BEWI – Results for the second quarter and first half of 2022
BEWI, a leading provider of packaging, components, and insulation solutions, today reported its results for the second quarter and first half of 2022. The company recorded net sales of 277.0 million euro for the second quarter of 2022, up by 40 per cent compared to the 198.1 million euro for the same quarter last year. 19 per cent of the growth was organic, mainly explained by higher sales prices. Adjusted EBITDA came in at 40.3 million, up from EUR 31.6 million recorded for the second quarter of 2021.
“We are pleased to deliver another record quarter for BEWI. The results are backed by continued solid demand from our key markets, good operational performance, and strong price management,” says Christian Bekken CEO of BEWI ASA.
“Although market demand has remained solid, the business landscape has been challenging and to a certain degree unpredictable this year. Despite this, our organisation has managed to manoeuvre impressively well, delivering the strong results,” Bekken continues.
For the first six months of 2022, BEWI had revenues of 507.2 million euro, compared to 347.0 million for the same period last year, representing 46 per cent growth, of which 27 per cent is organic.
All business segments contribute to the organic growth compared to, mainly due to strong price management. Styrene prices continued to increase in the second quarter, with stable demand for EPS raw material, resulting in a continued strong GAP.
In the first half of 2022, BEWI has completed the acquisition of the Norwegian paper packaging company Trondhjems Eskefabrikk and the recycling platform company Berga Recycling, as well as increased its ownership of the UK-based insulation and packaging company Jablite from 49 to 100 per cent.
Further, the company has announced its acquisition of the Lithuanian packaging and insulation company BalPol, which is expected to be completed in the third quarter this year, and finally, the company has received approval from all relevant competition authorities to close the Jackon transaction under certain conditions.
Going forward, BEWI expects a stable long-term demand in its key markets, including the markets for food packaging, insulation, HVAC (heating, ventilation, air-condition) and automotive components, based on strong underlying fundamentals. Challenges and uncertainty related to the global supply chain shortages, high energy prices, and concerns around inflation and increasing interest rates are closely monitored and managed in the daily operations. So far, these factors have not had any material impact on demand.
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 find attached the full report for the second quarter and first half of 2022, the presentation of the results and the financials spreadsheet.
CEO Christian Bekken and CFO Marie Danielsson will present the results from 08:30 at the premises of Carnegie at the 5th floor of Fjordalleen 16 at Aker Brygge 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. 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 11 August 2022
