AI assistant
Vidrala S.A. Investor Presentation 2024
1897_rns_2024-07-24_98683e90-6221-4899-afdf-5f6a0171f409.pdf
Investor Presentation
Open in viewerOpens in your device viewer
H1 2024 RESULTS
24th JULY 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).
H1 2024 KEY FIGURES
| H1 2024 | Change | Change at constant currency & comparable scope |
|
|---|---|---|---|
| Sales (EUR million) EBITDA (EUR million) |
830.4 225.0 |
+4.5% +4.6% |
+0.7% -2.4% |
| Earnings per share (EUR) |
3.75 | -6.0% | |
| Debt (EUR million) Debt / LTM EBITDA* (multiple) |
433.4 1.0 |
+52.7% +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 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.
YEAR OVER YEAR CHANGE
EUR million
YEAR OVER YEAR CHANGE
EUR million
5
OPERATING MARGIN
YEAR OVER YEAR CHANGE As percentage of sales
MAIN FIGURES, BY BUSINESS UNIT
SALES
Iberia & Rest of EU UK & Ireland Brazil
NEW PERIMETER, INCLUDING THE CONTRIBUTION OF VIDROPORTO AND EXCLUDING THE RESULTS OF VIDRALA ITALIA EUR million
Iberia & Rest of EU UK & Ireland Brazil
EBITDA
CASH PROFILE
FREE CASH FLOW GENERATION YEAR-TO-DATE TO JUNE 2024
EUR million / as percentage of sales
Net debt at June 30, 2024 stood at EUR 433.4 million. This is equivalent to a leverage ratio of 1.0x times last twelve months pro-forma EBITDA, including the contribution of the last twelve months from Vidroporto. Important: Debt figure and leverage ratio do not include the effect of IFRS 16 Leases.
RESULTING FINANCIAL POSITION
EXPECTED NET DEBT POSITION AT THE END OF JULY 2024, AFTER THE SALE OF VIDRALA ITALIA EUR million
ORGANIC TOP-LINE GROWTH OF 0.7%
Sales during the first six months of 2024 amounted to EUR 830.4 million, showing an organic growth of +0.7%
OPERATING MARGIN OF 27.1%
Operating profit, EBITDA, amounted to EUR 225.0 million representing an operating margin of 27.1%
SOLID FINANCIAL POSITION
Net debt as of June 30, 2024 stood at 433.4 million, equivalent to 1.0x times last twelve months pro-forma EBITDA
RECENT M&A
Business performance, supported by the contribution of recent corporate transactions
FY 2024 OUTLOOK, REITERATED
| Actuals FY 2023 |
Last Twelve Months as of June 2024 |
Outlook FY 2024 |
|
|---|---|---|---|
| Sales | 1,559 EUR million |
1,597 EUR million New perimeter1 |
≈EUR 1,600 million Modest volume recovery in Europe & the UK Second-round effects of the capacity expansion in Brazil |
| EBITDA | 394 EUR million |
412 EUR million New perimeter1 |
>EUR 450 million |
| Earnings | EUR 7.23 per share |
EUR 7.00 per share |
Double-digit growth EPS2 of recurrent, adjusted |
| Free Cash Flow3 |
154 EUR million |
244 EUR million |
>EUR 180 million |
1. 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.
2. 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.
VIDRALA, S.A. Investor Relations Tel: +34 94 671 97 50 [email protected] www.vidrala.com
