Présentation PowerPoint · €millions 31 December 2019 31 December 2018 Goodwill 106.8 120.0...
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Transcript of Présentation PowerPoint · €millions 31 December 2019 31 December 2018 Goodwill 106.8 120.0...
Sales
€2,074 million- down 8.6% on a comparable basis(1)
- down 10.3% as reported
Gross margin
€506 million
- down 8.4% on a comparable basis(1)
- down 9.7% as reported
EBITDA
€54 million- down 27.2% on a comparable basis(1)
- down 27.6% as reported
Net loss
€72 million
Net debtat 31 December 2019
€346 million
Gross margin
rate
24.4 %
EBITDA
Margin
2.6%
Sales Main European Geographies 1,063.7 1,179.4 - 9.8%• UK & Ireland 542.2 594.8 - 8.8%• Germany & Austria 283.4 309.3 - 8.4%• France 238.4 275.3 - 13.5%
€ millions
EBITDA 27.6 38.4 - 28.1%EBITDA margin (as a % of sales) 2.6% 3.3% - 0.2 pt
2019 2018 Variance
Gross margin 242.6 267.8 - 9.4%Gross margin (% of sales) 22.8% 22.7% + 0.1 pt
€ millions
Sales 865.4 929.6 - 6.9%
EBITDA 22.1 28.2 - 21.6%EBITDA margin (as a % of sales) 2.6% 3.0% - 0.4 pt
2019 2018 Variance
Gross margin 220.7 235.4 - 6.2%Gross margin (% of sales) 25.5% 25.3% + 0.2 pt
Sales 145.1 202.0 - 28.2%
€ millions
EBITDA 4.3 8.1 - 47.3%EBITDA margin (as a % of sales) 3.0% 4.0% - 1 pt
2019 2018 Variance
Gross margin 42.3 57.0 - 25.8%Gross margin (% of sales) 29.2% 28.2% + 1 pt
Analysis of gross contribution Sales by business sector
€ millions
Papers 1 374.8 1 580.7 - 13.0% 307.3 355.9 - 13.7% 22.4% 22.5% - 0.1 pt
Packaging 497.9 517.2 - 3.7% 140.8 144.4 - 2.5% 28.3% 27.9% + 0.4 pt
Visual Communication 201.3 213.1 - 5.5% 57.5 59.9 - 4.0% 28.6% 28.1% + 0.5 pt
TOTAL 2 074.0 2 311.0 - 10.3% 505.6 560.2 - 9.7% 24.4% 24.2% - 0.2 points
Sales
2019 2018 Δ
Gross margin
2019 2018 Δ
Gross margin/Sales
2019 2018 Δ
0
100
200
300
400
500
600
700
Packaging Visual Communication Papers
86%
16%14% 16%
83%
10%9%
78% 75% 75% 71%
19% 23%5% 7%8% 9% 9%
10% 10%
67%
24%
11%
65%
11%
63% 61%
11%
28%26%
Net income (loss) attributable to owners (72.0) (29.7) NA
Non-recurring items (58.0) (44.4) NANet financial expense (37.8) (38.7) NAIncome taxes (7.4) 0.9 NANon-controlling interests - (0.1) NA
Sales 2,074.0 2,311.0 - 10.3%Gross margin 505.6 560.2 - 9.7%
EBITDA 54.1 74.7 - 27.6%
EBITDA margin (as a % of sales) 2.6% 3.2% - 0.6 pt
Current operating income 31.2 52.6 - 40.9%Current operating margin (as a % of sales) 1.5% 2.3% - 0.8 pt
2019in € millions
Δ2018
74.7 0.5
(0.9)
(46.4)
13.4
(8.1)
20.9 54.1
10
20
30
40
50
60
70
80
EBITDA 2018
Foreximpact
PerimeterMargins/Mix/
VolumesVariable costs Inflation Overheads EBITDA
2019
(€ millions )
Restructuring costs (25.2)
Disposals & Asset write-downs (24.6)
Other non-recurring items (8.2)
in € millions 2019
Non-recurring items (58.0)
€ millions 31 December 2019 31 December 2018
Goodwill 106.8 120.0
Property, plant & equipment and intangible assets 68.7 81.5
Operating WCR 187.5 177.7
Capital employed 471.7 379.2
Pension plan net surplus 74.4 57.0
Other assets (net) 16.6 19.1
Total 562.7 455.3
Shareholders' equity 48.0 112.7
Non-controlling interests 0.2 0.7
Provisions 54.1 54.1
Net debt excluding leases 345.8 287.8
Total 562.7 455.3
-108.7Rights of use
Lease debt 114.6 -
in € millions
Pension provisions 37.0 35.7
Restructuring provisions 6.4 3.7
Other risk and contingency provisions 10.7 14.7
Total 54.1 54.1
20182019
in €millions 2019
Consolidated net debt at beginning of period (287.8) (247.6)
EBITDA 54.1 74.7 Change in WCR of businesses (14.8) (9.9) CAPEX (13.5) (20.7)
Operating cash flow 25.8 44.1 Net finance costs paid (29.0) (28.1)Income tax expense (8.9) (6.3)Restructuring costs & other non-recurring items (23.9) (19.8)Disposals 0.5 3.9 Impact of changes in scope of consolidation 1.6 (7.6) Dividends paid - (5.7)
Costs related to refinancing (7.3) (9.1)Currency impact and other non-cash items (11.0) (5.7)
Costs of pension funds (5.7) (5.9)
(Increase)/decrease in net debt (57.4) (40.2)
Consolidated net debt at end of period (345.7) (287.8)
2018
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