Utrecht, October 31, 2007
Highlights
Total revenue in Q3-07 was EUR 387.9 million (Q3-06: EUR 373.2 million). Currency effect had a negative impact of EUR 20.4 million. Solid growth figures at all four businesses – on or above target.
EBIT amounted to EUR 13.1 million in Q3-07 (Q3-06: EUR 6.3 million).
Net profit attributable to equity holders of Wessanen was EUR 9.9 million in Q3-07 (Q3-06: EUR 3.6 million, excluding profit of discontinued operations).
Cash generated from operations in the first nine months of 2007 amounted to EUR 21.2 million (EUR 41.9 million in the same period last year).
CEO statement
Ad Veenhof, Wessanen CEO, comments: "We are pleased to see that all four businesses demonstrate solid growth in revenue. In fact, three of our four businesses are showing growth figures that are on or above our year-end target levels of 5-7%. In North America, our branded operations show growth of 13% and our distribution operations are growing by 7.7%. Europe Distribution revenue growth at 9.5% is well above our year-end target levels, whereas Europe Branded is clearly on the right track with a comparable growth level of 4.4%. EBIT margins also improved in all four businesses. In the North American and European branded operations this was achieved including higher investments in advertising and promotion, whereas in the North American and European distribution businesses EBIT margins improved as a result of better cost control and efficiencies. On the whole, the current trend is promising and by the closure of 2007 we will review the run rate target levels for the coming year."