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"Marleen Vaesen: "Reasonably satisfied"

Greenyard Foods' grows in operations and company sales

In accordance with IAS 34 Interim Reporting, on 21 November Greenyard Foods released their six monthly results, ending September 30 2013. 

Operational highlights - First half year ended September 30, 2013

• The group achieved a sales growth of +3.1% compared to last year. This was achieved by a growth of +2.2% in the freezer division and +4.7% in the canning division
• Agriculturally it was a tough spring in all regions of Europe, with late sowing, shorter harvesting periods, lots of rain in Western Europe and early frost in Eastern Europe. This resulted in large fluctuations and a season with shortages in supplies throughout Europe. The final balance will only be calculated in December.
• Acquisition of production facilities to implement the strategic plan. These allow us to optimize investments in production units and accelerate efficiencies

Financial highlights - First half year end September 30, 2013
• Revenue from continuing operations of 295.6 million Euro, up +3.1% compared to the first half of last year
• REBITDA from continuing operations amounted to 24 million Euro, up 6.3% compared to last year. Growth was +2.5% from operating costs and +3.8% from the discontinuation of rent through purchase of production facilities
• Net profit of 62.2 million Euro
• Reduction of capital by 39.5 million Euro by September 30, 2013

Marleen Vaesen, CEO of Greenyard Foods:
"We have taken an important step towards achieving our strategic priorities. Following the sale of the potato division, the group has made a fresh start with a new name, Greenyard Foods. We have invested strongly in acquisition of production facilities to enable efficient acceleration and improve cash flow.

We are reasonably satisfied with the results of the first six months. We have achieved growth in sales and operating income, and laid the foundations for further improvements. On the other hand, we have a significant capital gain realized through the sale of the potato division which has strengthened our equity and allowed us a reduction in capital."

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