03.27.15
Coveris Holdings S.A. reported its fourth quarter and full year 2014 results. Full year 2014 pro forma net sales were $2,809 million. Pro forma net sales for 2013 were $2,792 million. Adjusted pro forma EBITDA for 2014 was $322 million, up 17% from the prior year, which was $274 million. The fourth quarter 2014 pro forma net sales were $664 million which were down from 2013 pro forma net sales of $686 million Adjusted pro forma EBITDA for the quarter was $71.8 million versus $66.3 million in the same period 2013, up 8%.
“I am pleased with our strong fourth quarter and full year EBITDA performance,” said Gary Masse, president and CEO. “Implementation of the Coveris Business System delivered significant savings throughout the year and strategically positioned our business units for growth in key end markets. We have established 2015 as the year of executing our strategy. The Coveris Business System, introduced in 2014, provides the tools and processes to drive manufacturing best practices around commercial excellence, operational excellence, talent and leadership, and acquisition integration.”
Coveris is divided into two reporting segments – Flexible and Rigid. The Flexible segment had pro forma net sales of $2,036 million for the year, which is up 2.5% from the prior year. This increase is mainly due to favorable currency impacts as well as favorable volumes, particularly in the North America salt and seasonal seed bag business as well as its UK labels business. For the quarter, this segment had pro forma net sales of $488 million, which was down from $506 million in the prior year.
The Rigid segment had pro forma net sales of $773 million for the year, which is down 4% from the prior year due to continued economic challenges and intense competition in Europe for rigid products, particularly in Southern Europe. For the quarter, this segment had pro forma net sales of $176 million versus $180 million in the same quarter of the prior year.
“I am pleased with our strong fourth quarter and full year EBITDA performance,” said Gary Masse, president and CEO. “Implementation of the Coveris Business System delivered significant savings throughout the year and strategically positioned our business units for growth in key end markets. We have established 2015 as the year of executing our strategy. The Coveris Business System, introduced in 2014, provides the tools and processes to drive manufacturing best practices around commercial excellence, operational excellence, talent and leadership, and acquisition integration.”
Coveris is divided into two reporting segments – Flexible and Rigid. The Flexible segment had pro forma net sales of $2,036 million for the year, which is up 2.5% from the prior year. This increase is mainly due to favorable currency impacts as well as favorable volumes, particularly in the North America salt and seasonal seed bag business as well as its UK labels business. For the quarter, this segment had pro forma net sales of $488 million, which was down from $506 million in the prior year.
The Rigid segment had pro forma net sales of $773 million for the year, which is down 4% from the prior year due to continued economic challenges and intense competition in Europe for rigid products, particularly in Southern Europe. For the quarter, this segment had pro forma net sales of $176 million versus $180 million in the same quarter of the prior year.