Press Release: Ontex Q3 2021 Trading Update
Press Release: Ontex Q3 2021 Trading Update
Ontex Q3 2021 Trading Update
Ontex Q3 2021交易更新
Stabilizing revenue: LFL in line with prior year and sequential growth
稳定收入：LFL与上年和环比增长持平
Margin down: Severe impact of cost inflation and supply chain disruptions
利润率下降：成本上涨和供应链中断的严重影响
Executing strategic agenda: Growth priorities & structural cost savings
执行战略议程：增长优先事项和结构性成本节约
AALST-EREMBODEGEM, Belgium--(BUSINESS WIRE)--October 28, 2021--
比利时阿尔斯特-EREMBODEGEM--(美国商业通讯社)--2021年10月28日--
Regulatory News:
监管新闻：
Ontex Group NV (Euronext Brussels: ONTEX) today announced its results for the nine months ending September 30, 2021.
Ontex Group NV(泛欧交易所布鲁塞尔市场代码：Ontex)今天公布了截至2021年9月30日的9个月业绩。
Esther Berrozpe, Ontex CEO, commented: "Over the first nine months, the focus has been on stabilizing the top line and our revenue started to grow quarter on quarter since Q1. The unprecedented raw material and supply chain crisis has impacted both costs as well as our ability to source raw materials. This had a very significant impact on our Q3 results. In this environment, we are accelerating our actions to turnaround Ontex's performance. We must become more efficient by reducing our cost base and at the same time, be more customer centric to maximize our growth opportunities. Cost savings generated so far this year have offset a large part of the raw material price increases. The long-term structural changes are on track and lay important foundations for the future. I am confident that these will be of considerable benefit once the current challenges are behind us."
Ontex首席执行官埃斯特·贝罗兹佩(Esther Berrozpe)表示：“前9个月，我们的重点一直放在稳定营收上，自第一季度以来，我们的收入开始按季度增长。史无前例的原材料和供应链危机既影响了成本，也影响了我们采购原材料的能力。这对我们第三季度的业绩产生了非常重要的影响。在这种环境下，我们正在加快行动，以扭转Ontex的业绩。我们必须通过降低成本基础来提高效率，同时更加以客户为中心，以最大限度地扩大我们的增长机会。今年迄今产生的成本节约在很大程度上抵消了原材料价格上涨的影响。长期的结构性变革正在步入正轨，并为未来奠定了重要基础。我有信心，一旦当前的挑战过去，这些将会带来相当大的好处。“
Q3 2021
Q3 2021
-- Revenue of EUR512 million leading to top-line stabilization: +0.9% at
reported currencies and stable LFL; sales up in Adult Care & Baby Pants.
Q3 grew sequentially +2% compared to Q2 despite c. EUR13 million of
orders not produced due to supply chain disruptions
-- Adjusted EBITDA: EUR40 million, -29.9% vs prior year; strong generation
of structural operational efficiencies and reduced overhead cost
partially offset the impact of unprecedented increases in raw material
prices
-- Adjusted EBITDA margin of 7.8%, -344 bps year-on-year
-- Currency effects: +EUR4.5 million on sales and +EUR1.2 million on
Adjusted EBITDA
-- Net debt: EUR837 million at September 30, 2021, a slight decrease
compared to December 31, 2020 and June 30, 2021
-收入5.12亿欧元，实现营收企稳：+0.9%报告的货币和稳定的LFL；成人护理和婴儿裤子的销售额上升。与第二季度相比，第三季度环比增长+2%，尽管约1300万欧元由于供应链中断而未生产的订单-调整后的EBITDA：4000万欧元，同比下降29.9%；强劲的一代的结构运营效率和降低的管理成本部分抵消了原材料史无前例上涨的影响价格-调整后的EBITDA利润率为7.8%，同比下降344个基点--汇率影响：销售额增长450万欧元，增长120万欧元调整后的EBITDA-净债务：截至2021年9月30日，净债务8.37亿欧元，略有下降与2020年12月31日和2021年6月30日相比
STRATEGIC PRIORITIES UPDATE
战略优先事项更新
-- Simplify our Organization: Major reorganizations of Commercial Divisions,
end-to-end Supply Chain, and Innovation activities
-- Focus on attractive categories: Solid mid-single digit sales growth in
focus areas of Adult Care and Baby Pants
-- Accelerate innovation cadence: Announced new Excellence Center in Mayen
(Germany) for Global Engineering and Global Baby Care Platforms
-- Structurally reduce costs: generated EUR42 million net costs savings YTD
-- Drive higher capacity utilization: Announced project to phase out
manufacturing in Mayen (Germany) by mid-2022
-- Deleverage: received EUR81 million following an arbitration settlement
agreement regarding the acquisition of the Brazilian business
-- Drive our sustainability agenda: broke ground at Ortona (Italy) factory
to house Italy's largest system for on-site solar power generation and
consumption as another step towards our goal of carbon neutral operations
by 2030
-简化我们的组织：对商业部门进行重大重组，端到端供应链和创新活动-专注于有吸引力的品类：全年销售额实现中位数至个位数的稳健增长成人护理和婴儿裤的重点领域--加快创新节奏：宣布在马延新建卓越中心(德国)全球工程和全球婴儿护理平台-结构性降低成本：年初以来净节省成本4200万欧元-推动更高的产能利用率：宣布逐步淘汰项目到2022年年中在马延(德国)制造-去杠杆化：在仲裁和解后收到8100万欧元关于收购巴西业务的协议--推动我们的可持续发展议程：奥托纳(意大利)工厂破土动工以容纳意大利最大的现场太阳能发电系统和消费是我们实现碳中和运营目标的又一步到2030年
2021 OUTLOOK
2021年展望
Since the beginning of the year, Ontex has been generating significant net operating and SG&A costs savings, which have been important given the unprecedented rise in commodity raw material prices as the year progressed. More recently the Group has faced additional cost increases in energy, as well as higher costs and availability issues in transportation and other raw materials. In this context, Ontex now expects for FY 2021:
自今年年初以来，Ontex一直在大幅节省净运营和SG&A成本，鉴于大宗商品原材料价格随着时间的推移出现了前所未有的上涨，这一点非常重要。最近，该集团面临能源方面的额外成本增加，以及运输和其他原材料方面更高的成本和可用性问题。在此背景下，Ontex现在预计2021财年：
-- LFL revenue c. -1%
-- Adjusted EBITDA margin of c. 9%
-- Strict cash control with capital expenditure at 3.5% of revenue
-LFL收入c.-1%-调整后的EBITDA利润率为c.9%-严格现金控制，资本支出占收入的3.5%
KEY FINANCIALS FOR FIRST 9 MONTHS AND Q3 2021
2021年前9个月和第三季度的主要财务状况
9 months Third Quarter
-------------------------- ----------------------
in EUR million, except per
share data and ratios 2021 2020 Variance 2021 2020 Variance
-------------------------- ------- ------- -------- ----- ----- --------
Reported Revenue 1,492.9 1,561.3 -4.4% 512.3 507.9 0.9%
-------------------------- ------- ------- -------- ----- ----- --------
LFL Revenue 1,527.1 1,561.3 -2.2% 507.8 507.9 0.0%
-------------------------- ------- ------- -------- ----- ----- --------
Adjusted EBITDA 141.0 183.1 -23.0% 40.0 57.1 -29.9%
-------------------------- ------- ------- -------- ----- ----- --------
Adjusted EBITDA Margin 9.4% 11.7% -228 bps 7.8% 11.3% -344 bps
-------------------------- ------- ------- -------- ----- ----- --------
Net Debt 836.9 877.6 -4.6%
-------------------------- ------- ------- --------
Net Debt / LTM Adj. EBITDA 4.32x 3.43x 0.89x
-------------------------- ------- ------- --------
Notes which apply to this document
Unless otherwise indicated, all comments in this document on changes in
revenue are on a like-for-like basis (at constant currencies).
Definitions of Alternative Performance Measures (APMs) in this document can be
found under the section Corporate Information.
Due to rounding, numbers presented throughout this press release may not add
up precisely to the totals provided and percentages may not precisely reflect
the absolute figures.
------------------------------------------------------------------------------
9个月第三季度 -------------------------- ---------------------- 以百万欧元为单位，不包括每欧元共享数据和比率2021 2020差异2021 2020差异-------------------------- ------- ------- -------- ----- ----- -------- 申报收入1,492.9 1,561.3-4.4%512.3 507.9 0.9%-------------------------- ------- ------- -------- ----- ----- -------- 本地财务收入1,527.1 1,561.3-2.2%507.8 507.9 0.0%-------------------------- ------- ------- -------- ----- ----- -------- 调整后息税前利润141.0 183.1-23.0%40.0 57.1-29.9%-------------------------- ------- ------- -------- ----- ----- -------- 调整后的EBITDA利润率9.4%-11.7%-228个基点7.8%11.3%-344个基点-------------------------- ------- ------- -------- ----- ----- -------- 净债务836.9 877.6-4.6%-------------------------- ------- ------- -------- 净债务/LTM调整EBITDA 4.32x 3.43x 0.89x-------------------------- ------- ------- -------- 适用于本文档的备注除非另有说明，否则本文档中关于收入是在可比基础上(按不变货币计算)。本文档中替代绩效度量(APM)的定义可以是可在公司信息部分找到。由于四舍五入的原因，在本新闻稿中提供的数字可能不会相加精确到提供的总数，百分比可能不能准确反映绝对数字。------------------------------------------------------------------------------
INVESTOR UPDATE
投资者最新消息
Ontex will hold a virtual investor update on December 15, 2021.
Ontex将于2021年12月15日举行虚拟投资者更新。
ARBITRATION SETTLEMENT RECEIVED AND USED TO REDUCE DEBT
收到并用于减少债务的仲裁和解
Ontex announced on September 15, 2021 that it had entered into an agreement with Hypera S.A. ("Hypera", formerly Hypermarcas S.A.) settling claims relating to the acquisition of the Brazilian personal hygiene business of Hypera by Ontex. As part of the settlement, Ontex received EUR81 million (BRL 500 million) from Hypera on October 1, 2021. After deduction of c.EUR7 million arbitration-related costs, the balance of the settlement amount has been used to pay down debt, consistent with the Group's ambition to reduce leverage.
Ontex于2021年9月15日宣布，它已与Hypera S.A.(“Hypera”，前身为Hypermarcas S.A.)达成协议。解决与Ontex收购Hypera的巴西个人卫生业务有关的索赔。作为和解协议的一部分，Ontex于2021年10月1日从Hypera获得了8100万欧元(约合5亿BRL)。在扣除约700万欧元的仲裁相关费用后，和解金额的余额已用于偿还债务，这与本集团降低杠杆率的雄心一致。
Q3 2021 HIGHLIGHTS
2021年第三季度亮点
Q3 2021 revenue was EUR512 million, stable LFL versus the prior year and up 2% sequentially versus Q2 2021 despite c.EUR13 million of orders which could not be fulfilled due to supply chain disruptions. The areas identified in June as key to delivering sustained revenue improvement were visible in Q3: starting to reverse the sales trend of retailer brands in Europe, outperforming in North America, growing our current emerging markets business, and accelerating in Adult Care. On a reported basis, sales were up 0.9% due to a positive currency impact of +EUR4.5 million in the quarter.
2021年第三季度收入为5.12亿欧元，与前一年相比稳定，环比增长2%，尽管有约1300万欧元的订单因供应链中断而无法完成。6月份确定的实现持续收入改善的关键领域在第三季度可见一斑：开始扭转欧洲零售商品牌的销售趋势，在北美表现优异，增长我们目前的新兴市场业务，以及加快成人护理。在报告的基础上，由于本季度汇率的积极影响+450万欧元，销售额增长了0.9%。
Adjusted EBITDA in Q3 2021 was down -29.9% compared with prior year at EUR40 million. Significantly higher raw material prices were the main driver of the decline, and lower volumes weighed on the quarter as well. These impacts were partly mitigated by the strong reduction of net operating expenses and SG&A related to ongoing productivity and overhead savings programs. Adjusted EBITDA margin of 7.8% was down -344 bps versus prior year including a currency impact of +EUR1.2 million.
2021年第三季度调整后的EBITDA与上年同期相比下降了29.9%，为4000万欧元。原材料价格的大幅上涨是下降的主要驱动因素，销量下降也拖累了本季度。由于与持续生产力和管理费用节约计划相关的净运营费用和SG&A大幅减少，这些影响得到了部分缓解。调整后的EBITDA利润率为7.8%，比上年下降-344个基点，包括+120万欧元的汇率影响。
Net debt was EUR837 million at September 30, 2021, slightly reduced compared to the positions at December 31, 2020 and June 30, 2021. Leverage was 4.32x at September 30, 2021. Net debt pro forma following the settlement payment of EUR81 million received on October 1, 2021 was EUR756 million, resulting in pro forma leverage of 3.91x.
截至2021年9月30日，净债务为8.37亿欧元，与2020年12月31日和2021年6月30日的头寸相比略有减少。截至2021年9月30日，杠杆率为4.32倍。在2021年10月1日收到8100万欧元和解付款后，预计净债务为7.56亿欧元，预计杠杆率为3.91倍。
OPERATIONAL REVIEW: CATEGORIES
业务回顾：类别
Categories 9 months Third Quarter
---------------------------------- -------------------------------
in EUR % as % at % as % at
million 2021 2020 reported LFL 2021 2020 reported LFL
----------- ------- ------- -------- ------ ----- ----- -------- -------
Ontex
Reported
Revenue 1,492.9 1,561.3 -4.4% -2.2% 512.3 507.9 0.9% 0.0%
----------- ------- ------- -------- ------ ----- ----- -------- -------
Baby Care 807.2 871.8 -7.4% -4.6% 282.5 282.1 0.1% -1.1%
----------- ------- ------- -------- ------ ----- ----- -------- -------
Adult Care 510.4 503.7 1.3% 3.9% 174.2 165.3 5.4% 5.0%
----------- ------- ------- -------- ------ ----- ----- -------- -------
Feminine
Care 147.5 162.3 -9.1% -12.0% 46.9 51.3 -8.6% -9.0%
----------- ------- ------- -------- ------ ----- ----- -------- -------
Other 27.8 23.5 18.2% 22.7% 8.7 9.1 -4.4% -5.5%
----------- ------- ------- -------- ------ ----- ----- -------- -------
类别9个月第三季度 ---------------------------------- ------------------------------- 欧元%as%at%as%at%2021 2020年报告的百万LFL 2021 2020报告的LFL----------- ------- ------- -------- ------ ----- ----- -------- ------- Ontex已报告收入1,492.9 1,561.3-4.4%-2.2%512.3 507.9 0.9%0.0%----------- ------- ------- -------- ------ ----- ----- -------- ------- 幼儿护理807.2 871.8-7.4%-4.6%282.5 282.1 0.1%-1.1%----------- ------- ------- -------- ------ ----- ----- -------- ------- 成人护理510.4 503.7 1.3%3.9%174.2 165.3 5.4%5.0%----------- ------- ------- -------- ------ ----- ----- -------- ------- 女性化护理服务147.5 162.3-9.1%-12.0%46.9 51.3-8.6%-9.0%----------- ------- ------- -------- ------ ----- ----- -------- ------- 其他27.8 23.5 18.2%22.7%8.7 9.1-4.4%-5.5%----------- ------- ------- -------- ------ ----- ----- -------- -------
Baby Care
婴儿护理
Q3 2021 Baby Care revenue decreased -1.1% year-on-year, while at the same time Q3 was the second quarter in a row of mid-single digit sequential growth. Sales of Baby pants in Q3 grew mid-single digits compared to prior year in both Europe and AMEAA as a result of our focus to capture more of the consumer trend towards this product type. Baby diaper revenue was lower overall based on a decline in Europe and growth in AMEAA. For the first 9 months of 2021 Baby Care sales were down -4.6%.
2021年第三季度婴儿护理收入同比下降-1.1%，而与此同时，第三季度是连续第二个季度实现中位数至个位数的环比增长。与前一年相比，第三季度婴儿裤在欧洲和AMEAA的销售额都有个位数的增长，这是因为我们专注于抓住更多这类产品的消费趋势。由于欧洲市场的下降和AMEAA的增长，婴儿尿布收入整体较低。2021年的前9个月，婴儿护理产品的销售额下降了4.6%。
Adult Care
成人护理
Q3 2021 sales in the Adult Care category grew 5.0% year-on-year and were also up sequentially versus Q2 2021. Adult Pants increased ahead of the overall category led by double-digit growth in AMEAA. Retail channel revenue was up 14% with double-digit growth in both Europe and AMEAA. Sales in institutional channels were slightly lower, and continued to be impacted by a slow recovery in occupancy rates in care homes. Adult Care sales were up 3.9% in the first 9 months of 2021.
2021年第三季度成人护理类别的销售额同比增长5.0%，与2021年第二季度相比也出现了环比增长。在AMEAA两位数增长的带动下，成人裤子的增长领先于整个类别。零售渠道收入增长了14%，欧洲和美国的零售渠道收入都实现了两位数的增长。机构渠道的销售额略有下降，继续受到疗养院入住率缓慢复苏的影响。2021年前9个月，成人护理销售额增长了3.9%。
Feminine Care
女性关怀