Utrecht, October 28, 2008
Wessanen: continued good performance in all four businesses
Total revenue in Q3-08 was EUR 386.9 million, against EUR 387.9 million in the
same quarter last year, including a negative currency effect of EUR 23.1
million. This represents 5.7% growth in constant currencies.
Operating result (EBIT) in Q3-08 increased, including a negative currency
effect of EUR 1.8 million, by EUR 1.0 million to EUR 14.1 million (Q3-07: EUR
Net result was EUR 8.1 million in Q3-08, compared to EUR 9.9 million in Q3-07.
Net cash flow from operating activities was EUR 10.7 million negative in Q3-08
(EUR 3.4 million negative in Q3-07), driven by increased working capital needed
for Q4 sales seasonality.
On September 1, 2008, Wessanen acquired 9.92% of Distriborg’s share capital
from minority shareholders for EUR 22.4 million.
Ad Veenhof, Wessanen CEO, comments: “We are satisfied to see that revenue and
profit figures continue to reflect steady growth in the third quarter.
Moreover, we are delighted that profitability levels at North America
Distribution and our European Health brands in particular, showed a solid
improvement in comparison with the same quarter last year.
We did experience an increase in working capital this quarter. This was mainly
caused by an inventory build-up ahead of seasonally higher sales in the fourth
quarter. We maintain our primary working capital target of 15% of sales by
The turbulent economic tide and the speed of change make predictions difficult.
Still, current operational and financial developments lead us to reiterate our
full year outlook.”
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