Q4 2010: Wessanen repositioned for growth

Q4 2010 highlights

  • Revenue¹ up 2.1% to €172.5 million, autonomous growth² (1.7)%
  • Autonomous² ³ growth Wessanen Europe Grocery 8.3%; Wessanen Europe HFS (7.5)%
  • Operating result (EBIT) €(12.1) million, impacted by non-recurring items of €13.0 million
  • Normalised operating result H2 2010 of €2.5 million in line with July guidance
  • Net result of €(8.9) million, impacted by various one-offs
  • Streamlined operations in France and the Netherlands to lower cost base European strategic roadmap defined and execution initiated

FY 2010 highlights

  • 2010 was a year of investment to strengthen and revitalise our core business
  • Revenue¹ increased 1.4% to €712.2 million, autonomous growth (1.3)%
  • Sale Tree of Life, Inc. and PANOS Brands; net debt reduced to €29 million (2009: €175 million)
  • Dividend per share €0.05 in cash or stock; pay-out ratio of 39% of normalised net result

1) From continuing operations; 2) Including adjustments for currency effects, acquisitions and trading days; 3) Third party revenue

CEO Statement

Piet Hein Merckens, Wessanen CEO, comments: “2010 was a year of investments to strengthen and revitalise our core business. We divested most of our North American operations and we have seen the first positive results of our focused actions taken in Europe come through. Our underlying results clearly improved compared to 2009 and our financial position was strengthened considerably. For 2011, we are expecting increasing momentum for our brands and products.

We are committed to generate more product innovations, aiming to reap benefits from our central sourcing and brand category roadmap and to implement price increases to pass on higher raw material prices. We continue to invest in our brand innovations and activations to make our brands the most desired organic ones. We also are strengthening our management structure and business processes for greater focus on our strategic initiatives, while cost containment remains important as well.”

Q4_2010_EN_FINAL.pdf (439 Kb)

Back to press releases