Refresco reports Q1 2022 results: strong volume growth in volatile inflationary environment
Rotterdam, the Netherlands – April 28, 2022. Refresco, the global independent beverage solutions provider for Global, National and Emerging (GNE) brands, and retailers in Europe and North America, publishes the first quarter 2022 results of Refresco Group B.V.1
Q1 2022 Highlights
• Total volume was 3,220 million liters (Q1 2021: 2,782 million liters).
• Gross profit margin was €538 million (Q1 2021: €477 million).
• Adjusted EBITDA amounted to €108 million (Q1 2021: €119 million).
• The acquisition of the production facility in Waco (TX), formerly owned by The Coca-Cola Company, was completed on January 28, 2022.
• On February 1, 2o22, Refresco announced completion of the strategic acquisition of HANSA-HEEMANN, a major mineral water and CSD company in Germany.
• On February 22, 2022, Refresco announced that KKR has signed an agreement to acquire a majority stake in Refresco, with Refresco’s existing investors, PAI and BCI, maintaining a significant minority position.
In millions of €, unless stated otherwise (unaudited)
Volume (millions of liters)
Gross profit margin
Net profit / (loss)
Adjusted net profit / (loss)
CEO Refresco, Hans Roelofs commented:
"We report a solid start of the year, in line with expectations and benefiting from the continued demand for beverage solutions by our customers across Europe and North America. We have been able to grow our volumes, accelerated by the completed acquisition of HANSA-HEEMANN and the acquisition of two plants formerly owned by The Coca-Cola Company in the United States.
On February 22, 2022, we welcomed KKR, one of the world’s most prominent investment firms, as our new majority owner. The investment by KKR is a very positive development for the Company. With KKR's support for our growth, innovation, and M&A strategy, we will be able to continue expanding our service offering for existing and new customers. We are also proud that PAI and BCI will continue as significant minority shareholders, which is a clear testament to our successful value creation.
In today's market we face challenges, that are a combination of a significant increase in input costs, as well as inflationary impact on all variable costs. We have taken various actions - including on pricing - to manage these challenges. The pressure on our margins in this first quarter is mainly due to a timing effect of the pricing actions we have executed with our customers. As we expect continued macroeconomic uncertainty and additional inflationary headwinds, we will continue to take appropriate action in order to create value for all our stakeholders.”
1 All values are rounded to the nearest million unless otherwise stated.