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
穩定收入：LFL與上年和環比增長持平
Margin down: Severe impact of cost inflation and supply chain disruptions
利潤率下降：成本上漲和供應鏈中斷的嚴重影響
Executing strategic agenda: Growth priorities & structural cost savings
執行戰略議程：增長優先事項和結構性成本節約
AALST-EREMBODEGEM, Belgium--(BUSINESS WIRE)--October 28, 2021--
比利時阿爾斯特-EREMBODEGEM--(美國商業通訊社)--2021年10月28日--
Regulatory News:
監管新聞：
Ontex Group NV (Euronext Brussels: ONTEX) today announced its results for the nine months ending September 30, 2021.
Ontex Group NV(泛歐交易所布魯塞爾市場代碼：Ontex)今天公佈了截至2021年9月30日的9個月業績。
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首席執行官埃斯特·貝羅茲佩(Esther Berrozpe)表示：“前9個月，我們的重點一直放在穩定營收上，自第一季度以來，我們的收入開始按季度增長。史無前例的原材料和供應鏈危機既影響了成本，也影響了我們採購原材料的能力。這對我們第三季度的業績產生了非常重要的影響。在這種環境下，我們正在加快行動，以扭轉Ontex的業績。我們必須通過降低成本基礎來提高效率，同時更加以客户為中心，以最大限度地擴大我們的增長機會。今年迄今產生的成本節約在很大程度上抵消了原材料價格上漲的影響。長期的結構性變革正在步入正軌，併為未來奠定了重要基礎。我有信心，一旦當前的挑戰過去，這些將會帶來相當大的好處。“
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5.12億歐元，實現營收企穩：+0.9%報告的貨幣和穩定的LFL；成人護理和嬰兒褲子的銷售額上升。與第二季度相比，第三季度環比增長+2%，儘管約1300萬歐元由於供應鏈中斷而未生產的訂單-調整後的EBITDA：4000萬歐元，同比下降29.9%；強勁的一代的結構運營效率和降低的管理成本部分抵消了原材料史無前例上漲的影響價格-調整後的EBITDA利潤率為7.8%，同比下降344個基點--匯率影響：銷售額增長450萬歐元，增長120萬歐元調整後的EBITDA-淨債務：截至2021年9月30日，淨債務8.37億歐元，略有下降與2020年12月31日和2021年6月30日相比
STRATEGIC PRIORITIES UPDATE
戰略優先事項更新
-- 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
-簡化我們的組織：對商業部門進行重大重組，端到端供應鏈和創新活動-專注於有吸引力的品類：全年銷售額實現中位數至個位數的穩健增長成人護理和嬰兒褲的重點領域--加快創新節奏：宣佈在馬延新建卓越中心(德國)全球工程和全球嬰兒護理平台-結構性降低成本：年初以來淨節省成本4200萬歐元-推動更高的產能利用率：宣佈逐步淘汰項目到2022年年中在馬延(德國)製造-去槓桿化：在仲裁和解後收到8100萬歐元關於收購巴西業務的協議--推動我們的可持續發展議程：奧托納(意大利)工廠破土動工以容納意大利最大的現場太陽能發電系統和消費是我們實現碳中和運營目標的又一步到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:
自今年年初以來，Ontex一直在大幅節省淨運營和SG&A成本，鑑於大宗商品原材料價格隨着時間的推移出現了前所未有的上漲，這一點非常重要。最近，該集團面臨能源方面的額外成本增加，以及運輸和其他原材料方面更高的成本和可用性問題。在此背景下，Ontex現在預計2021財年：
-- 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%-調整後的EBITDA利潤率為c.9%-嚴格現金控制，資本支出佔收入的3.5%
KEY FINANCIALS FOR FIRST 9 MONTHS AND Q3 2021
2021年前9個月和第三季度的主要財務狀況
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.
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9個月第三季度 -------------------------- ---------------------- 以百萬歐元為單位，不包括每歐元共享數據和比率2021 2020差異2021 2020差異-------------------------- ------- ------- -------- ----- ----- -------- 申報收入1,492.9 1,561.3-4.4%512.3 507.9 0.9%-------------------------- ------- ------- -------- ----- ----- -------- 本地財務收入1,527.1 1,561.3-2.2%507.8 507.9 0.0%-------------------------- ------- ------- -------- ----- ----- -------- 調整後息税前利潤141.0 183.1-23.0%40.0 57.1-29.9%-------------------------- ------- ------- -------- ----- ----- -------- 調整後的EBITDA利潤率9.4%-11.7%-228個基點7.8%11.3%-344個基點-------------------------- ------- ------- -------- ----- ----- -------- 淨債務836.9 877.6-4.6%-------------------------- ------- ------- -------- 淨債務/LTM調整EBITDA 4.32x 3.43x 0.89x-------------------------- ------- ------- -------- 適用於本文檔的備註除非另有説明，否則本文檔中關於收入是在可比基礎上(按不變貨幣計算)。本文檔中替代績效度量(APM)的定義可以是可在公司信息部分找到。由於四捨五入的原因，在本新聞稿中提供的數字可能不會相加精確到提供的總數，百分比可能不能準確反映絕對數字。------------------------------------------------------------------------------
INVESTOR UPDATE
投資者最新消息
Ontex will hold a virtual investor update on December 15, 2021.
Ontex將於2021年12月15日舉行虛擬投資者更新。
ARBITRATION SETTLEMENT RECEIVED AND USED TO REDUCE DEBT
收到並用於減少債務的仲裁和解
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於2021年9月15日宣佈，它已與Hypera S.A.(“Hypera”，前身為Hypermarcas S.A.)達成協議。解決與Ontex收購Hypera的巴西個人衞生業務有關的索賠。作為和解協議的一部分，Ontex於2021年10月1日從Hypera獲得了8100萬歐元(約合5億BRL)。在扣除約700萬歐元的仲裁相關費用後，和解金額的餘額已用於償還債務，這與本集團降低槓桿率的雄心一致。
Q3 2021 HIGHLIGHTS
2021年第三季度亮點
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年第三季度收入為5.12億歐元，與前一年相比穩定，環比增長2%，儘管有約1300萬歐元的訂單因供應鏈中斷而無法完成。6月份確定的實現持續收入改善的關鍵領域在第三季度可見一斑：開始扭轉歐洲零售商品牌的銷售趨勢，在北美表現優異，增長我們目前的新興市場業務，以及加快成人護理。在報告的基礎上，由於本季度匯率的積極影響+450萬歐元，銷售額增長了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年第三季度調整後的EBITDA與上年同期相比下降了29.9%，為4000萬歐元。原材料價格的大幅上漲是下降的主要驅動因素，銷量下降也拖累了本季度。由於與持續生產力和管理費用節約計劃相關的淨運營費用和SG&A大幅減少，這些影響得到了部分緩解。調整後的EBITDA利潤率為7.8%，比上年下降-344個基點，包括+120萬歐元的匯率影響。
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，淨債務為8.37億歐元，與2020年12月31日和2021年6月30日的頭寸相比略有減少。截至2021年9月30日，槓桿率為4.32倍。在2021年10月1日收到8100萬歐元和解付款後，預計淨債務為7.56億歐元，預計槓桿率為3.91倍。
OPERATIONAL REVIEW: CATEGORIES
業務回顧：類別
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%
----------- ------- ------- -------- ------ ----- ----- -------- -------
類別9個月第三季度 ---------------------------------- ------------------------------- 歐元%as%at%as%at%2021 2020年報告的百萬LFL 2021 2020報告的LFL----------- ------- ------- -------- ------ ----- ----- -------- ------- Ontex已報告收入1,492.9 1,561.3-4.4%-2.2%512.3 507.9 0.9%0.0%----------- ------- ------- -------- ------ ----- ----- -------- ------- 幼兒護理807.2 871.8-7.4%-4.6%282.5 282.1 0.1%-1.1%----------- ------- ------- -------- ------ ----- ----- -------- ------- 成人護理510.4 503.7 1.3%3.9%174.2 165.3 5.4%5.0%----------- ------- ------- -------- ------ ----- ----- -------- ------- 女性化護理服務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
嬰兒護理
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年第三季度嬰兒護理收入同比下降-1.1%，而與此同時，第三季度是連續第二個季度實現中位數至個位數的環比增長。與前一年相比，第三季度嬰兒褲在歐洲和AMEAA的銷售額都有個位數的增長，這是因為我們專注於抓住更多這類產品的消費趨勢。由於歐洲市場的下降和AMEAA的增長，嬰兒尿布收入整體較低。2021年的前9個月，嬰兒護理產品的銷售額下降了4.6%。
Adult Care
成人護理
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年第三季度成人護理類別的銷售額同比增長5.0%，與2021年第二季度相比也出現了環比增長。在AMEAA兩位數增長的帶動下，成人褲子的增長領先於整個類別。零售渠道收入增長了14%，歐洲和美國的零售渠道收入都實現了兩位數的增長。機構渠道的銷售額略有下降，繼續受到療養院入住率緩慢復甦的影響。2021年前9個月，成人護理銷售額增長了3.9%。
Feminine Care
女性關懷