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Germany: Landgard records loss of 61.5 million Euro

Landgard, Germany’s major marketing organization for flowers, plants, fruit and vegetables, has finally released the long-awaited annual balance sheet for 2011. And the numbers aren’t great: the cooperation has recorded a loss of 61.5 million Euro, pushing up debts to around 350 million Euro. Causes are reported to be mismanagement and a hurried expansion in the recent past. Outside influences, like the EHEC-crisis and the bankruptcy of two major customers in Germany and Great Britain, have also impacted intended progress.

CEO Gerold Kaltenbach claims the company has shed its difficulties and is now facing a healthy semester. “A large number of measures have stabilized the company since June. We have lowered costs and optimized procedures.”

2012, says Landgard, will be a good year. “We expect the company to be profitable next year.”