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Strong growth of company result due to corporate takeovers
Greenyard: €17 million profit with €3.2 billion turnover
The annual financial report of Greenyard Foods shows that the company made 17 million euro profit on a total turnover of 3.2 billion euro. Thanks to the merger with Univeg (‘Fresh’) and Peatinvest (‘Horticulture’) in Greenyard Foods, total turnover increased sharply, although the high cost price of the turnover is noticeable, causing gross profit to be minimal.
On 31 March 2016, Lutèce was taken over by the Group, a world leader in processing and selling tinned mushrooms. Lutèce was absorbed into the ‘Prepared segment.’ The total, single entry of 12.8 million euro compared to 2.4 million euro last year, was mainly on account of the acquisition of Lutèce (€18 million), partially offset by consulting costs related to the corporate takeover (€6 million).
The increase of consolidated sales of €2,567.8 million compared to the full year last year, is mainly due to the corporate takeovers of Fresh (€2,508.1 million) and Horticulture (€49 million), supported by a like-for-like increase in sales of €10.8 million (+1.7%) within Prepared. Compared to last year, sales of both fresh, processed and the horticulture branch increased, although 78 per cent of sales is still due to the fresh segment.
The increase in sales in Fresh compensated for the discontinuation of a German customer relationship. Furthermore, the company reports that at the start of 2016, the Belgian Fresh branch started ripening fruit. The Prepared branch suffered from cost overruns as a consequence of the operational impact of an ERP implementation in France and put pressure on prices, but the impact of this was partially nullified by operational efficiency improvements. The Horticultural division experienced a strong growth in both sales and margins.