Q2/H1 2014 highlights
Q2 reported autonomous revenue growth (0.2)%, underlying autonomous revenue growth 4.0%
Core brands grow 4.8% in Q2, driven by Bjorg, Zonnatura, Clipper and Kallø
Vegetarian products represent 97% of revenue, organic products 66%
H1 2014 EBITE increased to €19.1 mln in seasonally strongest half of the year
ABC realised EBITE of €4.5 million in H1; on track to be profitable for the full year
Divestment Natudis and IZICO completed; profit on disposal amounts to €31.5 million
Net cash position of €7.4 million at 30 June (31 March: €(56.6) million)
Christophe Barnouin (CEO) comments: "Our performance in the quarter was another solid one. In our Branded business, our core brands and categories have grown. Our reported sales however were impacted by implemented strategic actions to further improve the quality of our brand portfolio. We continue to invest in our brands and are upgrading our operations, while we also have worked hard on numerous innovations which will be launched in our various markets in the second half.
At Branded, sales in the first half of the year are normally higher than those in the second half. In H2, we anticipate to report lower revenue growth versus the first half year due to our ongoing plans to improve the quality of revenue. The distribution of revenue over both half-year periods and an increase in marketing spending will result in a lower EBITE in the second half of the year than in the first half. However, compared to H2 2013, EBITE at Branded will be up in the second half of the year.
In the quarter, we made further steps to become a pure play in healthy and sustainable food by completing the divestment of both IZICO and Natudis. ABC has delivered a good quarter. Although we expect the second half of the year to be loss making, ABC is on track to be profitable in 2014.
Overall, we are making good progress on executing our strategy to jointly build a European champion in healthy and sustainable food."
Analyst & investor meeting
At 10h00 CET, an analyst and investor meeting will be hosted by Christophe Barnouin (CEO) and Ronald Merckx (CFO) at the Wessanen office in Amsterdam. A live audio webcast can be followed via www.wessanen.com. Those unable to attend can participate using the following telephone number: +31 20 716 8257 or toll free at 0800 020 2577 (no access code).
A live audio webcast of the conference call can be followed via www.wessanen.com. The press release and presentation are available for download at www.wessanen.com.
Media, investor & analyst enquiries
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Carl Hoyer (VP Corporate Communications & Investor Relations)
Phone +31 20 3122 140 / +31 6 123 556 58