Skip to content
Warning: To enchance the user experience on this site we use cookies. I agree I disagree
{$msgWrittenBy|ucfirst|sprintf=''} Kris Kippers on
in the Category: Default.

Disclosure in accordance with the requirements of the Act of May 2, 2007

Sint-Katelijne-Waver, Belgium, February 6, 2018 - Greenyard NV (Euronext Brussels: GREEN) received a transparency notification in accordance with article 14 of the Belgian Act of May 2, 2007 
Pursuant to the Belgian Act of May 2, 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market, Greenyard received a transparency notification on February 2, 2018 from Kabouter Management LLC.
Kabouter Management LLC has notified Greenyard that it has acquired 2,292,842 Greenyard shares (representing 5.17% of the total number of shares), and as a result of this, has crossed on January 30, 2018 the minimum notification threshold of 5.00% of the total number of shares.
The full transparency notice is available on the Greenyard website under the heading Investor Relations.

{$msgWrittenBy|ucfirst|sprintf=''} Finance on
in the Category: Default.

Sint-Katelijne-Waver, Belgium, January 29, 2018 - Greenyard (Euronext Brussels: GREEN) announced today that Hein Deprez becomes CEO of Greenyard and will steer the group together with Carl Peeters, who will become the COO. Within the business segments, Greenyard enforces its management teams.


Greenyard announced today the appointment of current Greenyard Executive Chairman Hein Deprez as CEO of Greenyard, replacing Marleen Vaesen in this position. Carl Peeters, the current CFO of Greenyard, will be appointed COO, a new function. Hein Deprez and Carl Peeters are to jointly lead the Greenyard leadership team, steering the company for further growth. The search for a new CFO has started.

After 5 years, Marleen Vaesen will leave Greenyard in mutual consent on January 31, 2018. She became CEO of Greenyard Foods in 2012. After the merger in 2015, she took the helm at the enlarged Greenyard. She was responsible for building the structure of the future, aligning the 3 entities and bringing new people on board.
After these accomplishments it is time to bring Greenyard to the next level. Next to the new appointments of CEO, COO and CFO, Greenyard is strengthening its organisation at the business segment level. Within Fresh, Tim Van Londersele will lead all Fresh operations except the Greenyard Bakker operation, which will be managed by Irénke Meekma. Long Fresh will be steered by Charles-Henri Deprez. Stefaan Vandaele will continue to lead the Horticulture segment.


Hein Deprez will step down as Executive Chairman of the Board of Directors but remains member of the Board of Greenyard. Koen Hoffman, member of the Board since October 4, 2017, will take on the role of Chairman. Charles-Henri Deprez will resign from the Board to concentrate on his new role and will be replaced by Valentine Deprez. She will be co-opted as Board member with her nomination to be submitted for approval at the next AGM.


Hein Deprez commented: ‘I would like to thank Marleen for her valuable contribution by transforming Greenyard into today’s modern, strong company. We wish her the very best in her future endeavours. After this initial transformation period following the merger, the announced management changes are a next step to further execute our strategy. By doing so, we will focus even more on our strategy and priorities to continue generating profitable growth and strengthening our global leadership position in fruit and vegetables.’


Greenyard will pay Marleen Vaesen a severance pay in line with her remuneration in 2016-2017 as stipulated in the annual report.

{$msgWrittenBy|ucfirst|sprintf=''} Finance on
in the Category: Default.

Sint-Katelijne-Waver, Belgium, January 5, 2018 


Greenyard (Euronext Brussels: GREEN) today announced that negotiations to acquire Dole Food Company, Inc. (“Dole”) have ended without a definitive agreement.

Hein Deprez, Executive Chairman of Greenyard, commented, “While the acquisition of Dole by Greenyard would have marked a significant milestone for both companies, we are confident that Greenyard has the right strategy and priorities in place to continue generating profitable growth and strengthening our global leadership position in fruit and vegetables. We pursued all efforts to realise a transaction with financial and strategic merit that would have created value for all stakeholders involved, nevertheless an agreement could not be reached. We are confident that Greenyard is at the forefront of its industry, and will continue to pursue its successful and ambitious path as a market leader, creating continued shareholder value.”

Rothschild & Co served as Greenyard’s financial advisor, with Allen & Overy LLP as legal advisor and Freshfields LLP as competition advisor.

 

Financial calendar
- Q3 trading update - February 22, 2018 (after market)
- FY results - June 5, 2018 (after market)


For additional information, please contact:


Media

Arnaud Denis, Whyte Corporate Affairs
+32 478 99 82 37
ad@whyte.be

Investors

Carl Peeters, CFO
+ 32 15 32 42 69
carl.peeters@greenyard.group

 

Kris Kippers, IR
+32 15 32 42 49
kris.kippers@greenyard.group

{$msgWrittenBy|ucfirst|sprintf=''} Finance on
in the Category: Default.

Sint-Katelijne-Waver, Belgium, 19 December 2017 - Greenyard (Euronext Brussels: GREEN) announces that it is in advanced negotiations to acquire Dole Food Company, Inc. (“Dole”)


At this stage, a definitive agreement has not been reached, and there can be no assurance that these negotiations will culminate in a transaction between the two companies. Greenyard has secured appropriate financing, and is confident in its ability to complete the transaction with a balanced financing approach should a definitive agreement be reached. Greenyard will provide further comment related to this potential combination when there is news to share.


Financial calendar
- Q3 trading update - February 22, 2018 (after market)
- FY results - June 5, 2018 (after market)


For additional information, please contact:
Media
Belgium
Arnaud Denis, Whyte Corporate Affairs
+32 2 738 06 36
ad@whyte.be
United States
David Roady, FTI Consulting
+1 212 850 5632
david.roady@fticonsulting.com


Investors
Carl Peeters, CFO
+ 32 /(0)15 324269
carl.peeters@greenyard.group
Kris Kippers, IR
+32/(0)15 324249
kris.kippers@greenyard.group

{$msgWrittenBy|ucfirst|sprintf=''} Kris Kippers on
in the Category: Default.

Sales close to last year. Lower operating profit while strong improvement in net result

Sint-Katelijne-Waver, Belgium, November 21, 2017 - Greenyard (Euronext Brussels: GREEN) announced its HY results ending September 30, 2017
Highlights – HY ending September 30, 2017
• Sales are down 2.4% YoY to € 2,094.5m. Excluding the currency effect (-0.4%), sales declined internally by 2.0% compared to strong base last year of +6.8%
• Fresh reports a sales decline of 2.5%. Internally, top line dropped by 2.2% versus a high comparable base and a stable price evolution after strong price inflation last year
• Long Fresh’ sales were down 2.6% but currencies explain 1.2% of the drop. Sales declined by 1.4% internally, which implies a strong Q2 (+1.4%). Long Fresh was confronted with shortages, while ongoing price and product mix improvements continued to contribute to top line growth
• Horticulture sales were up 4.5%, mainly thanks to internal growth (+3.0%)
• REBITDA declined by 5.5% to € 73.4m. This entails a € 4.3m drop driven by:
• Fresh dropped by € 2.6m largely driven by price pressure on bananas, combined with challenging sourcing and lower volumes YoY
• Long Fresh’ was slightly down (€ -1.1m). The continuing efforts to improve portfolio management and ongoing progression in Frozen France were curbed by the impact of shortages, ongoing price pressure in Prepared and irregular supply caused by adverse weather conditions
• Horticulture declined by € 0.5m due to tough harvest conditions during summer and higher transportation costs
• Net result came in at € 11.7m. Excluding the non-cash impact of the fair value adjustment on the convertible bond, net result arrives at € 12.5m, up 84% YoY
• Including the impact of the share buyback, adjusted EPS increased to € 0.29, up more than 90% YoY
• A significant step-up in CAPEX spent to € 35.2m driven by growth investments in Fresh and timing effect  
• Net financial debt dropped by € 32.5m YoY to € 346.5m. This translates into a leverage of 2.4x, down from 2.7x last year. This was realised despite the strong rise in investments and our share buyback programme
• The corporate tax rate showed a structural decline towards 37.3%, down from 47.2% last year
• Closing the acquisition of Mykogen following approval of all competent authorities. Mykogen adds 8% to group REBITDA with consolidation as from December 1, 2017

{$msgWrittenBy|ucfirst|sprintf=''} Kris Kippers on
in the Category: Default.

Appointment of Koen Hoffman as Board member

Sint-Katelijne-Waver, Belgium, October 6, 2017 - Greenyard (Euronext Brussels: GREEN) announced the appointment of Ahok BVBA, represented by Mr. Koen Hoffman, as independent, non-executive member of the Board of Directors

Greenyard is pleased to announce that the Board of Directors has co-opted Ahok BVBA, represented by Mr. Koen Hoffman, as independent, non–executive Board member. His formal appointment will be submitted for approval to the next shareholders’ meeting. The mandate starts as of October 4, 2017 and ends after the AGM in 2020. As such, Mr. Koen Hoffman replaces Mr. Marc Wittemans who voluntarily resigned June 21, 2017.

Mr. Hoffman obtained a Master in Applied Economics (Ghent, 1990) and an MBA at Vlerick (Ghent, 1991). Between 1992 and July 2016 he was active at KBC Group. First at the corporate finance department of KBC Bank and from 1998 at KBC Securities where he became CEO from October 2012. Since August 2016 he is the CEO of Value Square. Mr. Hoffman is currently independent board member at Fagron (Chairman) and Mithra. 

 

 

 

 

 


Financial calendar
- H1 results        November 21, 2017 (after market)
- Q3 trading update      February 22, 2018 (after market)

 

 

For additional information, please contact Greenyard:
Marleen Vaesen, CEO
T +32 15 32 42 97
marleen.vaesen@greenyard.group

Carl Peeters, CFO
T +32 15 32 42 69
carl.peeters@greenyard.group

{$msgWrittenBy|ucfirst|sprintf=''} Kris Kippers on
in the Category: Default.

Trading update Q1 2017/2018

Sint-Katelijne-Waver, Belgium, August 29, 2017 - Greenyard (Euronext Brussels: GREEN) announced its trading update for the first quarter ending June 30, 2017
• In Q1, sales came in at € 1,110.0m. Internal growth was stable against a strong comparison base (+5.9% in Q1 16/17). FX impacted sales negatively by 0.4%, mainly related to the GBP.
• Segment performance in Q1:

  • Fresh’ internal sales were stable (+0.1%) vs strong growth last year (+6.4% Q1 16/17).
  • Long Fresh witnessed a drop in sales reflecting shortage of supply, related to last year’s difficult harvest. This impact could not be compensated by ongoing price and price-mix improvements. FX compressed sales by 0.9% caused by the GBP.
  • Horticulture grew by 3.6%.

• On June 14, Greenyard announced the acquisition of Mykogen, a leading player in mushroom substrate. Meanwhile the procedure with the antitrust authorities is evolving as anticipated. As such, the transaction is expected to be closed before year-end, as was communicated previously.

{$msgWrittenBy|ucfirst|sprintf=''} Finance on
in the Category: Default.

Sint-Katelijne-Waver, Belgium, July 31, 2017 - Greenyard (Euronext Brussels: GREEN) announces change in shareholdership


In accordance with article 14 of the Belgian Act of May 2, 2007 on the disclosure of significant shareholdings in listed companies, Greenyard announces the receipt of two transparency declarations on July 24 and July 31, 2017.


The company was notified that Mr. Hein Deprez, Deprez Holding NV and Food Invest International NV, on the one hand, and Gimv NV, Gimv-XL Partners Comm.V, Adviesbeheer Gimv-XL NV, Gimv-XL Partners Invest Comm.V (together Gimv) and Agri Investment Fund CVBA (AIF), on the other hand, are no longer acting in concert following the automatic termination of the shareholders’ agreement with respect to Greenyard which was closed on May 8, 2015 between aforementioned parties.


In addition, the Deprez family has increased its stake from 45.3% to 49.3% as it purchased the shares held by AIF on July 31, 2017. Taking into account the 3.76% own shares which Greenyard has currently acquired, the 50% control threshold has been exceeded by the Deprez family, through Deprez Holding NV and Food Invest International NV, as a result of this transaction. This transaction doesn’t impact the free float, which remains stable at 38.1%.


Following this transaction, AIF is no longer member of the Board of Directors of Greenyard.


Hein Deprez, Executive Chairman of Greenyard, comments on the announcement:
‘I would like to thank the Agri Investment Fund for their valuable support in Greenyard throughout their investment period. They entered into the capital of PinguinLutosa in 2011 via the capital increase which was triggered by the acquisition of Scana Noliko, currently our Prepared division which is part of Long Fresh. During the era AIF was on board, they have been a trusted partner and shareholder. AIF’s strong support in growing our business from a small family company to its current global position is an excellent example of AIF’s role in our industry. The Deprez family is pleased it was able to take over AIF’s participation in Greenyard. With this transaction, our family further shows its commitment to remain the controlling shareholder of Greenyard, the global leader in its markets.‘

{$msgWrittenBy|ucfirst|sprintf=''} Kris Kippers on
in the Category: Default.

Greenyard’s free float increases after step out of Gimv 


Sint-Katelijne-Waver, Belgium, June 20, 2017 - Greenyard (Euronext Brussels: GREEN) announces change in shareholdership


Gimv announced today that it no longer detained shares in Greenyard. As a result, Greenyard’s free float increases materially to 38,5%.
Since the merger in June 2015, Gimv controlled 11,8% of total outstanding shares. This stake was reduced to 4,9% closely afterwards as a result of a private placement. Thereafter, Gimv remained a shareholder for 2 years after the merger.

Hein Deprez, Executive Chairman of Greenyard, comments on the announcement:
‘I would like to thank Gimv for their valuable support in Greenyard throughout their investment period.
Since their entry, Gimv has always been a trusted partner and shareholder, certainly when Greenyard went through a number of transactions in order to strengthen our growth. Gimv also supported  the merger process with Fresh and Horticulture in June 2015, 2 years ago now, and the integration process thereafter.
As Gimv’s role is to bring successful companies to the next level, this announcement clearly fits into their strategy with Greenyard now being a global leader in its markets.‘

{$msgWrittenBy|ucfirst|sprintf=''} Kris Kippers on
in the Category: Default.

Greenyard is pleased to announce that it has entered into an agreement regarding the acquisition of Mykogen Polska S.A. (collectively “Mykogen”), a leading manufacturer of top quality mushroom substrate. The company has four state-of-the-art production facilities, located in Poland and Ukraine. Substrate is the key and highest value-added raw material used in mushroom production. Mykogen’s quality growing media are essential in producing high quality mushrooms in the growing production markets of Central and Eastern Europe. The vast majority of Mykogen’s operations are in Poland, Europe’s largest mushroom producer.
During the last 4 years, Mykogen’s sales growth has exceeded 8% per annum (CAGR) with FY 2017 sales expected to approach € 40 million. The company has consistently delivered strong profitability with EBITDA1 margins above 35%. Mykogen, with over 300 employees, is led by a very experienced and impressive management team. Mykogen is currently owned by a subsidiary of Abris CEE Mid-Market Fund II L.P., a fund advised by Abris Capital Partners. During recent years under Abris’ buy & build strategy, Mykogen has completed significant investments in existing facilities and a new green-field facility, as well as a material acquisition.

The addition of Mykogen to Greenyard yields a number of important strategic benefits. Firstly, Greenyard further enhances its direct connection to the grower by becoming a key supplier to the major mushroom growers. Secondly, increasing its access to hand-picked and mechanically harvested mushrooms the group strengthens its positioning in the mushroom market place creating opportunities for cross-divisional synergies with the Fresh, Frozen, Prepared (Lutèce)  and Horticulture divisions within Greenyard. Thirdly, the growing production volumes of the highly value added substrates in Poland, Ukraine and neighbouring markets are beneficial to the group’s growth rate. Lastly, the transaction raises the strategic profile of its Horticulture business, positioning it for further strategic development, while at the same time improving Greenyard’s margin structure and reducing earnings volatility.

Transaction Details
The purchase price is approximately € 93 million. In 2016, Mykogen achieved EBITDA of approximately € 13.5 million (roughly 80% of the EBITDA was generated from the Polish operations). This implies a trailing purchase price multiple of 6.9x EV/EBITDA. Greenyard is financing the transaction from existing credit facilities.
The transaction is conditional upon the receipt of all necessary regulatory and third party approvals, and other customary conditions. Closing is expected to occur during the second half of 2017. 

Divestments of non-core assets
To improve the footprint and focus, selective non-strategic and non-core assets within the Fresh segment will be divested. These divestments are estimated to provide cash proceeds of approximately € 25m with a limited impact on EBITDA (activities represent <2% of Group EBITDA). The divestments are expected to be completed during the second half of 2017.

Impact on Greenyard
As a result of the acquisition and divestments, EBITDA is anticipated to increase by 8%. As such, Horticulture will represent 15% of group EBITDA vs. 7% today. On a pro-forma basis, Greenyard’s EBITDA would have reached € 157 million in March 2017. The transaction is anticipated to be earnings accretive as from year 1.
After the acquisition of Mykogen and the divestments of the non-core assets, net financial debt is expected to be approximately € 390 million vs. € 324.2 million reported FY 16/17. Hence, Greenyard’s leverage2, based on NFD3/EBITDA, is anticipated to be approximately 2.5x, an increase of 0.3x compared to FY 16/17 and well below the FY 15/16 ratio of 2.8x.

Contact

Greenyard NV
Strijbroek 10
2860 Sint-Katelijne-Waver (Belgium)

t. +32 (0)15 32 42 00
f. +32 (0)15 32 42 01

info@greenyard.group

Investor Relations

Contact:

t. +32 15 32 42 49

ir@greenyard.group