{"id":30487,"date":"2022-03-08T08:29:31","date_gmt":"2022-03-08T07:29:31","guid":{"rendered":"https:\/\/php8.plastv.de\/?p=30487"},"modified":"2022-03-07T14:35:40","modified_gmt":"2022-03-07T13:35:40","slug":"year-results-of-resilux","status":"publish","type":"post","link":"https:\/\/plas.tv\/?p=30487","title":{"rendered":"Year results of Resilux"},"content":{"rendered":"

Overview of the results for the year 2021<\/span><\/strong><\/p>\n

During fiscal year 2021, growth was again achieved in the volumes of preforms sold after stable sales <\/span>in fiscal year 2020. The sold volumes of blown bottles experienced a slight decrease compared to 2020.<\/span>
The total<\/span> sold volume<\/span> of preforms and bottles<\/span> increased by 4.3%<\/span> in 2021 compared to 2020. The <\/span>growth from the second quarter in 2021 continued in the second half of 2021.<\/span>
Geographically, the largest growth was realized in Eastern Europe. Sales of preforms in export markets <\/span>decreased in 2021 compared to 2020.<\/span>
The<\/span> turnover<\/span> in year 2021 increased by 15.4% to<\/span> \u20ac 431.2 million.<\/span> The average raw material price in <\/span>2021 increased by almost 20% compared to the average raw material price in 2020. Given the large <\/span>raw material component in sales, this increase along with the growth in volumes sold is the main reason <\/span>for the increase in sales.<\/span>
Compared to the figures for the year of 2020, the<\/span> added value<\/span> for 2021 increased by 1.7% or \u20ac 1.8 <\/span>million to<\/span> \u20ac 105.2 million<\/span>. The increase in added value is partly explained by the increased demand for <\/span>recycled PET material in the circular economy. By the own production of recycled PET, Resilux increases <\/span>the vertical integration. <\/span><\/p>\n

The increase in other goods and services is for the major part explained by an increase in costs for <\/span>electricity and transportation. The total personnel costs decreased by \u20ac 1.4 million. Personnel costs <\/span>include a one-time positive adjustment to pension obligations in Switzerland for 2021. This adjustment <\/span>is due to an amended payout schedule for pension rights. The decrease in the pension liabilities in the <\/span>amount of \u20ac 1.6 million was processed via the income statement and recorded in minus of the <\/span>personnel costs. Excluding these adjustments, personnel costs for 2021 remained more or less stable <\/span>compared to 2020.<\/span>
Consequently, the consolidated<\/span> operating cash flow (ebitda)<\/span> increased by \u20ac 2.1 million or 4.1% and <\/span>amounts to<\/span> \u20ac 53.2 million<\/span> for the year 2021 compared to \u20ac 51.1 million for the year 2020. In calculating <\/span>the amount of ebitda, the one-off positive adjustment to the pension obligations referred to was not <\/span>taken into account.<\/span>
The<\/span> depreciations and amortisations<\/span> remained stable and amounted to<\/span> \u20ac 19.8 million<\/span> in the year 2021. <\/span>The<\/span> operating result<\/span> for 2021 amounted to<\/span> \u20ac 35.0 million<\/span> compared to \u20ac 31.4 million for 2020, which <\/span>means an increase of \u20ac 3.5 million or 11.3%.<\/span>
The total financial result increased by \u20ac 1.5 million. The net interest expenses decreased by \u20ac 0.2 million <\/span>due to a lower average net financial debt. The net foreign exchange results and other financial results<\/span>
were more positive by \u20ac 1.2 million. The total<\/span> net financial result<\/span> amounts to<\/span> \u20ac -0.9 million<\/span> compared <\/span>to \u20ac -2.4 million in 2020.<\/span><\/p>\n

During the accounting year 2021, a<\/span> pre-tax<\/span> profit<\/span> was realized of<\/span> \u20ac 34.1 million<\/span> compared to \u20ac 29.0 <\/span>million in 2020. The total taxes amount to \u20ac -8.0 million. This amount includes taxes payable for \u20ac -7.5 <\/span>million and deferred taxes for \u20ac -0.5 million. After taxes, Resilux has realized a<\/span> net profit<\/span> of<\/span> \u20ac 26.0 <\/span>million<\/span> compared to \u20ac 22.8 million in 2020 or an increase by 14.1%.<\/span>
The<\/span> net investments<\/span> in intangible and tangible fixed assets during 2021 amount to<\/span> \u20ac 23.0 million <\/span>compared to \u20ac 16.9 million in 2020. These investments mainly relate to new production lines for the <\/span>further expansion of the factory in Romania, new blowing lines, the finalisation of the expansion of the <\/span>production capacity in recycling in Switzerland and investments in moulds.<\/span>
As per December 31<\/span>st<\/span>, 2021, Resilux had a<\/span> net financial debt<\/span> of<\/span> \u20ac 13.2 million<\/span> compared to a net <\/span>financial debt of \u20ac 21.1 million per December 31<\/span>st<\/span>, 2020. The<\/span> decrease by \u20ac 7.9 million<\/span> over fiscal year <\/span>2021 is a combination of the realised cash flows from operating activities, the investments made, the <\/span>increase in working capital by higher raw material prices and the dividends paid out during the first <\/span>half of 2021.<\/span>
The Reported net financial debt is excluding an amount of \u20ac 28.8 million off balance factoring.<\/span><\/p>\n

Outlook 2022<\/span><\/strong>
Under normal market conditions, Resilux would expect to achieve growth in volumes and results in line <\/span>with the growth in 2021. However, there remain a number of uncertain factors that make predictability <\/span>for 2022 difficult: the full control of the pandemic, increased inflation and associated cost increases <\/span>mainly for energy, and recent developments around Ukraine and Russia.<\/span>
The investments made in 2021 to expand recycling activities will allow Resilux to further increase the <\/span>use of recyclate in the preform and bottle market in 2022. By vertically integrating the recycling of PET <\/span>bottles and the processing of recycled PET in the production of preforms, Resilux becomes an even <\/span>bigger player in the circular economy with the objective to maximise the reuse of raw materials. In this <\/span>way, Resilux becomes more sustainable and makes a positive contribution to the environment. <\/span>Furthermore, investments are made in the expansion of production capacity and the replacement of <\/span>production tools for both preforms and bottles, new moulds and quality control.<\/span><\/p>\n

Subsequent events after year-end – Dividend<\/strong>
On February 14th 2022, Quva NV, via a subsidiary named Quvadec NV has acquired all shares in Resilux held by the De Cuyper Family (in total 57.51% of the issued shares). The shares were acquired by Quvadec pursuant to an agreement entered into between Quva and the De Cuyper Family on 25 November 2021 of which the conditions precedent have in the meantime been fulfilled, 15% of the shares of Quavadec NV are held by companies controlled by Peter De Cuyper and Dirk De Cuyper. As a result of the Acquisition, Quvadec has crossed the threshold for launching a mandatory tender offer for the remaining shares of Resilux.
The Board of Directors proposes to the General Meeting of Shareholders of May 20th, 2022, to not distribute a dividend for 2021.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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