Greenyard Foods Sales Up 3.1%

Gent, Belgium-headquartered Greenyard Foods has reported an increase in sales of 3.1% to EUR 295.6 million for the half of its 2013 accounting period, ending on September 30, compared to the same time frame last year. This was attributed to a +2.2% performance in the frozen division (Pinguin) and +4.7% in the canning division (Noliko).

REBITA of continuing operations amounted to EUR 24.0 million, up 6.3% compared to the previous year (+2.5% due to operational results and +3.8% as a result of the discontinuation of rents following the acquisition of production facilities). Financial highlights included a net result of EUR 62.2 million, and a capital decrease of EUR 39.5 million.

“We are moderately satisfied with the results of the first half of the year, said Marleen Vaesen, chief executive officer of Greenyard Foods. “On the one hand, we have achieved growth in sales and operating income, and laid the foundations for further improvements. On the other hand, we have realized a significant gain on the sale of the potato division [Van den Broeke-Lutosa, acquired by McCain Foods earlier this year for EUR 225 million], which has strengthened our equity and has allowed us to perform a capital reduction."

Recapping the growing season to date, a Greenyard Foods press release stated: “From an agronomic point of view, the start of the year was difficult for vegetable growers and processors throughout Europe, with late sowing, shorter harvesting periods and an autumn with lots of rain in the west and early frost in east. This resulted in a season with large fluctuations and, on average, a shortage in Europe. The final balance will only be known at the end of December.”