Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Switzerland
  4. Swiss Exchange
  5. SIG Combibloc Group AG
  6. News
  7. Summary
    SIGN   CH0435377954

SIG COMBIBLOC GROUP AG

(SIGN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

EQS-Adhoc : SIG Combibloc Group AG: Sustained revenue growth and increased profitability

07/27/2021 | 01:02am EDT
EQS Group-Ad-hoc: SIG Combibloc Group AG / Key word(s): Half Year Results 
SIG Combibloc Group AG: Sustained revenue growth and increased profitability 
27-Jul-2021 / 07:00 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 LR 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
MEDIA RELEASE 
27 July 2021 
SIG Combibloc Group AG ("SIG") 
Sustained revenue growth and increased profitability 
First half year 2021 highlights 
- Core revenue at constant currency up 15.3%; up 8.8% on a like-for-like basis 
- Middle East and Africa (MEA) business fully consolidated from end of February 2021 
- Robust second quarter performance following exceptional first quarter growth 
- Adjusted EBITDA margin 27.3% (H1 2020: 25.1%) 
- Adjusted net income up 38% to EUR109.6 million 
Revenue performance: H1 2021 
                    Six months Six months                   Like-for-like 
                         ended      ended      Change          change^(1) 
                       30 June    30 June Reported Constant      Constant 
(In EUR million or %)       2021       2020 currency currency      currency 
Core revenue             950.9      849.7    11.9%    15.3%          8.8% 
Total revenue            965.8      860.0    12.3%    15.7%          9.2% 
^(1) Including MEA. 

Key performance indicators: H1 2021

                        Six months Six months 
                             ended      ended 
                           30 June    30 June 
(In EUR million or %)           2021       2020 
Adjusted EBITDA              264.1      215.7 
Adjusted EBITDA margin       27.3%      25.1% 
EBITDA                       283.5      213.9 
Adjusted net income          109.6       79.6 
Net income                    92.0       10.0 
Free cash flow                25.0       28.1 

Revenue performance: Q2 2021

                    Three months Three months                   Like-for-like 
                           ended        ended      Change          change^(1) 
                         30 June      30 June Reported Constant      Constant 
(In EUR million or %)         2021         2020 currency currency      currency 
Core revenue               508.9        460.1    10.6%    13.2%          5.0% 
Total revenue              514.5        467.1    10.2%    12.7%          4.7% 
^(1) Including MEA 

Key performance indicators: Q2 2021

                        Three months Three months 
                               ended        ended 
                             30 June      30 June 
(In EUR million or %)             2021         2020 
Adjusted EBITDA                146.2        132.0 
Adjusted EBITDA margin         28.4%        28.3% 
EBITDA                         190.4        146.7 
Adjusted net income             57.6         66.7 
Net income                      89.1         35.5 

Samuel Sigrist, CEO of SIG Combibloc, said: "In the first half of 2021, we sustained strong revenue growth against a tough base of comparison and in a context of ongoing uncertainty around COVID-19. Profitability increased and the business is proving resilient in an inflationary environment.

2021 has brought a number of milestones in the expansion of our global presence. We acquired full control of our Middle East and Africa business at the end of February and the integration has proceeded very smoothly. Our new plant in Asia Pacific has been up and running since the beginning of the year and in April we announced the construction of a new plant in Mexico to serve North America.

Sustainability continues to be top of mind for us and for our customers. It is at the heart of our carton packs, which are made largely of renewable materials and are fully recyclable. We continue to see customer launches involving a switch to carton from PET and the adoption of our formats with enhanced sustainability. Our focus on innovation goes hand-in-hand with our vision of a net positive food packaging system. It means that we will continue to enhance the value of our offering to customers while striving to deliver positive outcomes for both people and the planet."

Consolidation of Middle East and Africa business

With effect from the end of February, revenues of the former Middle East and Africa joint ventures are fully consolidated and presented in a new segment, Middle East and Africa (MEA). The segment Europe, Middle East and Africa (EMEA) relates to the Group's reporting structure which was in place for the first two months of the year, prior to acquisition of the MEA business.

The acquisition of the former joint ventures in the Middle East generated incremental revenue of EUR68 million in the first half of 2021. This takes account of sales to external customers in the Middle East and Africa less the elimination of inter-company sales to the Middle East, which prior to the acquisition were treated as external sales. The acquisition contributed EUR14 million incremental adjusted EBITDA in the first half of 2021, representing adjusted EBITDA from the MEA region over four months less dividends received in the first half of 2020.

Sale of Whakatane paper mill in New Zealand

Following the announcement in March 2021 of the closure of its paper mill in New Zealand (Whakatane), SIG was able to identify potential buyers. This resulted in the sale of the paper mill on 3 June 2021 for NZD 1 to a consortium of investors who will enable the paper mill to continue to operate.

Revenue by region: H1 2021

                                                Six months   Six months       Change 
                                                     ended        ended 
                                                   30 June      30 June  Reported  Constant 
(In EUR million or %)                                   2021         2020  currency  currency 
EMEA^(1)                                             119.3        386.6        na        na 
Europe^(1)                                           237.7           na 
MEA^(1)                                              100.6           na 
APAC                                                 315.8        305.4      3.4%      6.5% 
Americas                                             174.2        151.3     15.1%     28.4% 
Group Functions                                        3.3          6.4 
Core revenue from transactions 
with external customers                              950.9        849.7     11.9%     15.3% 
Revenue from sale of folding box board                14.9         10.3 
Total revenue                                        965.8        860.0     12.3%     15.7% 
^(1) Two months' revenue for EMEA in 2021; four months' revenue for Europe and MEA in 2021 

Revenue by region: Q2 2021

                                                Three months   Three months       Change 
                                                       ended          ended  Reported  Constant 
                                                     30 June        30 June  currency  currency 
(In EUR million or %)                                     2021           2020 
EMEA^(1)                                                  na          205.7 
Europe^(1)                                             177.3             na 
MEA^(1)                                                 71.3             na 
APAC                                                   168.1          168.6    (0.3%)      2.5% 
Americas                                                92.1           83.2     10.6%     18.5% 
Group Functions                                          0.1            2.6 
Core revenue from transactions 
with external customers                                508.9          460.1     10.6%     13.2% 
Revenue from sale of folding box board                   5.6            7.0 
Total revenue                                          514.5          467.1     10.2%     12.7% 
^(1) Three months' revenue for EMEA in 2020, three months' revenue for Europe and MEA in 2021. 

In Europe, revenue in the first half of 2021 was 1% higher at constant exchange rates on a like-for-like basis. Starting in March, performance was measured against the period in 2020 marked by the onset of the COVID-19 pandemic, when consumer stock-piling was followed by customer and retailer re-stocking. These effects did not recur in 2021. However, the liquid dairy business continued to benefit from high at-home consumption due to ongoing restrictions on office working.

In the Middle East and Africa, like-for-like constant currency growth for the four months to June 2021 was 2.1%. Exceptionally high sales in March were followed by a more muted second quarter, also measured against a very strong Q2 2020. The non-carbonated soft drinks market has been negatively affected by COVID-19, with lower out-of-home consumption. At the same time, drought in South Africa temporarily affected the liquid dairy business. Asia Pacific saw a significant boost to sales from re-stocking in the first quarter, which was followed by slower growth in the second quarter. Market conditions in China have returned to more normal levels although some COVID-19 effects remain. Demand for white milk in China is robust due to its acknowledged health benefits. The situation in South-East Asia continues to be affected by COVID-19 and on-the-go consumption, which plays a key role in these countries, remains constrained.

The Americas saw exceptional growth reflecting the contribution of fillers deployed in Brazil in the course of 2020. At-home consumption continued to drive demand in both Brazil and Mexico. Revenue in the USA benefited from the re-opening of restaurants and a re-stocking of foodservice products packed in SIG cartons.

(MORE TO FOLLOW) Dow Jones Newswires

July 27, 2021 01:01 ET (05:01 GMT)

All news about SIG COMBIBLOC GROUP AG
07/27SIG COMBIBLOC : H1 Profit Grows 9x to $109 Million
MT
07/27EQS-ADHOC : SIG Combibloc Group AG: Sustained revenue growth and increased profitability
DJ
07/27EQS-ADHOC : SIG Combibloc Group AG: Sustained -2-
DJ
07/27EQS-ADHOC : SIG Combibloc Group AG: Sustained -3-
DJ
07/27Sig Combibloc Group Ag Provides Earnings Outlook for the Full Year 2021
CI
07/27SIG Combibloc Group Ag Reports Earnings Results for the Second Quarter and First Half o..
CI
06/03Dermot Smurfit, Ross George and others completed the acquisition of Whakatane Mill Limi..
CI
05/31Dermot Smurfit, Ross George and others agreed to acquire Whakatane Mill Limited from SI..
CI
05/04SIG COMBIBLOC : Swings to Q1 Profit as Revenue Grows 15%
MT
05/04EQS-ADHOC : SIG Combibloc Group AG: Strong Q1 -3-
DJ
More news
Analyst Recommendations on SIG COMBIBLOC GROUP AG
More recommendations
Financials
Sales 2021 2 062 M 2 417 M 2 417 M
Net income 2021 161 M 189 M 189 M
Net Debt 2021 1 384 M 1 621 M 1 621 M
P/E ratio 2021 52,4x
Yield 2021 1,80%
Capitalization 8 360 M 9 797 M 9 797 M
EV / Sales 2021 4,72x
EV / Sales 2022 4,33x
Nbr of Employees 5 900
Free-Float 94,5%
Chart SIG COMBIBLOC GROUP AG
Duration : Period :
SIG Combibloc Group AG Technical Analysis Chart | SIGN | CH0435377954 | MarketScreener
Technical analysis trends SIG COMBIBLOC GROUP AG
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 24,77 €
Average target price 24,91 €
Spread / Average Target 0,55%
EPS Revisions
Managers and Directors
Samuel Sigrist Chief Executive Officer
JosÚ Matthijsse President & General Manager-Europe
Frank Wilhelm Herzog Chief Financial Officer
Andreas Vicente Umbach Chairman
Ian Wood Chief Technology Officer
Sector and Competitors
1st jan.Capi. (M$)
SIG COMBIBLOC GROUP AG30.77%9 797
INTERNATIONAL PAPER COMPANY14.84%22 266
SMURFIT KAPPA GROUP PLC23.37%14 196
WESTROCK COMPANY15.90%13 470
PACKAGING CORPORATION OF AMERICA3.47%13 381
MONDI PLC8.43%12 359