Efforts to restore profitability are paying off.
- Revenue 2014: 1,269 million euro
- Recurring operating profit (REBIT) increases to 66 million euro (+46,7%)
- Acquisition of LAG (Italy) is finalised In 2014 the Vandemoortele Group realised a turnover of 1,269 million euro, on par with 2013.
Vandemoortele was able to increase its Rebitda to 110 million euro (+22%) and its REBIT to 66 million euro (+46%).
The Bakery Products business line improved its Rebitda performance and its Rebitda margin well above expectations thanks to a further improvement of the customer and product mix and a thorough rationalisation and cost management. The Lipids business line succeeded in repeating its strong performance of 2013 while generating an important free operational cash flow for the Vandemoortele Group.
In 2014 the Vandemoortele Group invested 57 million euro in, amongst other things, additional production capacity for Bakery Products and a further rationalisation and modernisation of the Izegem margarines and fats production site. The acquisition of LAG, a leading player in the frozen bread market in Italy, gives Vandemoortele access to the savoury product category with a.o. authentic focaccia.
Outlook
The current macro-economic environment is characterised by high volatility and high uncertainty (a.o. oil price, raw material prices, currencies) which make it impossible to give a clear outlook. Vandemoortele aims to further improve its profitability whilst growing both volumes and revenues supported by the acquisition of LAG S.P.A. on 19 March 2015 and its organic growth. The Group will start operations in its new factory for Bakery Products in Lyon mid 2015 and confirms its plans to build a new factory in Poland to extend its position in the Central and Eastern European markets.
Find our annual 2014 report here.