Strong development for 9 months
Net income €18.9m up 51%
Highlights
Profits
• Net income €1.3 million in Q3, up 150% and €18.9 million for 9M, up 51%
• EBITDA €7.2 million in Q3, up 28.6% and €45.5 million for 9M, up 21.7%
• In addition, Adrimex delivered in Q3 sales of €12.8 million and an EBITDA of
€582k, on a stand alone basis 1)
Activity
• Net sales €125.7 million in Q3, up 12.8% and €472.6 million for 9M, up 8% 2)
Raw Material
• Salmon raw material prices stabilised
Build-up
• Acquisition of the French market leading vegetable spreadables business, Le
Traiteur Grec, signed
Key Projects
• Refinancing currently underway and will be completed in Q4 on favourable
terms
• Integration of Adrimex is on track and investment programme being rolled out
• Strong programme of innovation underway to prepare for Christmas period
Xavier Govare, CEO of Alfesca, commented:
“Our third quarter results are very pleasing and illustrates, once again, that
Alfesca's business model is right and performing well. Our sales continue to
grow strongly, helped by Easter sales, delivering a profitable performance,
which improved by 36% at the operating profit level on a like-for-like basis.
We also continue with our plans to build-up Alfesca's core businesses and are
delighted to announce the acquisition of Le Traiteur Grec, the leading
vegetable spreadables business in France; an acquisition that will further
strengthen a key pillar of Alfesca's business. This acquisition is both a bolt
on and a strategic acquisition, as the businesses of Blini and Le Traiteur Grec
are highly complementary. The addition of Le Traiteur Grec will reinforce
Alfesca's position in this key market. The acquisition will also confirm
Blini's undisputed leadership in this fast growing segment, which experienced a
year-on-year growth of over 15% last year in terms of volume. In addition, the
integration of Adrimex is progressing well with a focus on modernising the
production facilities; increasing efficiency and developing a new range of
products under the Labeyrie and Delpierre brands. We are pleased to report
that Alfesca's businesses are progressing well and we are confident that they
will continue to deliver good operational results in our last quarter."
1) On inclusion from 19 February 2007, Adrimex contributed €65k to the Group's
EBITDA of €7.2 million in Q3, after IFRS accounting adjustments.
2) Alfesca's financial year starts on 1 July and ends on 30 June.
