Interim report for BEWiSynbra Group for the period January – September 2018


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Interim report for BEWiSynbra Group for the period January – September 2018

Press release, October 26, 2018

Highlights from the report

  • BEWiSynbra reported net sales of SEK 1,160.2 million for Q318, up from SEK 459.7 million for Q317, an increase of 152 per cent of which 133 percentage points (pp) was explained by acquisitions
  • For the first nine months of 2018, the Group reported net sales of SEK 2,685.8 million, an increase of 98 per cent from the SEK 1,347.4 reported for 2017, whereof 81 pp relate to acquisitions
  • EBIT for the Group was SEK 33.2 million for the third quarter (SEK 22.7 million) and SEK 122.7 million for the first three quarters of 2018 (SEK 35.8 million).
  • Adjusted EBITDA2 was SEK 98.3 million in Q318 (SEK 41.8 million) and SEK 216.1 million (SEK 78.2 million) for the first nine months of 2018
  • The earnings were negatively impacted by items affecting comparability of SEK 20.1 million for the quarter and SEK 4.2 million for the first nine months
  • In September, the Group completed the acquisitions of BEWi Produkter AS and BEWi Polar AS, together BEWi Norway, as well as BEWi Automotive AB
  • In May 2018, BEWi Group completed the acquisition of Synbra Holding B.V. and the combined companies changed name to BEWiSynbra Group
  • Following the integration of BEWi and Synbra, the Group has identified synergies with an expected net positive effect on adjusted EBITDA of SEK 70 million for 2019
  • The Group has announced that its owners are considering a potential listing of its shares on a Nordic stock exchange
  • In October, the Group announced its launch of BEWiSynbra Circular, which will lead the Group’s strategically important recycling initiatives going forward

Preliminary figures for BEWiSynbra, BEWi Norway and BEWi Automotive and proforma financials

The below presented financial information for 2017 and last twelve-month period ending on 30 September 2018 is preliminary and has not been subject to audit or review by BEWiSynbra’s, BEWi Norway’s or BEWi Automotive’s auditors. BEWiSynbra reports in accordance with IFRS, BEWi Norway reports in accordance with Norwegian GAAP, while BEWi Automotive reports in accordance with Swedish GAAP. The preliminary figures for BEWi Norway and BEWi Automotive below have been converted into IFRS for the purposes of this summary.

(excl Isobouw)
BEWi Norway BEWi Automotive Total new BEWiSynbra Group Combined
SEK million 2017 LTM Q3 2017 LTM Q3 2017 LTM Q3 2017 LTM Q3
Net Sales 3800,0 4369,8 391,4 454,2 89,4 122,0 4280,8 4946,0
Adjusted EBITDA 348,1 421,2 74,7 89,0 8,6 3,1 431,4 513,3
Adjusted EBITA 245,8 299,8 50,8 63,8 7,0 0,4 303,6 364,0
Adjusted EBITDA % 9,2% 9,6% 19,1% 19,6% 9,6% 2,5% 10,1% 10,4%

* EBITDA and EBITA figures for BEWiSynbra are adjusted for items affecting comparability (e.g. transaction costs).

** The figures for the combined group have not been through formal pro-forma adjustments

For further information, please contact:

Charlotte Knudsen, Director of IR and Communications, BEWiSynbra, tel: +47 9756 1959

About BEWiSynbra Group AB

BEWiSynbra Group is one of the largest vertically integrated producers of expandable polystyrene (EPS) in Europe, focusing on sustainable solutions for packaging and components, as well as insulation. Innovation is a key driver for the Group’s competitive advantage and sustainability, and BEWiSynbra has an ambitious approach to its recycling initiatives.

The information is such that BEWiSynbra Group AB (publ) is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15:30 CET on 26 October 2018.