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  4. Preliminary Results 1819 Preliminary Results 1819

Preliminary Results 2018/2019

23 May 2019

Underlying progress in core commercial division offset by significant challenges elsewhere.

Financial Summary

  • Revenue from total operations up 1% to €1.8bn
  • Cost synergies of €30m delivered and on track to achieve €40m in 2019/20
  • Underlying EBIT from total operations up 11% to €87.0m
  • Underlying profit before tax from total operations up 9% to €63.8m
  • Underlying EPS from total operations up 13% to 6.1 cents per share
  • Total non-trading and exceptional items of €146m, €52m of which cash: €69m relate to UK Municipal and €57m to merger related costs, as previously announced, resulting in a statutory loss of €97.7m for the year
  • Core net debt, excluding the impact of assets held for sale, in line with expectations at €556m, representing 3.06x EBITDA and below bank covenant of 3.5x
  • Total dividend for the year of 1.45p per share, as previously announced

Operational Summary

  • Underlying EBIT up 18% in core Commercial Benelux Divisions to €86.5m
  • ATM shipments remain suspended but progress being made with new testing regime agreed with regulators
  • Restructuring underway in Monostreams Division and Derby project under review
  • Previously announced actions to reduce the Group’s core net debt and leverage ratio well advanced
  • Strategy to benefit from Renewi’s unique position in value chain linking waste producers to secondary raw material consumers
  • Board evolving to reflect Benelux focus of the business with plans to search for a Benelux based Chairperson in current financial year

Otto de Bont, Chief Executive Officer since 1 April 2019, said:

“Last year was a challenging one for the Group, with the progress in our Commercial Division overshadowed by difficulties elsewhere. We have acted to address the Group’s short term challenges and are confident that these will be resolved during the year. Our outlook for FY20 is unchanged. Resuming soil shipments at ATM, executing the Group’s non-core disposals and reducing our leverage will strengthen the Group’s position.

“Looking forward, Renewi’s strategy is to create value by combining our unparalleled collection capability with increasingly advanced sorting and treatment capacity. This includes upgrading existing processing capacity and developing innovative sorting and treatment technologies for waste streams that are landfilled or incinerated today. By producing higher quality recyclates we can increase our margins and differentiate ourselves from competition. Our strategy is aligned with the increasing ambition from governments to develop a circular economy by promoting recycling and the use of secondary raw materials, and the demand from society for sustainable solutions. As a pure-play waste-to-product company we have a unique position in the value chain, linking waste producers to secondary raw material consumers.

We plan to simplify the organisation, portfolio and processes, focusing on markets and assets that enable us to consistently generate superior returns.”

As previously announced, Renewi is now reporting its financial results
in Euros reflecting the Group’s principal trading currency
2019 2018 Change
%Total
TOTAL OPERATIONS (including discontinued
operations and assets held for sale)
Revenue €1,799m €1,779m 1%
EBITDA+ €181.3m €178.3m 2%
Underlying EBIT+ €87.0m €78.3m 11%
Underlying profit before tax+ €63.8m €58.2m 9%
Underlying EPS+(cents per share) 6.1c 5.4c 13%
Underlying free cash flow+ €30.3m €88.4m
Exceptional and non-trading items including tax €(146.0)m €(97.4)m
Core net debt €556m €501m
STATUTORY
Revenue from continuing operations €1,781m €1,760m
Operating loss from continuing operations €(56.6)m €(32.6)m
Loss before tax from continuing operations €(89.0)m €(52.8)m
Discontinued operations €(21.1)m €(2.5)m
Basic earnings per share from continuing operations(cents) (9.0)c (6.5)c
Cash flow from operating activities €86.8m €143.6m
Final Dividend (pence per share) 0.5p 2.1p

+The definition and rationale for the use of non-IFRS measures are included before the Consolidated Income Statement. Total Operations as presented above include the financial results for the Canada Municipal and Reym businesses which as a result of the ongoing sale processes are presented as held for sale as the criteria set out in IFRS 5 has been met. In addition, the Municipal Canada segment meets the definition of a discontinued operation and is recorded as such with a restatement of the prior year comparatives as appropriate.