In 2021, the Vandemoortele Group was confronted with the combination of COVID-19 and a sharp rise in energy and raw materials prices. Our ability to adapt turned out to be our key success factor. We achieved our financial targets and kept sustainability at the heart of our business. To keep all our stakeholders up-to-date on our financial performance and our non-financial impacts and progress, we have created our first integrated report.
2021 integrated report (pdf)
2021 financial statements (pdf)
2021 financial statements ESEF (zip)
Rising financial performances due to active cost management and a better product, channel, and geographic mix
“Despite the difficult circumstances, we performed better than in 2020 and increased our turnover by €133 million (+11%) to €1,330 million in 2021. Our adjusted EBITDA was also €15 million (or 14%) higher than in 2020”, says CEO Yvon Guérin. “The clear improvement in our financial figures was due to a tight and active cost management and adjustments to our product mix, our channels and our geographical markets. We also successfully expanded our exports outside Europe.”
“In the first half of 2021, the COVID-19 pandemic kept the demand for food service products lower than usual, while the prices of energy, raw materials and packaging kept going up. Nevertheless, our bakery products performed particularly well. That strong performance offset our somewhat weaker year in margarines and cooking oils, which was also impacted by an intensified price competition in certain channels."
"In 2022, we will seek to continue our profitable growth."
"We are currently preparing ourselves for further price increases in our finished products containing wheat and oils (more specifically sunflower oil), due to the war in Ukraine. At the same time, we are managing the booming energy costs.”
Good sustainability performance
Despite the challenging circumstances of 2021, Vandemoortele continued to put sustainability at the heart of its activities. Group Sustainability Manager Aurélie Comhaire: "We managed to achieve all our Clean Label targets, which focus on replacing food additives with natural ingredients, and to further tighten our Clean Label definition. We also made great efforts to protect the physical and mental health of our associates and to keep them motivated during a challenging year. We even achieved outstanding safety results, a remarkable feat considering the number of temporary workers who replaced our permanent associates during the pandemic.”
“In 2022, we will continue to build a sustainable corporate culture. Our associates are our best sustainability ambassadors. We also need to further tackle our carbon emissions. By joining the Science-Based Targets initiative, we aim to take our climate goals to the next level. We have already begun to define our emission reduction targets in line with the Paris Agreement”, Marc Croonen, Chief Human Resources, Sustainability & Communication.
"we want to tell the outside world what we are achieving, and why we take certain decisions."
Why we do what we do
In times of crisis and climate change, the most successful companies are those that match good financial results with a strong sustainability performance. Jean Vandemoortele, chairman of the Board of Directors: “To gain our customers’ trust, we want to show them all our sustainability efforts and results. By combining our financial and non-financial reporting in one integrated report, we offer our stakeholders a clear, concise and integrated story that explains how value is created in our organisation.”