Vandemoortele: turnover up 1,4 percent in FY 2013

Ghent / BE. (vg) In 2013 the turnover of the Vandemoortele Group increased by 1,4 percent to 1’277 million EUR. The Bakery Products department (frozen bakery products) saw considerable growth, both in volume and in turnover (from 650 to 689 million EUR or plus six percent), driven by the acquisition of a number of major new customers and the general growth of the market. The Lipids department (margarines and fats) sold the same volume as the previous year. However, the lower prices for raw materials had a negative impact on prices, and thus on the turnover (from 601 to 584 million EUR or minus three percent).

Thanks to a further improvement of the customer and product mix and a thorough rationalisation and cost management, the Group was able to restore profitability. The recurrent operational profit (Rebit) was 45 million EUR, meaning a 61 percent increase compared with 2012. Both departments contributed to this improvement, yet this was most pronounced in Bakery Products.

Over the last year, the group invested 35 million EUR in, among other things, additional production capacity for Bakery Products, and a new bottles line for liquid margarine in the Dresden Lipids factory.

In 2014 Vandemoortele expects to be able to increase both turnover and profitability once again, bolstered by the dynamic of the Bakery Products activity and the strong position of the Lipids department. A new factory for Bakery Products is also being constructed in Lyon in 2014.

CEO Jean Vandemoortele: «The good results of 2013 demonstrate that the Vandemoortele strategy is bearing fruit. Both in Bakery Products and in Lipids, Vandemoortele is succeeding in offering its customers competitive, quality products, while profitability further improves».

Change at the top in May

In line with what was announced mid 2012, in May 2014 the Board of Directors will appoint current CEO Jean Vandemoortele as Chairman of the Board of Directors, taking over from Michel Delloye. Jules Noten, the current Managing Director of the Bakery Products department, will become the Group´s CEO.

Chairman Michel Delloye: «I am particularly pleased to transfer the presidency of the Group to Jean Vandemoortele, who has led the company operationally since 2001. Under his management, Vandemoortele has become one of Europe´s leaders in Bakery Products and consolidated its position in Lipids. I am also glad that Jules Noten is succeeding him as CEO. They together make up a formidable duo, who will undoubtedly further develop Vandemoortele successfully».

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