Verallia: COVID-19: Group Activity Update

PARIS--()--Regulatory News:

Within the current context of the COVID-19 pandemic, Verallia (Paris:VRLA) today provides an update on its business activities and reviews the measures implemented by the Group to address the situation. From the outset of the crisis, Verallia has immediately undertaken all necessary measures to guarantee the safety and health of its employees worldwide and ensure business continuity. Adaptation plans have been implemented at Group and country levels to ensure the following priorities are met:

  • Employee safety
    Verallia immediately put in place all required health precautionary initiatives to prevent the spread of the virus at its production sites. In addition, remote work has been swiftly rolled out in all possible cases.
  • Business continuity and production
    As a key supplier to the food industry, the Group has managed to maintain all of its production sites running, adapting its production volumes, and thus serve its customers to the fullest extent possible. In Northern Europe, Italy and Iberia, the plants continue to operate at a sustained level. France and Latin America are more impacted due to the workforce available on-site and the decline in demand from certain customers.
  • Strong financial structure
    Verallia benefits from a very solid balance sheet structure: the leverage ratio at December 31, 2019 was 2.6x the adjusted EBITDA, a level far below the maximum leverage ratio set out in Verallia’s Group financing documentation which is at 5x. The Group has no significant debt maturities before 2024 and enjoys a strong liquidity.

    The Group has drawn down 200 million euros of its 500 million euros Revolving Credit Facility on the 20th of March 2020. As of Friday April 3rd, 2020, Verallia had 535 million euros in liquidity1.

Verallia: united and responsible

Given its financial strength and resilience, Verallia does not intend to apply for the financial support offered by the French government (public loans or guarantees, deferrals of tax or social charges payments,…) in order to allow businesses that need them the most to benefit from those financial measures. Only after having used employees’ holidays, banked hours or RTT (reduction of working hours) to the highest extent possible did Verallia apply for partial unemployment, in the most responsible and restricted manner.

The management recognizes the remarkable commitment and responsiveness of all the Group’s employees, as well as the teams’ spontaneous movements of solidarity towards the local communities where the production sites are located, such as donations of hospital equipment, hydroalcoholic gels, protective clothing or masks.

In addition, Michel Giannuzzi, Verallia’s CEO, has decided to contribute to the Group’s collective effort by foregoing his 2020 variable compensation, which represents 50% of his total annual compensation. All other Executive Committee members also participate in this joint effort by renouncing 15% of their total annual compensation. This amount will be dedicated to additional donations at local level.


Given the unprecedented nature of the situation caused by the COVID-19 pandemic and the corresponding lack of visibility, the Group withdraws its 2020 annual guidance announced on February 20, 2020. Verallia will provide a detailed update at the time of its first quarter results announcement on April 28, 2020.

About Verallia - Verallia is the leading European and the third largest producer globally of glass containers for food and beverages, and offers innovative, customized and environmentally-friendly solutions.

The Group posted €2.6 billion in revenue and produced 16 billion bottles and jars in 2019. Verallia employs around 10,000 people and comprises 32 glass production facilities in 11 countries.

Verallia is listed on compartment A of the regulated market of Euronext Paris (Ticker: VRLA – ISIN: FR0013447729) and is included in the following indices: SBF 120, CAC Mid 60, CAC Mid & Small et CAC All-Tradable. For more information:

Financial calendar

  • 28 April 2020: financial results for Q1 2020 - Press release after market close and conference call the same evening.
  • 10 June 2020: Annual General Shareholders’ Meeting.
  • 30 July 2020: financial results for H1 2020 - Press release after market close and presentation/ conference call the following morning.
  • 29 October 2020: financial results for Q3 2020 - Press release after market close and conference call the same evening.


Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Verallia operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance of Verallia to be materially different from those expressed or implied by these forward-looking statements. In addition to the impact of the current sanitary crisis, these risks and uncertainties include those discussed or identified under Chapter 3 “Facteurs de Risques” in the Registration Document dated 4 September 2019, approved by the AMF under number I. 19-031 and available on the Company’s website ( and the AMF’s website ( These forward-looking information and statements are not guarantees of future performances.

This press release includes only summary information and does not purport to be comprehensive.

1 Calculated as the Cash + Undrawn Revolving Credit Facility ‐ Outstanding Commercial Papers.


Verallia Investor Relations
Alexandra Baubigeat Boucheron -

Verallia - Marie Segondat -
Brunswick - Benoit Grange, Hugues Boëton - - +33 1 53 96 83 83


Verallia Investor Relations
Alexandra Baubigeat Boucheron -

Verallia - Marie Segondat -
Brunswick - Benoit Grange, Hugues Boëton - - +33 1 53 96 83 83