Verallia Sas · EURONEXT:VRLA
Verallia Sas — Verallia — Investor Presentation (November 2023)
64 slides from Verallia Sas's investor presentation, Nov 7, 2023
Slide 1: Welcome to Verallia
Welcome to Verallia Azuqueca plant visit – Spain 6/7 NOVEMBER 2023
Slide 2: Summary
Summary 01 02 03 04 05 06 INTRODUCTION VERALLIA IBERIA CSR PRESENTATION PRODUCTIVITY KEY TAKE AWAYS AZUQUECA PLANT ACTION PLAN (PAP) A KEY ELEMENT OF VERALLIA STRATEGY Azuqueca visit Nov. 2023 2
Slide 3: A global leader in glass packaging
A global leader in glass packaging DIVERSIFIED AND BALANCED END-MARKETS 2022 Glass packaging(1) sales split by end-market countries 12 10,000 employees Food 16% 35% Still wine decoration 17 bottles/jars Soft drinks 11% plants 5 billion p.a. Beer 13% 12% 13% cullet glass 34 12 recycling Sparkling win
Slide 4: We are Verallia
We are Verallia Azuqueca visit Nov. 2023 4
Slide 5: Verallia Iberia
VERALLIA IBERIA Paulo PINTO General Manager Iberia Azuqueca visit Nov. 2023 5
Slide 6: Verallia Iberia one of the main players of the market
Verallia Iberia one of the main players of the market VERALLIA IBERIA KEY END MARKETS FOOTPRINT Final Market Strategy Product Strategy Industrial CAPEX and sales strategy aligned focus in 2 axes: Resilience by market diversification: Beer, Wine, Spirits o Be competitive and Jars as main segments but
Slide 7: CSR Presentation
CSR PRESENTATION Wendy KOOL FOULON Romain BARRAL CSR Director & General Counsel Director of Operations Paulo PINTO General Manager Verallia Iberia Azuqueca visit Nov. 2023 7
Slide 8: Our CSR Strategy
Our CSR Strategy RE-IMAGINE GLASS FOR A SUSTAINABLE FUTURE PURPOSE 3 AXES ENHANCING THE CIRCULARITY DECARBONISING ENSURING A SAFE AND INCLUSIVE OF GLASS PACKAGING OUR ACTIVITIES WORK ENVIRONMENT FOR ALL Maximise Increase Guarantee the use of cullet in our products the proportion of low-carbon raw ma
Slide 9: The 3 axes of our CSR strategy: Enhancing the circularity of glass packaging
1 ENHANCING THE CIRCULARITY OF GLASS PACKAGING THE 3 AXES OF OUR CSR STRATEGY Azuqueca visit Nov. 2023 9
Slide 10: The R levers to circularity
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL The 3 R, levers to circularity RE DUCE REDUCE REUSE RECYCLE USE CYCLE Bottles and jars Use of resources, Cullet in our water consumption, productions waste… Azuqu
Slide 11: Recycle
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL RECYCLE Azuqueca visit Nov. 2023 11
Slide 12: Maximise the use of cullet in our products
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Maximise the use of cullet in our products OUR TARGET WHY? BECAUSE IT REDUCES Reach a rate of 59% in the use of external cullet in our production by 2025 • Virgin
Slide 13: To recycle, we first have to collect
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL To recycle, we first have to collect EUROPE, VERALLIA IS PART OF CLOSE THE GLASS LOOP PROGRAM IN LATAM, VERALLIA DEPLOYS ITS OWN CONTAINERS VIDRO VIRA VIDRO em BR
Slide 14: Cullet Treatment, a key resource: long-term investments across Europe
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Cullet Treatment, a key resource: Verallia accelerates long-term investments across Europe In France, Verallia has In Portugal, Verallia and its In Spain, Veralli
Slide 15: Acquisition of ECOSAN: a major step in the cullet sector
Acquisition of ECOSAN: a major step for Verallia in the cullet sector ECOSAN Acquisition of five cullet treatment centers, both for industrial flat glass and hollow glass, in Spain and Portugal ECOSAN Reinforce Verallia’s position in cullet VIDROLOGIC (Ecosan) CALCIN IBERICO treatment in Iberia with
Slide 16: Reduce - Eco-design
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL REDUCE - ECO-DESIGN Develop eco-design for sustainable products Azuqueca visit Nov. 2023 16
Slide 17: Weight reduction
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Weight reduction 2022 REDUCTION SUCCESS STORIES • 3% weight reduction for standard non-returnable bottles and jars in 2025 compared to 2019 • The goal is to reach
Slide 18: Reduce – Optimise water use
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL REDUCE – OPTIMISE WATER USE Azuqueca visit Nov. 2023 18
Slide 19: Reduce water consumption
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Reduce water consumption MONITOR & MAINTAIN 0.58 0.47 0.40 Track consumption Eliminate leaks Reinforce preventive maintenance 2020 2022 2025 OUR TARGET: 0.4M3/TON
Slide 20: Reuse
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL REUSE Expand glass reuse Azuqueca visit Nov. 2023 20
Slide 21: Verallia initiatives in re-use
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL 1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING Verallia initiatives in re-use BOUT À BOUT - FRANCE NEW REUSABLE STANDARDS (FRANCE) WINE REUSE (GERMANY) Nantes-ba
Slide 22: Deploying Verallia Strategy in Iberia
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Deploying Verallia Strategy in Iberia 1. Eco- design COLORS: CHOOSE ELEGANT & SUSTAINABLE CIRCULAR 2. 4. ECONOMY, Consume Recycle a new model differently for the
Slide 23: CSR axes: Enhancing the circularity of glass packaging
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL BASE YEAR 2022 2025 2030 CSR AXES COMMITMENT OBJECTIVE PERFORMANCE INDICATOR TREND RESULTS RESULTS TARGET TARGET Maximise the Achieve 59% external Percentage of e
Slide 24: The 3 axes of our CSR strategy: Decarbonising our activities
THE 3 AXES OF OUR CSR STRATEGY 2 DECARBONISING OUR ARCIVITIES Azuqueca visit Nov. 2023 24
Slide 25: Reduce CO2 emissions
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL REDUCE CO2 EMISSIONS Azuqueca visit Nov. 2023 25
Slide 26: CO2 emissions: the scopes
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL CO2 emissions: the 3 scopes ENVIRONMENTAL ROADMAP HFCS N20 SCOPE 1 SCOPE 3 DIRECT SCOPE 3 CH4 INDIRECT INDIRECT SCOPE 2 INDIRECT PFCS C02 Leased assets Company Fa
Slide 27: Net Zero
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Reduce our CO2 OUR TARGETS 46% <40% Net Zero IN 2050 REDUCTION IN 2030 SCOPE 3 EMISSIONS for scope 1 & 2 emissions(1) in absolute maintained for scope value from
Slide 28: CO2 Emissions: scope 1 & 2 details
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL CO2 Emissions: scope 1 & 2 details 2022 CO2 EMISSIONS SCOPES 1&2 17% % OF MELTING EMISSIONS % OF Non Melting EMISSIONS Electricity 6% Virgin raw materials 22% 54%
Slide 29: Reduce Raw materials emissions
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Reduce Raw materials emissions 6% 3% 5% Carbonated Batch Composition Raw Materials 12% 7% 100% 90% 15% 30% 80% 37 51 44,3 70% 60% Cullet 50% Sand 40% Soda Ash 63
Slide 30: Furnace technologies roadmap
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Furnace technologies roadmap 4 TECHNOLOGIES End port with super boosting Oxy Heated with super boosting Hybrid furnace Cold Top electric furnace 25% electricity
Slide 31: Furnace technologies roadmap
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Furnace technologies roadmap • Hybrid and Electrical cold top pilots will validate the technology by the end of 2025 • This will allow deployment of either techno
Slide 32: Non Melting Energy
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Non Melting Energy REMINDER: NON MELTING ENERGY REPRESENTS ~20% OF THE GROUP’S EMISSIONS CONTINUOUS IMPROVEMENT ACTIVITIES FOCUSED ON COMPRESSED AIR, IS COOLING A
Slide 33: Increase renewable or low-carbon energy
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Increase renewable or low-carbon energy TARGET COMPLETE SWITCH OF OUR ENERGY MIX TOWARDS ELECTRICITY 15000 consumption 34% 50% 60% 90% 10000 Energy (GWh) 5000 0 2
Slide 34: Scopes & CO2 Emissions – How do we reduce them?
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Scopes 1 & 2 CO2 Emissions – How do we reduce them? Our reduction plan covers all It integrates also This drives an efficiency sources of emissions, to deliver or
Slide 35: Verallia Iberia, leading the way to decarbonization
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Verallia Iberia, leading the way to decarbonization 1ST HYBRID FURNACE, Q1 2025 IN SARAGOSSA 1ST ELECTRIC FEEDER, MONTBLANC o Replace up to 80% of fossil o New Te
Slide 36: Verallia Iberia – Local decarbonization initiatives
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Verallia Iberia – Local decarbonization initiatives ON SITE PHOTOVOLTAIC PANELS ENERGY SAVING PROJECT WITH OUR CUSTOMER MAHOU o All Iberia sites will be equipped
Slide 37: Reduce our scope 3 emissions
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Reduce our scope 3 emissions OUR TARGET Maintain Scope 3 CO2 emissions under 40% of our total emissions. OUR TOTAL EMISSIONS - 2022 1810 1657 1110 10,7% ktons kto
Slide 38: Reduce our scope 3 emissions
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Reduce our scope 3 emissions KEY INFORMATION ABOUT OUR SCOPE 3 EMISSIONS OTHERS 5% of our scope 3 3.1 Purchase goods & services 5% 49,3% of our scope 3 18% • Raw
Slide 39: Contribute to soil regeneration
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL CONTRIBUTE TO SOIL REGENERATION Azuqueca visit Nov. 2023 39
Slide 40: Soil regeneration through agroforestry and reforestation projects
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Contribute to soil regeneration through agroforestery and reforestation projects OUR ACTIONS PUR PROJET REFOREST’ACTION 2 Historical partners +400 000 Trees plant
Slide 41: Sustainable alliances with clients
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Sustainable alliances with clients The JoinBee project stems from the previous project: “Bees for the vid-rio” which aimed at encouraging customers to use a more
Slide 42: CSR axes: Decarbonising our activities
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL BASE YEAR 2022 2025 2030 CSR AXES COMMITMENT OBJECTIVE PERFORMANCE INDICATOR TREND RESULTS RESULTS TARGET TARGET Scope 1 and 2 CO2 3,090 in 2019 2,756 2,625 1,669
Slide 43: Ensuring a safe and inclusive work environment for all
THE 3 AXES OF OUR CSR STRATEGY 3 ENSURING A SAFE AND INLCUSIVE WORK ENVIRONMENT FOR ALL Azuqueca visit Nov. 2023 43
Slide 44: Guarantee teams’ safety
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Guarantee teams’ safety SAFETY: FREQUENCY OF ACCIDENTS • 22 EHS standards developed & covering all aspects of safety in its plants. Strict application is controll
Slide 45: Promote diversity and inclusion
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Promote diversity and inclusion OUR TARGETS IN 2023 IN SPAIN Increase the number of women managers in the Group #12 months 12 women Gender ratio in Iberia is 13%
Slide 46: Promote diversity and inclusion
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Promote diversity and inclusion OUR TARGET OUR PROJECT Achieve 4,5% of employees with disabilities by the Led by EHS Group managers with region leaders in end of
Slide 47: Verallia, a Group committed to sharing value
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Verallia, a Group committed to sharing value EMPLOYEES ARE SHAREHOLDERS OF THE COMPANY AND, AS SUCH, ARE INVOLVED IN VERALLIA’S DEVELOPMENT OUR TARGET ENSURE THE
Slide 48: ESG Verallia Iberia
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL ESG Verallia iberia MAIN ACTIONS/PROJECTS o CSR supplier day o Sponsorship of tennis table paralympic team for Paris 2024. o 12 Months 12 Women: Positions occupie
Slide 49: CSR axes: Ensuring a safe and inclusive work environment
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL BASE YEAR 2022 2025 2030 CSR AXES COMMITMENT OBJECTIVE PERFORMANCE INDICATOR TREND RESULTS RESULTS TARGET TARGET Ensure the Aim for zero accidents health and TF2
Slide 50: CSR Strategy Foundation: values and ethical principles
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL CSR Strategy Foundation: complying with our values and ethical principles with our suppliers, clients and employees 4 VALUES & REGULATIONS RESPECT FOR PEOPLE, LAW
Slide 51: Latest ratings and memberships
1. ENHANCING THE CIRCULARITY OF GLASS PACKAGING 2. DECARBONISING OUR ACTIVITIES 3. ENSURING A SAFE AND INCLUSIVE WORK ENVIRONMENT FOR ALL Latest ratings and memberships RATINGS MEMBERSHIPS Verallia participates to the United Nations A- CDP is a non-profit organization running the global disclosure s
Slide 52: Productivity Action Plan (PAP)
PRODUCTIVITY ACTION PLAN (PAP) A KEY ELEMENT OF VERALLIA STRATEGY Romain BARRAL Director of Operations Azuqueca visit Nov. 2023 52
Slide 53: Unique Performance Action Plan methodology
Unique Performance Action Plan methodology… PROVEN METHODOLOGY FOR COST REDUCTION PERFORMANCE ACTION PLAN (“PAP”) PAP STEP 7 Result / Follow – up Production cash costs reduction Follow-up KPI / Bridge Brain storming COST DEPLOYMENT STEP 6 Cost / Resources Gains Capex / Team Project list STEP 5 Loss
Slide 54: Driving operational excellence & continued cost reduction
… DRIVING operational excellence & CONTINUED cost reduction MONTHLY INTERNAL TRACKING TOOL ACTIONS Performance Action Plan (“PAP”) programme implemented as part of the Verallia Industrial Management (“VIM”) 2.0 initiative in 2018 >2% production cash cost reduction (> €45m pa, net of industrial v
Slide 55: Management drive – A key success factor of PAP
Management drive – A key success factor of PAP PAP DASHBOARD IS UPDATED ON A MONTHLY BASIS, FOR EACH DIVISION IT ALLOWS TO TRACK BOTH THE SAVINGS IN € AND THE ACTIVITY IN TERMS OF PRODUCTIVITY PROJECTS Azuqueca visit Nov. 2023 55
Slide 56: Productivity Action Plan – The power of benchmark
Productivity Action Plan – The power of benchmark BENCHMARK is a key tool for Verallia teams, allowing to identify quickly the best way to handle any KPI The Group benchmark is based on more than 60 industrial KPIs – extended every year IT CONTRIBUTES to the definition and execution of productivity
Slide 57: Productivity Action Plan - Losses identification
Productivity Action Plan - Losses identification OUR STRUCTURED APPROACH COVERS ALL TYPES OF LOSSES, REGROUPED IN 5 CORE CATEGORIES: • Equipment & Capacity • Purchases • Energy • Labor IBERIA PAP EVOLUTION • Logistics Equipment THIS APPROACH ALLOWS TO RAISE THE BAR EVERY YEAR, 13% &Capacity BENEFITI
Slide 58: Key take aways
KEY TAKE AWAYS Wendy KOOL FOULON Romain BARRAL CSR Director & General Counsel Director of Operations Azuqueca visit Nov. 2023 58
Slide 59: Key takeaways
Key takeaways Longstanding CSR strategy rooted in Verallia’s purpose and business model 1 Roadmap rolled out as early as 2021, CSR drives our long-term strategy and business decisions CSR objectives spanning key aspects of our business, backed by clear KPIs and action plans 2 New objectives brought
Slide 60: Azuqueca plant
AZUQUECA PLANT Paulo PINTO General Manager Iberia Azuqueca visit Nov. 2023 60
Slide 61: Azuqueca
Azuqueca 230 8 25h professionals Women are average training Domingo FRANCO managers hours per worker Plant Manager 1 TREATMENT CENTRE, our industry is at the heart of the circular economy 1 R&D CENTRE, our industry is at the service of our customers 2 Furnaces – 8 lines – 9 products – 92 sections FO
Slide 62: Safety Rules
Safety Rules PLEASE, USE ALL THE PPE’S Auditive Ocular Security protection protection Shoes SAFETY IS A FUNDAMENTAL AXIS AT VERALLIA, o Circulate through the enabled security WE CONGRATULATE zones ALL THE PEOPLE WHO o Do not get separated from your group CONTRIBUTE TO IT. o Respect the sinage IN CAS
Slide 63: Thank you
Thank you
Slide 64: Disclaimer
Disclaimer Certain information included in this presentation 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 Verallia's present and future bu