- Revenue 2015: 1,357 million euro (+7%)
- REBITDA increased to 123 million euro (+12%)
- Recurring operating profit (REBIT): 68 million euro (+4%)
- Good progress on integration of LAG in Italy (acquired March 2015)
In 2015 the Vandemoortele Group realised a turnover of 1,357 million euro (+7%). Vandemoortele succeeded in increasing its REBITDA to 123 million euro (+12%) and its REBIT to 68 million euro (+4%).
The business line Bakery Products realised an organic growth of 3,3% and including the acquisition of LAG SpA in Italy a turnover growth of 14,4% year on year. The good operational result of the business line reflects the continuous improvements in the total supply chain and a stronger focus on the development of more promising product and channel combinations.
The business line Margarines, Culinary Oils & Fats (MCOF) has succeeded in surpassing its 2014 results despite lower volumes in a slightly declining market.
The business line MCOF has a strong track record in improving the operational result based on a strong margin discipline, combined with stringent cost control and good trading results on raw materials.
In 2015 the Vandemoortele Group invested 86 million euro in, amongst others, the Bakery Products business line: uplifting the capabilities to enhance quality and improve efficiency, commissioning a new factory in Lyon (France), starting building a new factory in Kutno (Poland); and in a further rationalisation and modernisation of its margarines and fats production sites.
In Belgium the investments amounted to 18 million euro with important projects in Eeklo, Seneffe and Izegem.
The acquisition of LAG, a leading player in the frozen bread market in Italy, gives Vandemoortele access to the savoury product category such as authentic focaccia products. The integration process is progressing well.
Jean Vandemoortele, Chairman of the Board comments: “Both business lines have performed well in 2015, and the strong investment program confirms our ambition to continue on this growth path.”
Vandemoortele aims to grow further, both in volumes and revenues, while improving its profitability. The Group will start operations in its new factory for Bakery Products in Poland mid 2016 to strengthen its position in the Central and Eastern European markets. The roll-out of Italian specialties is expected to boost the growth of the savoury category across all countries in Europe.
The continued effort to develop products and solutions for our customers and to adapt our portfolio to the changing preferences and trends of our final consumers are at the heart of our company. We call this: Shaping a tasty future. Jules Noten, CEO comments: “’Shaping a tasty future’ expresses our determination to develop great tasting products and solutions thanks to our craftsmanship.”
Balance sheet and Shareholding
Taking advantage of its strong balance sheet, the Vandemoortele Group has early repaid its 75 million euro subordinated loan to Gimv.
As per 15th April Gimv has converted its warrants into a 23,58% shareholding in NV Vandemoortele. This is the execution of the agreement made in 2009. There is no impact on the governance of the Vandemoortele Group since Gimv has 2 members on the Board of Directors of NV Vandemoortele since 2009.
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