Correction: Footnote in Interim Consolidated Financial Statements missing,
should read "Amounts in thousands of GBP"
Bakkavör Group's Results for the first nine months 2007:
Operating profit £86.9 million
Business highlights for the first nine months and Q3 2007
• Turnover £1.1 billion in 9M, up 23% and £375.7 million in Q3, up 13%
• Growth in like-for-like sales in underlying business 8.6% in 9M
• EBITDA £115.6 million in 9M, up 7% and £39.7 million in Q3, down 2%
• EBITDA ratio 10.5% in 9M and 10.6% in Q3
• Operating profit (EBIT) £86.9 million in 9M, up 4%, and £30.1 million in Q3,
down 6%
• Shareholders' earnings £36.4 million in 9M, up 4%, and £11.3 million in Q3,
down 25%
• Cash generated from operations £110.2 million in 9M, down 11%
• Equity ratio 19.4%, up from 18.2% at year end 2006
• Earnings per share 1.7 pence in 9M, down 9%
• Return on equity 19.2% compared with 28.2% in 9M 2006
• Two acquisitions in Q3 strengthened Bakkavör Group's operations in the UK and
Central Europe - Exotic Farm Produce Group in the UK and Heli Food Fresh in
the Czech Republic. The Group acquired Welcome Food Ingredients in the UK in
October
Ágúst Gudmundsson, Chief Executive Officer, said:
"We are experiencing the toughest trading conditions in decades, which have
affected Bakkavör Group's performance and heavily impacted sales in the first
nine months of the year. Fundamental changes in world supply are resulting in
global commodity price increases, which are having a significant impact on our
business. This, coupled with extreme weather conditions in the UK, a major
product recall in Q1 and capacity transfer within part of our ready meals
operations in Q2, is reflected in our nine-month results. Against this
backdrop, Bakkavör Group sales outperformed market growth and we continued to
strengthen our position across our markets with five acquisitions during the
period, in the UK, Czech Republic, France and China. The Group's long-term
prospects are good - the demand for fresh prepared foods is growing around the
world and we will continue to take advantage of favourable market trends and
further develop our business on a global scale.”
Further Information:
Ágúst Gudmundsson, CEO
Tel: +354 550 9700
Hildur Árnadóttir, CFO
Tel: +354 858 9706
Ásdís Pétursdóttir, IR
Tel: +354 858 9715
About Bakkavör Group
Bakkavör Group is a leading international food manufacturing company
specialising in fresh prepared foods and produce. The Group operates 55
factories and employs around 20,000 people in eight countries. The Group's Head
Office is in Reykjavík, Iceland, and the business is listed on the OMX Nordic
Exchange in Iceland (www.omxgroup.com/nordicexchange Ticker: BAKK).
The Group's vision is to be recognised and respected as the world's leading
fresh prepared foods and produce provider. Bakkavör Group has attained leading
market positions in its key market areas of ready meals, pizzas, convenience
salads and leafy salads. In total, the Group makes over 4,700 products in 17
product categories, which are developed and sold predominantly under its
customers' own brands. In addition to the UK and Iceland, the Group also has
business operations in France, Belgium, Spain, South Africa, China and the
Czech Republic.
To subscribe to Bakkavör Group's mailing list, please log onto:
www.bakkavor.com/subscribe
