Verallia has successfully completed the sale of its minority stake in the IVN joint venture (the Brazilian company called Indústria Vidreira do Nordeste).

The announcement was disclosed during its Quarter 3, 2018 financial report.

In the report, the French container glassmaker reported revenue decreased year-on-year (-4.3%).

However, at the same exchange rates and excluding IFRS15, Verallia posted a 4.3% growth between Q3 2017 and Q3 2018.

This growth was driven by volume/mix improvement, supported by price increases aiming at mitigating rising energy costs.

In South America, reported revenue decreased by 15.2% due to negative exchange rates variations.

The glassmaker said that at the same exchange rates and excluding IFRS15, the growth is +22.5% supported by a good level of activity, notably in Brazil, as well as higher prices in an inflationary context in Argentina and Brazil.

Adjusted EBITDA was up 12.6% (+20.0% at constant exchange rates), driven by robust revenue growth (excluding IFRS15) associated to continuous reduction of the cost base, despite rising energy costs.

Michel Giannuzzi, CEO of Verallia, said: "Verallia is pursuing its improvement in adjusted EBITDA margin to reach 24.6% in Q3 2018, up 370 bps since last year.

"This is the result of a good commercial performance associated to a continuous focus on improving Verallia’s operational efficiency over the year."

Pic source @FranckDunouau