Greenyard Foods is announcing the mid year figures for the first six months, ending on the 30th of September 2015. The company saw the turnover increase by 1.5 percent to almost 2 billion Euro. Univeg was the driver for the growing turnover with 1.4 percent.
"The diversification of Greenyard Food through the combination with Univeg and Peatinvest has strengthened the company in a challenging market, which the Prepared segment is experiencing," according to CEO Marleen Vaesen in the press report. "The solid results of both Fresh and Other are exceptional despite the integration in the new group and underline the quality of the business models and the huge dedications of the management teams."
The amalgamation of the three companies is on schedule, according to Greenyard Foods. The turnover increased by 1.5 percent to 1.9 billion Euro. REBITDa decreased by 14/9 percent to 72.5 million Euro. Univeg (identified by Fresh) and Peatinvest (Other) performed the same as last year. The decrease is mainly due to Prepared (Greenyard). The net debt was repaid and fell by 15.6 percent to 415.4 million Euro.
Univeg performed as expected and was able to cover the loss of a large customer (with a value of 300 million Euro turnover). The turnover within this division was 1.6 billion Euro (LFL). With this, the division is worth 82.9 percent of the turnover. On a like-for-like bases (LFL) the turnover increased by 1.4 percent compared to the half year a year previously. The turnover growth of 22.7 million Euro comes from a larger marketed volume and higher prices in certain segments.
Prepared, the frozen division, represent 15.2 percent of the turnover with a value of 299.9 million Euro. The turnover in this division increased by 0.8 percent. Due to the exceptionally good results in the first half of the 2014/2015 fiscal year the figures this year will be lower.
Peatinvest did better than expected and represents 1.9 percent of the turnover. The sales increased by 10.5 percent compared to last year.
Click here to view the half year figures