Verallia is the third largest global manufacturer of glass containers for food and beverages
Highlights of the quarter:
• First-time application of IFRS15: EUR-19.0 million impact on revenue, no impact on EBITDA
• Stable revenue year-on-year, at EUR 593.4 million (+6.5% at constant foreign exchange rates and excluding the IFRS15 impact)
• Adjusted EBITDA of EUR 119.9 million, up 9.2% year-on-year (+14.1% at constant foreign exchange rates)
• Adjusted EBITDA margin at 20.2% (19.6% excluding the impact of IFRS15), up 170 bps compared to Q1 2017
• Positive operating Cash-Flow generation: EUR 3.0 million vs EUR (26.8) million in Q1 2017.
Reported revenue was stable year-on-year, but increased by 6.5% at constant exchange rates and excluding the impact of IFRS15. Revenue growth was mainly driven by robust volumes as well as price and mix improvement.
In Europe, reported revenue grew by 0.8%. Exchange rates had a negative impact of 0.7%, mainly due to the weakening of the Russian Ruble and Ukrainian Hryvnia against Euro. At constant exchange rates and excluding the impact of IFRS15, the 5.0% organic growth was driven by higher volumes and prices in most countries.
In South America, reported revenue decreased by 6.6% as a result of negative exchange rates variation, mainly Argentinean Peso and Brazilian Real against Euro. At constant exchange rates, revenue increased by 17.8%, supported by a good level of activity – notably in Brazil, as well as higher prices in an inflationary context.
Adjusted EBITDA was up 9.2% (+14.1% at constant exchange rates), driven by a ...
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