Utrecht, May 15, 2006
Revenue in Q1-06 was EUR 408 million, in line with the same period last year.
Currency effects contributed EUR 20 million positively. Sales picked up during
the quarter after a slow start at the beginning of the year, fuelled by
innovations and brand development.
EBITAE increased by 23% from EUR 9.2 million to EUR 11.3 million. EBITAE margin
rose from 2.2% in Q1-05 to 2.8% in the period.
Net profit rose from EUR 3.1 million to EUR 5.1 million. Main drivers were
improved EBITAE and the strong decrease in exceptional expenses.
Ad Veenhof, Wessanen CEO, says: “The results we present today are in line with
our outlook for the year. Margins for all our activities in Europe and North
America were equivalent to or better than the same period last year. Our North
American distribution activities reported EBITAE of around break-even, compared
to EUR (1.2) million negative in Q1-05, showing a consistently positive
development towards a healthy, sustainable business. In North America we saw
positive autonomous growth with our top ten customers. As said in our outlook,
however, the effect of the discontinued distribution contracts caused, on
balance, sales to decrease. Our businesses in Europe saw a somewhat slow start
of the year, although sales picked up during the period and are expected to
continue to grow in Q2. This sales increase will be the result of recently
introduced innovations and more effective promotional campaigns boosting sales
of our own brands.
The strong improvement in our net profit is also partly due to a very limited
amount of exceptional items in Q1-06, demonstrating that restructurings are
almost completed. As a result, Wessanen is now lean and agile, and we are ready
and able to strengthen our unique position in the competitive food marketplace.”
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