Half Year 2024 Elopak ASA Earnings Call Transcript
Key Points
- Elopak ASA (STU:9J7) reported a revenue growth of around 4% and an EBITDA increase to EUR44 million, up from the previous year's Q2.
- The company successfully introduced a bond of NOK2.5 billion, indicating strong financial health and investor confidence.
- Elopak ASA (STU:9J7) saw significant volume growth in core markets, including North Europe and the Americas.
- The company maintained a strong balance sheet with a leverage ratio of 1.9, even after a substantial dividend payout.
- Elopak ASA (STU:9J7) is progressing well with the construction of its new plant in Little Rock, Arkansas, which is expected to enhance production capacity.
- The company faced an IFRS 15 effect due to the build-down of finished goods inventories, impacting reported growth figures.
- An incident with a supplier in the US caused significant operational disruptions and is expected to have a financial impact in the coming quarters.
- The economic climate in Southern Europe led to dampened consumption and down-trading to lower-cost packaging, affecting sales.
- The aseptic business, particularly in the juice segment, is experiencing difficulties in terms of consumption across Europe and the US.
- Elopak ASA (STU:9J7) is dealing with increased fixed costs driven by inflation and strategic initiatives, impacting overall profitability.
Good morning, everybody, and welcome to the second-quarter 2024 results presentation for Elopak. My name is Christian Gjerde, and I'm the Head of Treasury and Investor Relations. Today's presentation will be held by our CEO, Thomas Koermendi; and our CFO, Bent Axelsen, and will last for around 30 minutes.
After the presentation, we will have a Q&A session where the audience here in Oslo as well as audience following us on webcast will have the chance to ask questions.
With that, I will hand over to our CEO, Thomas Koermendi.
Thank you, Christian. Good morning to everyone here in Oslo and on webcast where you are listening from. First of all, let me just say, it's a pleasure for us to present a Q2 again, consistently strong with the performances we've had now for a while. We are going to present the Q2, which is really fueled by core -- by growth in our core.
So let's get to it, and I
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