Utrecht, August 1, 2007
Highlights
Revenue in Q2-07 was EUR 391.9 million, against EUR 394.8 million in the same period last year, including a negative currency effect of EUR 14.5 million. All four business units showed growth in local currencies.
EBIT in Q2-07 increased by EUR 2.8 million to EUR 15.6 million (Q2-06: EUR 12.8 million).
Net profit (attributable to equity holders) was EUR 10.4 million in Q2-07 compared to EUR 12.0 million in Q2-06, caused by the divestment of the Private Label operations at the end of Q1-07 and a 16% income tax expense.
Cash generated from operations increased in the first half of 2007 to EUR 19.1 million from EUR 13.1 million in the same period last year.
Interim dividend of EUR 0.25 is payable on August 14, 2007.
CEO statement
Ad Veenhof, Wessanen CEO, says: "I am pleased to see that the strategic initiatives in our Branded and Distribution businesses are starting to pay off. Our North American operations did especially well. North America Branded is demonstrating excellent growth. Tree of Life, Wessanen’s North American distribution business, has improved from negative growth the last couple of years and earlier this year to a positive top-line growth of 2.2% (in US dollars) in the second quarter of 2007. Our European businesses are also showing encouraging growth in the key strategic segments of branding and distribution.
EBIT was up for our North American and European Branded operations and break-even at North America Distribution after a loss last year. Overall, all four businesses are strengthening and we are confident that we will reach our run rate year-end 2007 objectives."