Strong results for FY 2006/07
Sales €616.9m up 11%
EBITDA €53.9m up 23%
Net Profit €22.4m up 87%
Highlights
Net sales
FY 2007: €616.9m, up 11%
Q4 2007: €144.3 m, up 23%
EBITDA
FY 2007: €53.9m, up 23%
Q4 2007: €8.4m, up 30%
Net profit
FY 2007: €22.4m, up 87%
Q4 2007: €3.4m, up significantly
Cash from operating activities: €44.5m, representing a significant
improvement by 46%
Raw material and utility costs
Salmon and prawn prices stable
Strengthening of Alfesca
Integration of Adrimex into the Prawns and Shellfish pillar and LTG into the
Spreadables pillar both on track and proceeding at pace
Key projects
Refinancing of the Group successfully completed
Actively evaluating opportunities to further strengthen and grow the Group
Xavier Govare, CEO of Alfesca, said:
“We are pleased to report a strong performance for 2007 in line with our key
financial and strategic objectives.
We have achieved the targets that were set for our business. These included,
first, the organisation of our business based on four core pillars of (i)
Smoked Salmon and other Fish; (ii) Foie Gras and Duck products; (iii) Blinis
and Spreadables and (iv) Prawns and Shellfish. This organisation around key
product categories has enabled us to realise more clearly the Group's core
skills and help increase efficiency and deliver synergies.
The second objective was to strengthen and build up, where necessary, our
current businesses. The acquisition of Adrimex and LTG during the course of
this year confirmed our clear intention to continue to grow in a meaningful way
our core businesses and strengthen our position in our chosen markets and
segments.
Our third objective was to ensure the delivery of strong organic growth
supported by good market trends; strong focus on our customer relationships;
development of exciting product innovation and growth of our brands.
The fourth objective was to monitor closely our key input costs, particularly
energy related costs and raw material costs and to manage significant
inflationary costs through a combination of hedging, operational cost reduction
and by selected price increases.
Our fifth and last objective was to continue to invest in our industrial base,
directed at increased automation, productivity improvement and efficiency
enhancement, in order to support the profitable growth of our business.
The successful year confirms the Group's key strengths: strong management;
energetic businesses; strategy development and sound financial management.
Alfesca has delivered a strong performance with sales growing by 11% to €616.9
million, being translated into improving operating margin, despite significant
inflationary costs pressures, and delivering a net profit of €22.4 million.
Our strategy is delivering results and with Alfesca's strong foundation, we are
confident of our ability to grow profitably both organically and, with the
right opportunity, externally.”
