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Coveris Reports 2017 Audited Financial Results

Net sales of $2.5 billion, consistent with 2016, with adjusted EBITDA of $264 million for the year.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Coveris Holdings S.A. reported revenues for the full year of 2017 of $2.5 billion. These sales were in-line with the prior year. Lower volumes in flexibles were offset by the pass-through of higher resin costs. For the fourth quarter, net sales were $627 million compared with $592 million in the fourth quarter of the prior year.
 
As a result of its November 2017 announcement to explore strategic alternatives for its Americas and Rigid businesses, Coveris has classified those businesses as discontinued operations. The remaining businesses, United Kingdom Food & Consumer and Europe, Middle East and Africa Food & Consumer, represent continuing operations. Net sales for continuing operations were $896 million in 2017.
 
Adjusted EBITDA for the year was $264 million, compared to $308 million for the prior year. This decline is explained by currency, higher raw material and inflation costs. For the fourth quarter, adjusted EBITDA was $65 million compared to $64 million in the fourth quarter of the prior year.
 
“2017 did not meet our financial objectives,” said Jakob Mosser, CEO. “While we are seeing signs of improvement, we continue to recover from some business challenges. We remain focused on growing our top line, reducing our costs and improving our financial position going forward. I am optimistic about our future.”

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