Results centre
Interim Results 2020/21
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- Resilient financial and operational performance through Covid-19
- Q2 volumes in Netherlands and Belgium Commercial recovered well to 97% and 91% of prior year volumes respectively
- Revenue and underlying EBITDA from ongoing businesses down 3%1
- Underlying EBIT from ongoing businesses down 25% to €28.3m1
- Total exceptional items reduced by 86% to €8.1m
- Statutory profit of €3.5m up €38.9m from the prior year
- Cost savings of €10m in H1 and expect to exceed the €15m target for the full year.Cash savings expect to exceed the target of €60m for the full year
- Free cash flow up 89% to €97.8m, aided by significant government tax deferrals
- Core net debt* reduced to €381m from €457m at March 2020, representing net debt to EBITDA of 2.69x
- Liquidity remains strong at €325m (March 2020: €252m)
-
- ATM earnings recovery on track
- Renewi 2.0 programme progressing well
- Innovation pipeline progressing, especially with bio-LNG, construction materials and RetourMatras
- Continuing supportive regulation and increasing market demand for circular solutions
- Full year outlook: the Board now anticipates a performance materially ahead of previous expectations
-
Sep 2020
Sep 2019
% change
UNDERLYING NON STATUTORY
Revenue1 ongoing businesses
€821.4m
€850.7m
-3%
Underlying EBITDA1 ongoing businesses
€88.5m
€91.2m
-3%
Underlying EBIT1 ongoing businesses
€28.3m
€37.8m
-25%
Underlying profit before tax1 ongoing businesses
€15.3m
€20.2m
-24%
Underlying EPS1 ongoing businesses (cents per share)
1.5c
1.9c
-21%
Free cash flow1
€97.8m
€51.8m
+89%
Core net debt*
€381m
€514m
STATUTORY
Revenue from continuing operations
€821.4m
€915.7m
Operating profit from continuing operations
€17.0m
€1.0m
Profit/(loss) before tax from continuing operations
€4.4m
€(17.8)m
Loss from discontinued operations
-
€(16.6)m
Basic EPS from continuing operations (cents)
0.5c
(2.4)c
Cash flow from operating activities
€133.9m
€85.4m
Business Update
- Resilient financial and operational performance through Covid-19
- Q2 volumes in Netherlands and Belgium Commercial recovered well to 97% and 91% of prior year volumes respectively
- Revenue and underlying EBITDA from ongoing businesses down 3%1
- Underlying EBIT from ongoing businesses down 25% to €28.3m1
- Total exceptional items reduced by 86% to €8.1m
- Statutory profit of €3.5m up €38.9m from the prior year
- Cost savings of €10m in H1 and expect to exceed the €15m target for the full year.Cash savings expect to exceed the target of €60m for the full year
- Free cash flow up 89% to €97.8m, aided by significant government tax deferrals
- Core net debt* reduced to €381m from €457m at March 2020, representing net debt to EBITDA of 2.69x
- Liquidity remains strong at €325m (March 2020: €252m)
Drivers for sustained future earnings
- ATM earnings recovery on track
- Renewi 2.0 programme progressing well
- Innovation pipeline progressing, especially with bio-LNG, construction materials and RetourMatras
- Continuing supportive regulation and increasing market demand for circular solutions
- Full year outlook: the Board now anticipates a performance materially ahead of previous expectations
Financial Highlights
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|
Sep 2020 |
Sep 2019 |
% change |
|
UNDERLYING NON STATUTORY |
|
|
|
|
Revenue1 ongoing businesses |
€821.4m |
€850.7m |
-3% |
|
Underlying EBITDA1 ongoing businesses |
€88.5m |
€91.2m |
-3% |
|
Underlying EBIT1 ongoing businesses |
€28.3m |
€37.8m |
-25% |
|
Underlying profit before tax1 ongoing businesses |
€15.3m |
€20.2m |
-24% |
|
Underlying EPS1 ongoing businesses (cents per share) |
1.5c |
1.9c |
-21% |
|
Free cash flow1 |
€97.8m |
€51.8m |
+89% |
|
Core net debt* |
€381m |
€514m |
|
|
|
|
|
|
|
STATUTORY |
|||
|
Revenue from continuing operations |
€821.4m |
€915.7m |
|
|
Operating profit from continuing operations |
€17.0m |
€1.0m |
|
|
Profit/(loss) before tax from continuing operations |
€4.4m |
€(17.8)m |
|
|
Loss from discontinued operations |
- |
€(16.6)m |
|
|
Basic EPS from continuing operations (cents) |
0.5c |
(2.4)c |
|
|
Cash flow from operating activities |
€133.9m |
€85.4m |
|