Vandemoortele: Condensed Interim Statement H1/2014

Ghent / BE. (vg) Belgian Vandemoortele Group announced a condensed interim financial statement for the six months ended 30 June. The first half of the year 2014 showed a slight decrease of revenue at 611 million EUR versus 616 million EUR during same period in 2013. The scope of consolidation remained unchanged. The Group Recurring Ebitda rose by ten million EUR compared to 2013 at 50 million EUR, in line with expectations. Similarly, the Group Recurring Ebit improved by twelve million EUR at 28 million EUR. The Group Net Result amounted to five million EUR after net finance expense of nine million EUR and income tax charges of four million EUR.

The Balance Sheet structure includes an equity position of 328 million EUR, a subordinated loan of 64 million and a net senior financial debt of 83 million EUR compared to 69 million EUR at the end of 2013. The increase of the debt was triggered by the cash flow from the operating activities of both business lines which amounted to 44 million minus the 17 million EUR additional need of working capital. This cash flow was partially used to finance the investment activities for 23 million EUR, the financial and tax charges of ten million EUR and a net dividend pay-out of seven million EUR. The total difference of 14 million increased the net financial debt.

The revenue of the Lipids business line decreased versus last year by six percent at 273 million EUR; volumes remained stable but lower raw material prices resulted in lower selling prices. The Recurring Ebitda rose by two million EUR to 22 million EUR.

The Bakery Products business line keeps on improving its financial performance. The revenue increased by four percent versus last year at 336 million EUR thanks to a better product mix. The Recurring Ebitda rose by nine million EUR to 28 million EUR. The profitability improvement came from the better mix and from an improved supply chain situation. The volatility of the raw material prices remains a concern in the Bakery Products business line.

For the whole year 2014, the Group Revenues are expected to slightly grow. The Recurring Ebitda should exceed the results achieved in 2013. Most of the improvement will come from the Bakery Product business line with some new customers, a better product mix and an improved supply chain. The structure of the balance sheet should remain strong. The net senior financial debt will remain on the same level as last year despite strong investment program of 61 million EUR foreseen for the whole 2014.

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