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Interim report for BEWiSynbra Group for the period January to September 2020
HIGHLIGHTS for the third quarter of 2020
Numbers in parentheses refer to the corresponding periods in the previous year
- BEWiSynbra Group reported net sales of EUR 122.1 million for the third quarter
(107.4), an increase of 13,7 per cent compared to the corresponding quarter last year
- Adjusted EBITDA was EUR 18.0 million (12.9)
- EBIT for the Group was EUR 11.5 million (5.6)
- Net profit was EUR 6.7 million (EUR 2.7 million)
- Sales growth following acquisitions and EBITDA margin improvement
- Acquisition of major Norwegian packaging company
- Shares of the parent company in Norway, BEWi ASA, admitted to trading at Merkur Market
Christian Bekken, CEO BEWi ASA:
The third quarter has been an eventful quarter for our company. We acquired the Norwegian packaging company BDH Holding AS, divested properties in Denmark and the shares of our Norwegian holding company, BEWi ASA, were successfully admitted to trading on the Norwegian trading facility Euronext Growth (previously called the Merkur Market). Also, today we announced our intention to apply for a listing of our shares at Oslo Børs.
The Covid-19 pandemic continues creating uncertainty and impacting our everyday lives. As the level of impact on our operations varies across segments and markets, our integrated and diversified business model has again proven resilient. I am pleased to see that we are delivering stable results, despite challenging market conditions, and that we have been fortunate to maintain full production at our facilities.
Our circular activities remain a high priority and we stay committed to reaching our annual recycling target of 60,000 tonnes, securing full circularity. We recently commenced operations of our new recycling facility in Portugal and we expect to start in Denmark during the fourth quarter. At the same time, our sustainability work embraces far more than our Circular division. To further improve our work, we have strengthened our organisation with Camilla L. Bjerkli as our Director of Sustainability.
During the third quarter, the raw material prices increased, impacting the results in our RAW segment positively, although prices are still at low levels. Our insulation business is growing year over year. Volumes have been stable in the Nordics, but decreased in the Benelux region, although a positive development was noted towards the end of the quarter. Both our downstream segments, Packaging & Components and Insulation, continue to benefit from the favourable raw material prices.
In August, we announced the acquisition of the Norwegian packaging provider BEWi Drift Holding AS (BDH), in line with our strategy for growth and diversification. BDH is an important contributor to the growth in our Packaging & Components segment since the third quarter last year. The integration of BDH is progressing as planned and the Group targets synergies of EUR 2.3-4.5 million per year. The segment also delivered a satisfying improvement in profitability.
Our divestment of certain properties in Denmark this quarter and our recently announced intention to divest properties in Netherland supports our long-term growth strategy by releasing capital and increasing our financial flexibility.
On Friday 28 August, we had the first day of trading of our shares at the Merkur Market in Oslo, marking an important milestone for us, enabling new growth opportunities. Today we launched our intention to transfer our shares to a full listing at the Oslo Børs during December. Please see the full interim report for the period January – September 2020 attached.
For further information, please contact:
Charlotte Knudsen, Director of Communication and IR, BEWi ASA tel: +47 9756 1959
Marie Danielsson, CFO, BEWi ASA, tel: +46 70 661 0047
About BEWi Synbra Group:
BEWi, our Norwegian holding company, is a leading international provider of packaging, components and insulation solutions. The commitment to sustainability is integrated throughout the value chain, from the production of raw materials and end goods, to the recycling of used products. Since the start in the Norwegian archipelago at Frøya in 1980, the company create value for customers by offering sustainable solutions in innovative and efficient ways. With a vision to protect people and goods for a better every day, BEWi is leading the change towards a circular economy.
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 07.00 CET on 11 November 2020.