Refresco reports Q4
& FY 2021 results
February 24, 2022 I Rotterdam, the Netherlands
Agenda
• Subsequent events
Hans Roelofs (CEO)
• FY 2021 highlights
Hans Roelofs (CEO)
• Q4 & FY 2021 Financials
Adee Packer (CFO)
• Q&A
2
KKR to Acquire Majority Stake
in Refresco
• On February 22, 2022, Refresco and KKR, a leading global
investment firm, announced that KKR has signed a definitive
agreement to acquire a majority stake in Refresco.
• Refresco’s existing investors, PAI Partners and BCI, maintain
a significant minority position
3
Other subsequent events
Closing the transaction of acquiring Coca-Cola's Waco facility
On January 28, 2022, we have closed the transaction of the Waco (Texas) production facility, as part of
the agreement to acquire three production facilities in the US from The Coca-Cola Company as
announced on August 3, 2021.
Refresco completes strategic acquisition of HANSA-HEEMANN, a major mineral water and CSD
company in Germany
On January 31, 2022, Refresco announced the completion of the acquisition of HANSA-HEEMANN,
following the receipt of regulatory approval from competition authorities. Refresco announced that it
had entered into an agreement with HANSA-HEEMANN to acquire its five production sites in Germany on
July 8, 2021.
4
Growth across all KPIs for FY21
Volume
+1.9%
11,905 million liters
5
Adjusted EBITDA
+9.6%
€ 564 million
Cash position
€ 487 m
at the end of Q4 2021
Q4 & FY 2021
Financials
6
Key financials Q4 and FY 2021
In millions of € unless stated otherwise (unaudited)
Volume (millions of liters)
Adjusted EBITDA
Net profit/(loss)
Adjusted net profit/(loss)
Net debt
7
Q4 2021
Q4 2020
FY 2021
FY 2020
2,843
2,787
11,905
11,679
131
122
564
514
0
(15)
61
(28)
10
(11)
85
5
2,636
2,648
Reconciliation of operating profit to adjusted EBITDA
In millions of €
(unaudited)
Operating profit / (loss)
Depreciation
Amortization of intangible assets
Depreciation - IFRS 16
EBITDA
Covid-19
Acquisition costs
Impairments
Other
Adjusted EBITDA
8
Q4 2021
Q4 2020
FY 2021
FY 2020
26
42
211
175
48
45
178
170
19
6
53
42
26
24
90
84
118
117
532
472
0
1
3
9
7
4
10
6
2
2
2
13
3
(2)
17
15
131
122
564
514
Balance sheet and financial position
• Net debt at the end of Q4
2021 was €2,636 million
(Q4 2020: €2,648 million)
• Cash position of €487 million
as of December 31, 2021
9
In millions of €
(unaudited)
Dec 31, 2021
Dec 31, 2020
Total assets
5,433
5,159
Total non-current assets
3,973
3,806
Total current liabilities
1,203
1,096
Total equity
960
874
Cash and cash equivalents
487
412
Q&A
Appendix: Reconciliation from operating profit / (loss) to
adjusted net profit / (loss)
In millions of €
(unaudited)
Operating profit / (loss)
Q4 2021
Q4 2020
FY 2021
FY 2020
26
42
211
175
(28)
(47)
(122)
(172)
(2)
(5)
89
3
Income tax (expense) / benefit
2
(10)
(27)
(31)
Profit / (loss)
0
(15)
61
(28)
Covid-19
0
1
3
9
Acquisition costs
7
4
10
6
Impairments
2
2
2
13
Other
3
(2)
17
15
Tax effect
(3)
(1)
(8)
(10)
Adjusted net profit / (loss)
10
(11)
85
5
Net finance cost
Profit / (loss) before income tax
11
Appendix: Net debt as of December 31, 2020
In millions of €
(unaudited)
Cash and cash equivalents
Senior notes (EUR)
Term Loan B (equiv.)1
Mortgage Loan
RCF
Capitalized finance costs
Other loans
Net debt excl. IFRS 16 effect
IFRS 16 Lease liability
Total net debt
Amount
(487)
445
2,266
12
(23)
3
2,216
420
2,636
1.
12
Represents the euro-equivalent aggregate amount outstanding under
the Term Loan B (denominated in EUR, USD and GBP).
All values are rounded to the nearest million.