Moscow, Russia, Thursday, June 5, 2008 – Nutritek Group (“Nutritek” or “the Group), a leading Russian producer of baby food products, announces consolidated operating results and preliminary financial results of 2007 financial year ended on March 31, 2008.
Overall sales of baby food and dairy products in 2007 financial year ended on March 31, 2008 declined from 233.8 thousand tones to 204.1 thousand tons making 87.3% of the previous financial year. Dairy products sales and overall sales decreased following the sale of Nutritek dairy business to “RUSSAGROPROM” Limited in November 2007.
Total dairy products sales dropped by 20% from 190.7 thousand tons to 152.2 thousand tons, whereas total baby food sales increased by 15.6% from 43.1 thousand tons to 49.8 thousand tons.
Sales of milk powder in Asia amounted to 2 thousand tons.
Nutritek revenue in 2007 financial year made RUR 9,995 million decreasing by 1.7% vs. 2006. At the same time the Group EBITDA increased from RUR 1,830.7 million in 2006 to RUR 1,877.9 million in 2007 financial year with EBITDA margin demonstrating the increase from 18.1% to 18.9%.
Revenue from dairy products sales dropped by 25% from RUR 6,151 million in 2006 to RUR 4,592 million in 2007 financial year, whereas revenue from baby food sales in 2007 financial year increased by 29% compared to 2006 making RUR 5,132 million versus RUR 3,978 million in 2006.
Revenue from milk powder sales in Asia reached RUR 229 million.