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30.04.2024 07:01:38 - dpa-AFX: EQS-Adhoc: SIG Group AG: Stable volumes, initial signs of growth recovery, progress on production footprint (english)
SIG Group AG: Stable volumes, initial signs of growth recovery, progress on
production footprint
SIG Group AG / Key word(s): Quarter Results
SIG Group AG: Stable volumes, initial signs of growth recovery, progress on
production footprint
30-Apr-2024 / 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
April 30, 2024
Q1 2024 trading update
Stable volumes, initial signs of growth recovery, progress on production
footprint
* Q1 2024 reported revenue declined by 1.0% compared with Q1 2023
* Volume growth resuming in key regions, pricing stable
* Full year guidance confirmed
Samuel Sigrist, CEO, said: 'In the first quarter of the year, good volume
performance in aseptic and chilled cartons offset the impact of a tough base
of comparison for bag-in-box and spouted pouch revenues. For the business as
a whole, we expect volume growth to accelerate through the year as consumer
confidence improves.
Profitability in the second half will benefit from top line growth and we
expect an increase in the full year adjusted EBITDA margin to be within the
lower half of the 25-26% range. We aim to achieve this while continuing to
invest in growth and innovation. Our expansion into new regions is
proceeding well with strong growth in India and in other emerging markets
such as Latin America.
In Q2 2024 we will commence production at our new state-of-the-art chilled
carton production facility in China. Located alongside our aseptic carton
facilities in Suzhou Industrial Park, the facilities completion, ahead of
schedule, positions SIG to capitalise on the strong revenue growth and
market share gains in chilled. We believe that the business will benefit
from the modern and efficient facilities that we have in Suzhou as well as
from our shared infrastructure, existing R&D resources, and our customer
testing facility.'
Key performance indicators: Q1 2024
Revenue by region
Europe
In Q1 2024, revenue growth for Europe on a constant currency basis was 5.8%
or 6.2% on a constant currency and constant resin (3) basis.
Performance was driven by strong volume growth in aseptic carton partly due
to a low base effect in Q1 2023. The segment continues to win new filler
contracts in liquid dairy and food.
Revenue from bag-in-box and spouted pouch declined against a strong prior
year comparison which included equipment sales that were not repeated in Q1
of this year.
India, Middle East and Africa
In Q1 2024, revenue for India, Middle East and Africa on a constant currency
basis declined by 4.7% or, a decrease of 4.5% when adjusted for both
constant currency and constant resin (4).
While India witnessed strong aseptic carton growth, the Middle East and
African region was impacted by shipping disruptions in the Red Sea, leading
to delays in deliveries to customers in North Africa. It is expected that
these shipments will take place in Q2 2024, subject to no further escalation
of shipping disruptions in the region.
The region was pleased to win its first bag-in-box contract, for a full
aseptic system solution, in Saudi Arabia for food service.
Asia Pacific
In Q1 2024, revenue for Asia Pacific on a constant currency basis increased
by 7.9% or by 8.1% when adjusted for both constant currency and constant
resin4.
Sales in China saw strong volume growth for both aseptic and chilled cartons
following a decline in Q1 2023, which was impacted by an outbreak of
COVID-19. Both categories are gaining market share in large and small
packaging formats for milk.
Indonesia, Thailand, and Vietnam saw good volume recovery in March. The
region saw strong demand for new filling lines during the period.
Americas
In Q1 2024, revenue for the Americas region on a constant currency basis
declined by 10.5% or, a decrease of 11.1% when adjusted for both constant
currency and constant resin4.
This decrease was primarily driven by a decline in bag-in-box and spouted
pouch volume compared to a strong performance in the previous year. An
increase in menu prices also affected out-of-home dining during the quarter.
The Group anticipates a recovery as quick service restaurants increase
promotional activities.
In Brazil, aseptic carton volumes experienced good growth in March following
a slower start to the year. Additionally, the Group continues to expand its
presence in the rest of South America, particularly in non-carbonated soft
drinks and flavoured milk segments.
Adjusted EBITDA
For the quarter, adjusted EBITDA amounted to EUR155.2 million (Q1 2023: EUR175.0
million). The adjusted EBITDA margin of 21.5% (Q1 2023: 24.0%) was impacted
by unfavorable currency movements, which reduced the margin by 110 basis
points. Lower raw material costs offset a negative mix impact. Higher SG&A
expenses reflected investments in growth, research and development, and wage
inflation.
The Company intends to transfer its chilled carton manufacturing plant in
Shanghai to the same location as its aseptic facilities in the Suzhou
Industrial Park China. It has built a state-of-the-art chilled carton
production facility and plans to sell the Shanghai premises. This has
resulted in an impairment and restructuring expense of EUR19.1 million pre-tax
for the period. The impairment charge is related to the decline in real
estate values in China. These costs have been adjusted out of EBITDA.
Net income and adjusted net income
For the period, adjusted net income amounted to EUR39.7 million (Q1 2023:
EUR64.7 million). This decline was primarily attributed to lower adjusted
EBITDA.
Net income for the period was EUR(7.1) million (Q1 2023: EUR23.0 million). The
decrease was a result of an impairment and restructuring expense of EUR15.6
million post-tax related to the relocation of the Group's chilled carton
plant, as mentioned above.
Further details on adjustments to EBITDA and net income can be seen in the
tables below.
Reconciliation of profit for the period to EBITDA and adjusted EBITDA:
Reconciliation of profit for the period to adjusted net income:
Net capital expenditures
(In EUR million) Three months ended Three months ended
Net capital expenditure for the period totalled EUR62.7 million, compared to
EUR87.3 million in the prior year period. Net capital expenditure as a
percentage of revenue was 8.7%. Overall, net capital expenditure decreased
by EUR24.6 million compared to Q1 2023.
Free cash flow
The cash flow generation in Q1 2024 reflected the typical seasonality of the
business, primarily due to the payment of customer volume incentives in the
first half of the year. The Group's cash generation continues to be skewed
towards the second half of the year.
Leverage
Net leverage as of March 31, 2024 was 2.9x (March 31, 2023: 3.1x). The
increase compared to 31 December 2023, reflects the usual seasonality of the
business. The Group expects to reduce net leverage to around 2.5x by
December 31, 2024.
Dividend
The Annual General Meeting held on April 23, 2024 approved a dividend
distribution, from the capital contribution reserve, of CHF 0.48 per share
for the year 2023. The dividend will be paid on or around April 30, 2024 and
will amount to approximately CHF183 million. The Company intends to continue
its policy of a progressive dividend per share with a pay-out ratio within a
range of 50-60% of adjusted net income.
Outlook
SIG confirms its 2024 guidance. The Company expects total revenue growth at
constant currency at the low end of its 4-6%mid-term guidance range. This
reflects the Group's expectation that volume growth will be geared towards
the second half of 2024, as we expect end market demand to recover.
The resin escalator for the bag-in-box and spouted pouch businesses, which
passes on movements in resin costs directly to customers, is not included in
the guidance.
The adjusted EBITDA margin is expected to be within the lower half of
25-26%. This is subject to input costs and foreign currency volatility. The
Company believes operating leverage and acquisition synergies will
positively contribute to adjusted EBITDA margin which will be partly offset
by higher SG&A, reflecting investments in innovation and regional expansion,
and wage inflation.
Investor contact:
Ingrid McMahon
Director Investor Relations
Tel: +41 52 543 1224
Email: Ingrid.mcmahon@sig.biz
Media contact:
Andreas Hildenbrand
Lemongrass Communications
Tel: +41 44 202 5238
Email: andreas.hildenbrand@lemongrass.agency
(1) The resin escalator for the bag-in-box and spouted pouch businesses,
which passes on movements in resin costs directly to customers, is excluded
for year-on-year comparison purposes.
(2) Q1 2023 restated to reflect new IMEA segment structure, as presented in
the 2023 annual report.
(3) The resin escalator for the bag-in-box and spouted pouch businesses,
which passes on movements in resin costs directly to customers, is excluded
for year-on-year comparison purposes.
(4) The resin escalator for the bag-in-box and spouted pouch businesses,
which passes on movements in resin costs directly to customers, is excluded
for year-on-year comparison purposes.
(5) For the different adjustments to EBITDA, refer to the adjusted EBITDA
table above.
About SIG
SIG is a leading solutions provider of packaging for better - better for our
customers, for consumers, and for the world. With our unique portfolio of
aseptic carton, bag-in-box, and spouted pouch, we work in partnership with
our customers to bring food and beverage products to consumers around the
world in a safe, sustainable, and affordable way. Our technology and
outstanding innovation capabilities enable us to provide our customers with
end-to-end solutions for differentiated products, smarter factories, and
connected packs, all to address the ever-changing needs of consumers.
Sustainability is integral to our business, and we strive to create a net
positive food packaging system.
Founded in 1853, SIG is headquartered in Neuhausen, Switzerland, and listed
at the SIX Swiss Exchange. The skills and experience of our approximately
9,000 employees worldwide enable us to respond quickly and effectively to
the needs of our customers in over 100 countries. In 2023, SIG produced 53
billion packs and generated EUR3.2 billion in revenue. SIG also has an AA ESG
rating by MSCI, a 13.9 (low risk) score by Sustainalytics, Platinum CSR
rating by EcoVadis, and is included in the FTSE4Good Index. For more
information, visit our website.
For insights into trends that drive the food and beverage industry, visit
the SIG blog.
Disclaimer and cautionary statement
The information contained in this media release and in any link to our
website indicated herein is not for use within any country or jurisdiction
or by any persons where such use would constitute a violation of law. If
this applies to you, you are not authorised to access or use any such
information.
This media release contains 'forward-looking statements' that are based on
our current expectations, assumptions, estimates and projections about us
and our industry. Forward-looking statements include, without limitation,
any statement that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain the words 'may', 'will',
'should', 'continue', 'believe', 'anticipate', 'expect', 'estimate',
'intend', 'project', 'plan', 'will likely continue', 'will likely result',
or words or phrases with similar meaning. Undue reliance should not be
placed on such statements because, by their nature, forward-looking
statements involve risks and uncertainties, including, without limitation,
economic, competitive, governmental and technological factors outside of the
control of SIG Group AG ('SIG', the 'Company' or the 'Group'), that may
cause SIG's business, strategy or actual results to differ materially from
the forward-looking statements (or from past results). For any factors that
could cause actual results to differ materially from the forward-looking
statements contained in this media release, please see our offering circular
for the issue of notes in June 2020. SIG undertakes no obligation to
publicly update or revise any of these forward-looking statements, whether
to reflect new information, future events or circumstances or otherwise. It
should further be noted that past performance is not a guide to future
performance. Please also note that quarterly results are not necessarily
indicative of the full-year results. Persons requiring advice should consult
an independent adviser
The declaration and payment by the Company of any future dividends and the
amounts of any such dividends will depend upon SIG's ability to maintain its
credit rating, its investments, results, financial condition, future
prospects, profits being available for distribution, consideration of
certain covenants under the terms of outstanding indebtedness and any other
factors deemed by the Directors to be relevant at the time, subject always
to the requirements of applicable laws.
Some financial information in this media release has been rounded and, as a
result, the figures shown as totals in this media release may vary slightly
from the exact arithmetic aggregation of the figures that precede them.
In this media release, we utilise certain alternative performance measures,
including but not limited to EBITDA, adjusted EBITDA, adjusted EBITDA
margin, net capex, adjusted net income, free cash flow and net leverage
ratio that in each case are not defined in International Financial Reporting
Standards ('IFRS'). These measures are presented as we believe that they and
similar measures are widely used in the markets in which we operate as a
means of evaluating a company's operating performance and financing
structure. Our definition of and method of calculating the alternative
performance measures stated above may not be comparable to other similarly
titled measures of other companies and are not measurements under IFRS or
other generally accepted accounting principles, are not measures of
financial condition, liquidity or profitability and should not be considered
as an alternative to profit from operations for the period or operating cash
flows determined in accordance with IFRS, nor should they be considered as
substitutes for the information contained in our consolidated financial
statements. You are cautioned not to place undue reliance on any alternative
performance measures and ratios not defined in IFRS included in this media
release.
Alternative performance measures
For additional information about alternative performance measures used by
management that are not defined in IFRS, including definitions and
reconciliations to measures defined in IFRS, please refer to the link below:
https://www.sig.biz/investors/en/performance/definitions
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=f1faa5dce0c860d5683e729b53761d5e
File description: SIG_Q124
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
End of Announcement EQS News Service
---------------------------------------------------------------------------
1892169 30-Apr-2024 CET/CEST
production footprint
SIG Group AG / Key word(s): Quarter Results
SIG Group AG: Stable volumes, initial signs of growth recovery, progress on
production footprint
30-Apr-2024 / 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
April 30, 2024
Q1 2024 trading update
Stable volumes, initial signs of growth recovery, progress on production
footprint
* Q1 2024 revenue, at constant currency, in line with strong prior year
(constant currency and constant resin (1) also in line with prior year)
* Q1 2024 reported revenue declined by 1.0% compared with Q1 2023
* Volume growth resuming in key regions, pricing stable
* Q1 2024 adjusted EBITDA margin 21.5%; set to expand through the year as
revenue growth resumes
* Full year guidance confirmed
Samuel Sigrist, CEO, said: 'In the first quarter of the year, good volume
performance in aseptic and chilled cartons offset the impact of a tough base
of comparison for bag-in-box and spouted pouch revenues. For the business as
a whole, we expect volume growth to accelerate through the year as consumer
confidence improves.
Profitability in the second half will benefit from top line growth and we
expect an increase in the full year adjusted EBITDA margin to be within the
lower half of the 25-26% range. We aim to achieve this while continuing to
invest in growth and innovation. Our expansion into new regions is
proceeding well with strong growth in India and in other emerging markets
such as Latin America.
In Q2 2024 we will commence production at our new state-of-the-art chilled
carton production facility in China. Located alongside our aseptic carton
facilities in Suzhou Industrial Park, the facilities completion, ahead of
schedule, positions SIG to capitalise on the strong revenue growth and
market share gains in chilled. We believe that the business will benefit
from the modern and efficient facilities that we have in Suzhou as well as
from our shared infrastructure, existing R&D resources, and our customer
testing facility.'
Key performance indicators: Q1 2024
Three months Three months
ended ended
March 31, March 31,
2024 2023
(In EUR million or %)
Total revenue 721.5 729.0
Adjusted EBITDA 155.2 175.0
Adjusted EBITDA margin 21.5% 24.0%
EBITDA 134.2 166.2
Adjusted EBIT 88.5 113.3
EBIT 29.7 66.9
Adjusted net income 39.7 64.7
Net income (7.1) 23.0
Free cash flow (100.7) (95.2)
Revenue by region
Three months Three months Change
ended ended
March 31 March 31
2024 2023
(In EUR million or %) Reported Constant
currency currency
Europe 250.9 237.9 5.5% 5.8%
IMEA 90.6 96.2(1)(2) (5.8%) (4.7%)
1. #_ftn2
APAC 185.5 179.42 3.4% 7.9%
Americas 194.5 215.3 (9.7%) (10.5%)
Group Functions 0.0 0.2
Total revenue 721.5 729.0 (1.0%) 0.0%
Europe
In Q1 2024, revenue growth for Europe on a constant currency basis was 5.8%
or 6.2% on a constant currency and constant resin (3) basis.
Performance was driven by strong volume growth in aseptic carton partly due
to a low base effect in Q1 2023. The segment continues to win new filler
contracts in liquid dairy and food.
Revenue from bag-in-box and spouted pouch declined against a strong prior
year comparison which included equipment sales that were not repeated in Q1
of this year.
India, Middle East and Africa
In Q1 2024, revenue for India, Middle East and Africa on a constant currency
basis declined by 4.7% or, a decrease of 4.5% when adjusted for both
constant currency and constant resin (4).
While India witnessed strong aseptic carton growth, the Middle East and
African region was impacted by shipping disruptions in the Red Sea, leading
to delays in deliveries to customers in North Africa. It is expected that
these shipments will take place in Q2 2024, subject to no further escalation
of shipping disruptions in the region.
The region was pleased to win its first bag-in-box contract, for a full
aseptic system solution, in Saudi Arabia for food service.
Asia Pacific
In Q1 2024, revenue for Asia Pacific on a constant currency basis increased
by 7.9% or by 8.1% when adjusted for both constant currency and constant
resin4.
Sales in China saw strong volume growth for both aseptic and chilled cartons
following a decline in Q1 2023, which was impacted by an outbreak of
COVID-19. Both categories are gaining market share in large and small
packaging formats for milk.
Indonesia, Thailand, and Vietnam saw good volume recovery in March. The
region saw strong demand for new filling lines during the period.
Americas
In Q1 2024, revenue for the Americas region on a constant currency basis
declined by 10.5% or, a decrease of 11.1% when adjusted for both constant
currency and constant resin4.
This decrease was primarily driven by a decline in bag-in-box and spouted
pouch volume compared to a strong performance in the previous year. An
increase in menu prices also affected out-of-home dining during the quarter.
The Group anticipates a recovery as quick service restaurants increase
promotional activities.
In Brazil, aseptic carton volumes experienced good growth in March following
a slower start to the year. Additionally, the Group continues to expand its
presence in the rest of South America, particularly in non-carbonated soft
drinks and flavoured milk segments.
Adjusted EBITDA
For the quarter, adjusted EBITDA amounted to EUR155.2 million (Q1 2023: EUR175.0
million). The adjusted EBITDA margin of 21.5% (Q1 2023: 24.0%) was impacted
by unfavorable currency movements, which reduced the margin by 110 basis
points. Lower raw material costs offset a negative mix impact. Higher SG&A
expenses reflected investments in growth, research and development, and wage
inflation.
The Company intends to transfer its chilled carton manufacturing plant in
Shanghai to the same location as its aseptic facilities in the Suzhou
Industrial Park China. It has built a state-of-the-art chilled carton
production facility and plans to sell the Shanghai premises. This has
resulted in an impairment and restructuring expense of EUR19.1 million pre-tax
for the period. The impairment charge is related to the decline in real
estate values in China. These costs have been adjusted out of EBITDA.
Net income and adjusted net income
For the period, adjusted net income amounted to EUR39.7 million (Q1 2023:
EUR64.7 million). This decline was primarily attributed to lower adjusted
EBITDA.
Net income for the period was EUR(7.1) million (Q1 2023: EUR23.0 million). The
decrease was a result of an impairment and restructuring expense of EUR15.6
million post-tax related to the relocation of the Group's chilled carton
plant, as mentioned above.
Further details on adjustments to EBITDA and net income can be seen in the
tables below.
Reconciliation of profit for the period to EBITDA and adjusted EBITDA:
(In EUR million) Three months ended Three months ended
March 31, 2024 March 31, 2023
Profit / (loss) for the (7.1) 23.0
period
Net finance expense 36.7 33.0
Income tax expense 0.1 10.9
Depreciation and 104.5 99.3
amortisation
EBITDA 134.2 166.2
Adjustments to EBITDA:
Unrealised loss/(gain) on (1.9) 0.8
operating derivatives
Restructuring costs, net 4.7 1.7
of reversals
Transactionand 0.2 -
acquisition-related costs
Integration costs 0.6 3.5
Change in fair value of 1.2 2.6
contingent consideration
Impairment losses 15.9 0.2
Other 0.3 -
Adjusted EBITDA 155.2 175.0
Reconciliation of profit for the period to adjusted net income:
(In EUR million) Three Three
months months
ended March ended March
31, 2024 31, 2023
Profit / (loss) for the period (7.1) 23.0
Non-cash foreign exchange impact of 1.2 2.1
non-functional currency loans and
realised foreign exchange impact due to
refinancing
Amortization of transaction costs 0.7 1.1
Net change in fair value of 0.2 1.2
financing-related derivatives
PPA depreciation and amortization - Onex 25.9 25.8
acquisition
PPA amortization - Other acquisitions 11.9 11.8
Adjustments to EBITDA(1)(5) 1. #_ftn5 21.0 8.8
Tax effect on above items (14.1) (9.1)
Adjusted net income 39.7 64.7
Net capital expenditures
(In EUR million) Three months ended Three months ended
March 31, 2024 March 31, 2023 PP&E and intangible 36.6 51.3 assets (net of sales) Filling lines and other 56.7 62.6 related equipment Capital expenditure 93.3 113.9 Upfront cash (30.6) (26.6) Net capital expenditure 62.7 87.3
Net capital expenditure for the period totalled EUR62.7 million, compared to
EUR87.3 million in the prior year period. Net capital expenditure as a
percentage of revenue was 8.7%. Overall, net capital expenditure decreased
by EUR24.6 million compared to Q1 2023.
Free cash flow
(In EUR million) Three months Three months
ended March 31, ended March 31,
2024 2023
Net cash from operating 7.8 29.8
activities
Acquisition of PP&E and (93.3) (113.9)
intangible assets (net of
sales)
Payment of lease liabilities (15.2) (11.1)
Free cash flow (100.7) (95.2)
The cash flow generation in Q1 2024 reflected the typical seasonality of the
business, primarily due to the payment of customer volume incentives in the
first half of the year. The Group's cash generation continues to be skewed
towards the second half of the year.
Leverage
(In EUR million) As of As of
March 31, Dec. 31,
2024 2023
Gross debt 2,547.7 2,457.5
Cash and cash equivalents 265.8 280.9
Net debt 2,281.9 2,176.6
Net leverage ratio (last twelve months) 2.9x 2.7x
Net leverage as of March 31, 2024 was 2.9x (March 31, 2023: 3.1x). The
increase compared to 31 December 2023, reflects the usual seasonality of the
business. The Group expects to reduce net leverage to around 2.5x by
December 31, 2024.
Dividend
The Annual General Meeting held on April 23, 2024 approved a dividend
distribution, from the capital contribution reserve, of CHF 0.48 per share
for the year 2023. The dividend will be paid on or around April 30, 2024 and
will amount to approximately CHF183 million. The Company intends to continue
its policy of a progressive dividend per share with a pay-out ratio within a
range of 50-60% of adjusted net income.
Outlook
SIG confirms its 2024 guidance. The Company expects total revenue growth at
constant currency at the low end of its 4-6%mid-term guidance range. This
reflects the Group's expectation that volume growth will be geared towards
the second half of 2024, as we expect end market demand to recover.
The resin escalator for the bag-in-box and spouted pouch businesses, which
passes on movements in resin costs directly to customers, is not included in
the guidance.
The adjusted EBITDA margin is expected to be within the lower half of
25-26%. This is subject to input costs and foreign currency volatility. The
Company believes operating leverage and acquisition synergies will
positively contribute to adjusted EBITDA margin which will be partly offset
by higher SG&A, reflecting investments in innovation and regional expansion,
and wage inflation.
Investor contact:
Ingrid McMahon
Director Investor Relations
Tel: +41 52 543 1224
Email: Ingrid.mcmahon@sig.biz
Media contact:
Andreas Hildenbrand
Lemongrass Communications
Tel: +41 44 202 5238
Email: andreas.hildenbrand@lemongrass.agency
(1) The resin escalator for the bag-in-box and spouted pouch businesses,
which passes on movements in resin costs directly to customers, is excluded
for year-on-year comparison purposes.
(2) Q1 2023 restated to reflect new IMEA segment structure, as presented in
the 2023 annual report.
(3) The resin escalator for the bag-in-box and spouted pouch businesses,
which passes on movements in resin costs directly to customers, is excluded
for year-on-year comparison purposes.
(4) The resin escalator for the bag-in-box and spouted pouch businesses,
which passes on movements in resin costs directly to customers, is excluded
for year-on-year comparison purposes.
(5) For the different adjustments to EBITDA, refer to the adjusted EBITDA
table above.
About SIG
SIG is a leading solutions provider of packaging for better - better for our
customers, for consumers, and for the world. With our unique portfolio of
aseptic carton, bag-in-box, and spouted pouch, we work in partnership with
our customers to bring food and beverage products to consumers around the
world in a safe, sustainable, and affordable way. Our technology and
outstanding innovation capabilities enable us to provide our customers with
end-to-end solutions for differentiated products, smarter factories, and
connected packs, all to address the ever-changing needs of consumers.
Sustainability is integral to our business, and we strive to create a net
positive food packaging system.
Founded in 1853, SIG is headquartered in Neuhausen, Switzerland, and listed
at the SIX Swiss Exchange. The skills and experience of our approximately
9,000 employees worldwide enable us to respond quickly and effectively to
the needs of our customers in over 100 countries. In 2023, SIG produced 53
billion packs and generated EUR3.2 billion in revenue. SIG also has an AA ESG
rating by MSCI, a 13.9 (low risk) score by Sustainalytics, Platinum CSR
rating by EcoVadis, and is included in the FTSE4Good Index. For more
information, visit our website.
For insights into trends that drive the food and beverage industry, visit
the SIG blog.
Disclaimer and cautionary statement
The information contained in this media release and in any link to our
website indicated herein is not for use within any country or jurisdiction
or by any persons where such use would constitute a violation of law. If
this applies to you, you are not authorised to access or use any such
information.
This media release contains 'forward-looking statements' that are based on
our current expectations, assumptions, estimates and projections about us
and our industry. Forward-looking statements include, without limitation,
any statement that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain the words 'may', 'will',
'should', 'continue', 'believe', 'anticipate', 'expect', 'estimate',
'intend', 'project', 'plan', 'will likely continue', 'will likely result',
or words or phrases with similar meaning. Undue reliance should not be
placed on such statements because, by their nature, forward-looking
statements involve risks and uncertainties, including, without limitation,
economic, competitive, governmental and technological factors outside of the
control of SIG Group AG ('SIG', the 'Company' or the 'Group'), that may
cause SIG's business, strategy or actual results to differ materially from
the forward-looking statements (or from past results). For any factors that
could cause actual results to differ materially from the forward-looking
statements contained in this media release, please see our offering circular
for the issue of notes in June 2020. SIG undertakes no obligation to
publicly update or revise any of these forward-looking statements, whether
to reflect new information, future events or circumstances or otherwise. It
should further be noted that past performance is not a guide to future
performance. Please also note that quarterly results are not necessarily
indicative of the full-year results. Persons requiring advice should consult
an independent adviser
The declaration and payment by the Company of any future dividends and the
amounts of any such dividends will depend upon SIG's ability to maintain its
credit rating, its investments, results, financial condition, future
prospects, profits being available for distribution, consideration of
certain covenants under the terms of outstanding indebtedness and any other
factors deemed by the Directors to be relevant at the time, subject always
to the requirements of applicable laws.
Some financial information in this media release has been rounded and, as a
result, the figures shown as totals in this media release may vary slightly
from the exact arithmetic aggregation of the figures that precede them.
In this media release, we utilise certain alternative performance measures,
including but not limited to EBITDA, adjusted EBITDA, adjusted EBITDA
margin, net capex, adjusted net income, free cash flow and net leverage
ratio that in each case are not defined in International Financial Reporting
Standards ('IFRS'). These measures are presented as we believe that they and
similar measures are widely used in the markets in which we operate as a
means of evaluating a company's operating performance and financing
structure. Our definition of and method of calculating the alternative
performance measures stated above may not be comparable to other similarly
titled measures of other companies and are not measurements under IFRS or
other generally accepted accounting principles, are not measures of
financial condition, liquidity or profitability and should not be considered
as an alternative to profit from operations for the period or operating cash
flows determined in accordance with IFRS, nor should they be considered as
substitutes for the information contained in our consolidated financial
statements. You are cautioned not to place undue reliance on any alternative
performance measures and ratios not defined in IFRS included in this media
release.
Alternative performance measures
For additional information about alternative performance measures used by
management that are not defined in IFRS, including definitions and
reconciliations to measures defined in IFRS, please refer to the link below:
https://www.sig.biz/investors/en/performance/definitions
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=f1faa5dce0c860d5683e729b53761d5e
File description: SIG_Q124
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End of Inside Information
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Language: English
Company: SIG Group AG
Laufengasse 18
8212 Neuhausen am Rheinfall
Switzerland
Phone: +41 52 674 61 11
Fax: +41 52 674 65 56
E-mail: info@sig.biz
Internet: www.sig.biz
ISIN: CH0435377954
Listed: SIX Swiss Exchange
EQS News ID: 1892169
End of Announcement EQS News Service
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1892169 30-Apr-2024 CET/CEST
