 216 | 43,966 | 35,454 |
| Basic and diluted earnings per share (in EUR) | 0.04 | - | 0.13 | 0.12 |
| Adjusted basic and diluted earnings per share (in EUR) | 0.04 | - | 0.16 | 0.14 |
| Quarter ended December 31 |
Year to date ended December 31 |
||
|---|---|---|---|
| 2022 | 170 000 | 2022 | 170 000 |
| 504 | 639 | 2,665 | 2,588 |
| 510 | 501 | 1,824 | 1,123 |
| -23 | -20 | -112 | -137 |
| 991 | 1,121 | 4,378 | 3,575 |
| 991 | 1,121 | 4,378 | 3,575 |
| 991 | 1,121 | 4,378 | 3,575 |
We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1 to September 30, 2022 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of the Elopak Group's assets, liabilities, financial position and result for the period. We also confirm to the best of our knowledge that the financial review includes a fair review of significant events that have occurred during the financial period and their impact on the financial statements, any significant related parties transactions and a description of the principal risks and uncertainties for the financial period.
Skøyen, February 21, 2023
Skøyen, February 21, 2023 Board of Directors in Elopak ASA
Jo Olav Lunder Chairperson
Trond Solberg Board member
Anna Belfrage Board member
Sid Johari
Board member
Sanna Suvanto-Harsaae Board member
Erlend Sveva Board member
Anette Bauer Ellingsen Board member
Thomas Körmendi CEO
Mirza Koristovic Head of Investor Relations +47 938 70 525
Bent Axelsen Chief Financial Officer +47 977 56 578
May 4, 2023 Quarterly Report – Q1 May 11, 2023 Annual General Meeting August 17, 2023 Half-yearly Report November 2, 2023 Quarterly Report-Q3 Elopak reserves the right to revise the date
The interim report contains certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. Any statement, estimate or projections included in the Information (or upon which any of the conclusions contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Group and/or any of its affiliates) reflect, at the time made, the Company's beliefs, intentions and current targets/aims and may prove not to be correct. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. No representation or warranty is given as to the completeness or accuracy of any forwardlooking statement contained in the Information or the accuracy of any of the underlying assumptions.
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