Exchange Rates Impact Greenyard Foods Sales

Processed vegetable and fruits specialist Greenyard Foods rang up sales of EUR 462.5 million during the nine-month period ending on December 31, 2013, which was down a tad (-0.2%) over the same period in 2012. A decline in revenues in the frozen division was attributed primarily to the negative impact of the exchange rate evolution of the British pound and the Brazilian real.

The Gent, Belgium-headquartered company’s canning division (Noliko) recorded a 4.3% rise in sales to EUR 161 million, while the frozen division (Pinguin) saw revenues slip -2.4% to EUR 301.4 million.

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“We have achieved a reasonably stable sales value in the first three quarters of the accounting year, where negative exchange rate results neutralized the growth,” said Marleen Vaesen, chief executive officer of Greenyard Foods. “Furthermore, the harvest season in 2013 can be evaluated as a normal season. Our expectations for the full accounting year remain unchanged. We also continue to build the foundations in order to achieve further growth in sales and profitability for the long term.”

Taking into account management figures and sales of EUR 51.4 million generated by the Lutosa potato division (which was sold to McCain Foods on May 31, 2013) during the first two months of fiscal year, consolidated sales amounted to EUR 513.9 million. In the previous accounting year this division was included for nine months.

In other news, Ms. Vaesen announced that working capital financing in an amount of EUR 158.5 million was signed with a bank consortium.
Meanwhile, on January 24 Luc Van Nevel was replaced by Hein Deprez, the company’s majority shareholder, as chairman of the board of directors. Van Nevel will continue his mandate as an independent director in Greenyard Foods NV.