BEWI – Results for the first quarter of 2022
BEWI, a leading provider of packaging, components, and insulation solutions, today reported its results for the first quarter of 2022.
BEWI recorded net sales of 230.2 million euro for the first quarter of 2022, up by 55 per cent compared to the 148.9 million euro for the same quarter last year. The company recorded 37 per cent organic growth, mainly from higher sales prices. Adjusted EBITDA came in at 34.4 million, which is the company’s highest ever recorded result and a doubling of the EUR 16.7 million recorded for the first quarter of 2021.
“We are very pleased to see our growth continuing into 2022, following a continued strong demand in our key markets, although combined with the industrywide challenges in the value chain,” says Christian Bekken CEO of BEWI ASA.
BEWI’s segment RAW continued to favour from a strong market this quarter, and the company also recorded a continued positive development for its Insulation operations in the Benelux region. Furthermore, volumes sold of traded food packaging products increased significantly, while sales of EPS fish boxes were lower, explained by lower slaughter volumes of fish. Sales of components, both to the automotive industry through IZOBLOK and to heating ventilation and air-condition (HVAC) systems, continued to be challenged by the global shortage of electronic components.
So far this year, BEWI has announced three acquisitions, including the Norwegian paper packaging company Trondhjems Eskefabrikk, its intention to acquire a Baltic insulation company, and most recently the acquisition to become 100 per cent owner of the UK-based packaging and insulation company Jablite.
For the next quarter, BEWI expects EPS prices to remain on historical high levels. However, as raw material prices are expected to stabilise or slightly decrease, the company expects to see improved profitability from its downstream units, while somewhat lower margins for its upstream segment RAW.
BEWI’s strong results and solid financial position, enable the company to continue its active M&A strategy going forward, pursuing attractive growth opportunities within selected industries and markets.
Please see the full report for the first quarter of 2022 and the presentation of the results attached.
CEO Christian Bekken and CFO Marie Danielsson will present the results from 08:30 at the premises of Pareto Securities at the 11th floor of in Dronning Mauds gate 3 in Oslo, Norway. The presentation is open to all. The presentation will also be available through a live webcast. The link to the webcast is available from BEWI’s homepage www.bewi.com/investors/reports-presentations/. It will be possible to post questions through the webcast, and a recording of the webcast will be made available from BEWI’s website.
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 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 07:00 CEST on 20 May 2022