Press release


Zele, Belgium, March 12, 2014

Ontex IV S.A. announces its audited financial results for the twelve months ended 31 December 2013 

  • Reported Group Sales amounted to €1,491.9 million, representing a 14.0% increase year-on-year;
    • Sales up 8.1% year-on-year at constant currency and excluding Serenity
  • Adjusted EBITDA grew by 16.6% to €175.0 million;
  • Adjusted EBITDA margin of 11.7% for the full year (up 26 bps year-on-year) and 12.1% for the fourth quarter;
  • 74.2% increase in Free Cash Flow amounting to €103.8 million as of 31 Dec 2013 on the back of improved profitability and working capital management;
  • Net Debt at €849.3 million as of 31 Dec 2013
    • €61.3 million of cash and cash equivalent as of 31 Dec 2013
    • RCF fully repaid as of 31 Dec 2013

Charles Bouaziz, CEO of Ontex S.A. commented: “The 2013 results demonstrate the Group’s ability to adapt its strategy and operational structure to the changes in the market environment. This flexible approach has been further underpinned by the successful uptake of a sizeable portion of the revenue opportunity presented by the withdrawal of Kimberly Clark in Western Europe and growth delivered in the Eastern European businesses from an increase in sales to existing customers. In addition to this, the MEA region also performed well with sales outside Turkey now representing over 50% of the MEA division.”

“The Healthcare business was further strengthened by the seamless integration of Serenity, with financial and operational synergies being delivered in line with expectations. Furthermore, the Group continued to drive efficiencies in the Healthcare client portfolio as well as optimising its group-wide manufacturing footprint through increased integration of the manufacturing, procurement and R&D functions, as well as the closure of the Recklinghausen facility.”