BEWI – Preliminary results for the first quarter of 2021
BEWI, a leading provider of packaging, components, and insulation solutions, today announces its preliminary results for the first quarter of 2021 due to the contemplated private placement announced today. The full report for the first quarter is planned to be published on 21 May 2021.
The company contemplates a private placement of new shares raising gross proceeds of up to NOK 200 million. The proceeds will be used to finance the recently announced acquisition of the Polish automotive company IZOBLOK.
For more information about the contemplated private placement, see the separate announcement named: BEWI – Contemplates private placement
BEWI recorded net sales of EUR 148.9 million for the first quarter of 2021, an increase of 42 per cent from the EUR 105.1 million reported for the corresponding quarter last year. The increase in sales can mainly be explained by improved volumes in all segments and most regions, as well as increased sales prices as a consequence of increased raw material prices. Acquired companies contribute to approximately half of the increase.
During the first quarter of 2021, the price of the raw material increased significantly. This positively impacted the margin for segment RAW and put pressure on the margins for the downstream segments, P&C, and Insulation, as sales price adjustments face a time-lag of approximately one quarter.
Adjusted EBITDA came in at EUR 16.7 million, up from EUR 14.8 million reported for the first quarter of 2020. Acquired companies contribute with an increase of EUR 2.6 million.
BEWI had a cash flow from operating activities of EUR 0.3 million for the first quarter, including an increase of the working capital of EUR 9.5 million, following normal seasonality for working capital. For the corresponding quarter last year, the company had a negative cash flow of EUR 4.9 million, including an increase in the working capital of EUR 14.7 million.
Cash flow used for investing activities was a negative EUR 7.2 million, of which investments in ongoing greenfield projects amounted to EUR 3.3 million.
For further information, please contact:
Charlotte Knudsen, Director of IR and Communications BEWi ASA, tel: +47 9756 1959
Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047
About BEWI ASA
BEWI is an international provider of packaging, components, and insulation solutions. The company's commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.
BEWI has three reporting segments: Segment RAW, developing and producing raw materials sold internally and externally. Segment Packaging & Components (P&C), developing and manufacturing packaging solutions and technical components for customers in many industrial sectors. Segment Insulation, providing an extensive range of insulation products for the construction industry.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.
The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16:30 CEST on 6 May 2021