Event dates: May 04 – May 10
Location: Düsseldorf, Germany
•Reports like-for-like shipment volume increases of 2.3% versus 2014
•Adjusted gross margin of 14.9%, up 80 basis points compared to 2014
•Adjusted EBITDA up 8% for the full year versus 2014, under constant currency
•Adjustments to EBITDA declined by $16 million for the year versus 2014
Coveris Holdings S.A. reported fourth quarter 2015 adjusted net sales of $645 million. Adjusted net sales for the fourth quarter of 2014 were $704 million. Excluding the impact of foreign exchange, pass-through of lower resin costs, and acquisitions, adjusted net sales for the fourth quarter of 2015 were approximately in-line with the prior year. Adjusted EBITDA for the fourth quarter was $84 million. Excluding currency impacts, adjusted EBITDA was $90 million or a 16.8% increase over 2014.
Adjusted net sales for the full year were $2.7 billion. Adjusting for the $269 million impact of foreign exchange and the $46 million impact from declining resin prices, adjusted net sales were slightly higher than the prior year, driven by a 2.3% volume improvement over 2014.
Adjusted EBITDA for the full-year was $336 million. Adjusting for currency impacts of $32.7 million, adjusted EBITDA would have been $369 million, an 8.2% improvement over the full year of 2014.
“We are very pleased with our 2015 results,” said Gary Masse, President and Chief Executive Officer. “We experienced organic growth, pricing discipline, productivity gains and inventory turn improvement using the tools and processes of the Coveris Business System.”