Zurich / CH. (aag) Swiss-Irish Aryzta AG announced its financial results for the six month period ended 31 January 2018. Commenting on the H1/2018 results, Aryzta AG Chief Executive Officer Kevin Toland said: «We are actively implementing a range of measures to improve our Ebitda. We are in a multi year turnaround programme. Under our new leadership team, we are reshaping the Group’s focus on our core B2B frozen bakery customers, improving operational efficiencies and deleveraging the balance sheet».
Key Developments
- Disposals on track to exceed 450 million EUR
- Cloverhill disposed, 201 million EUR restructuring related costs largely connected to it
- Signature Foods sale agreed March 2018
- Strategy progressing: Refocus on core and cost efficiencies
- Refinancing completed; FY 2018 hybrid bond will not be called
Financial Summary
- Decline due to previously disclosed issues
- Butter pricing and insourcing in Europe; and
- Labour and distribution inflation in US