Refresco 2011 Results
Today Refresco announced its 2011 results. Net turnover in 2011 amounted to EUR 1.5 billion. EBITDA 2011 was EUR 111 million, 11% lower than 2010.
Economic circumstances were challenging in 2011. Sharp increases in raw material and packaging material prices affected margins, especially in the second half of 2011. An unusually cold and wet summer also resulted in lower volumes. Other highlights of the year include:
In line with the Buy & Build strategy, Refresco entered into the Italian market through the acquisition of Spumador SpA (completed in April 2011).
A full refinancing of the group completed in May 2011, through a successful issue of listed senior secured notes.
The notes total an amount of EUR 660 million and are due in 2018.
Various pricing reviews, cost-cutting efforts and optimization of manufacturing footprint were initiated in the second half of the year, to restore margins and profitability.
Hans Roelofs, CEO of Refresco:
"Although increasing input costs and the economic downturn could slow overall growth, we believe that the prospects for Refresco and the industry are encouraging. The year 2011, as challenging it was, didshow modest growth in the soft drinks market and, in particular, in the private label segment. We trust that our cost price leadership, broad portfolio offerings, and flexible bottling capabilities will enable us to continue tomeet our customers’ needs in an ever-changing market."