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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.

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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.‘

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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.‘

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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.

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Strong REBITDA growth with significant debt reduction

Sint-Katelijne-Waver, Belgium, June 6, 2017 - Greenyard (Euronext Brussels: GREEN) announced its FY results ending March 31, 2017
Highlights – FY ending March 31, 2017
• Sales1 were up 7,1% YoY to € 4.249,2m. Growth came mainly from internal growth (5,3%) and M&A (2,7%) with FX being slightly negative (-1,0%):
• Fresh’ sales grew by 5,4% largely thanks to growth in the German and Dutch market
• Long Fresh’ sales were up 15,8% supported by internal sales growth (2,1%) and the incorporation of Lutèce (16,7%)
• Horticulture sales were up 3,7%, mainly internal (3,1%)
• REBITDA1 increased by 7,0% to € 145,7m. The improvement of € 9,5m is primarily driven by:
• Fresh improved by € 3,8m thanks to top line growth in core markets and improved logistic operations partly offset by the lack of volumes in Q4, impacting operating leverage, and the UK operations
• Long Fresh reported a strong improvement of € 4,9m driven by an improved portfolio management, mainly in Frozen, overall volume growth as well as efficiencies. This was slightly compensated by the adverse weather conditions and the ongoing price pressure in Prepared
• Horticulture’s profitability enhanced thanks to an improved product mix and continued cost focus, hereby lifting margins to 13,2%
• Net result came in at € 0,7m. Excluding one-off costs net adjusted result came in at € 21,9m. This translates into an EPS of € 0,02 and an adjusted EPS of € 0,51
• Net financial debt (NFD) dropped by € 58,7m YoY to € 324,2m. This translates into a leverage of 2,2x, down from 2,8x last year and 2,7x in September 2016. The improvement was driven by operational cash flow as well as a reduction in working capital. Moreover, a significant part of the share buyback program, announced in March, resulting in a repurchase for a total consideration of € 16,4m, is included in this number
• The realised cash tax savings amounted to € 1,3m
• In December of last year, Greenyard realised a refinancing which is anticipated to save more than € 15m per annum
• Greenyard’s Board proposes to keep the dividend stable at € 0,20/share

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Greenyard reports on the progress of its share buyback

Sint-Katelijne-Waver, Belgium, April 7, 2017 - Greenyard (Euronext Brussels: GREEN) reports on progress of share buy back


Greenyard announced the initiation of a share buyback program on March 14, 2017. As a result of this announcement, Greenyard today reports that 70,013 shares were repurchased between April 4 and April 7, 2017.

Since the start of the buyback program on March 15, 2017 Greenyard bought back 1,104,690 shares in total for a total amount of € 17,672,423. This corresponds to 2.49% of the total shares outstanding.

The entire overview related to Greenyard’s buyback program is available on:
https://greenyard.group/en/investor-relations/share-buyback-program

 

 

 

 

 

Financial calendar
- FY results       June 6, 2017 (after market)
- Q1 trading update      August 29, 2017 (after market)
- AGM         September 15, 2017
- H1 results        November 21, 2017 (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

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Greenyard reports on the progress of its share buyback

Sint-Katelijne-Waver, Belgium, March 24, 2017 - Greenyard (Euronext Brussels: GREEN) reports on progress of share buy back
Greenyard announced the initiation of a share buyback program on March 14, 2017. As a result of this announcement, Greenyard today reports that 1,034,677 shares were repurchased between March 15 and March 24, 2017.

Since the start of the buyback program on March 15, 2017 Greenyard bought back 1,034,677 shares in total for a total amount of € 16,435,658. This corresponds to 2.33% of the total shares outstanding.

The entire overview related to Greenyard’s buyback program is available on:
https://greenyard.group/en/investor-relations/share-buyback-program

 

 

 

 

 

Financial calendar
- FY results       June 6, 2017 (after market)
- Q1 trading update      August 29, 2017 (after market)
- AGM         September 15, 2017
- H1 results        November 21, 2017 (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

 

 

 

About Greenyard
Greenyard (Euronext Brussels: GREEN) is a global market leader of fresh, frozen and prepared fruit & vegetables, flowers, plants and growing media. Counting Europe’s leading retailers amongst its customer base, the group provides efficient and sustainable solutions to customers and suppliers through best-in-class products, market leading innovation, operational excellence and outstanding service.
Our vision is to make lives healthier by helping people enjoy fruit & vegetables at any moment, easy, fast and pleasurable, whilst fostering nature.   
With some 8,200 employees operating in 25 countries worldwide, Greenyard identifies its people and key customer and supplier relationships as the key assets which enable it to deliver goods and services worth almost 4 billion per annum.
www.greenyard.group

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Greenyard announces start of share buyback

Sint-Katelijne-Waver, Belgium, March 14, 2017 - Greenyard (Euronext Brussels: GREEN) announces start of share buy back


Greenyard announces today the start of a share buyback program representing a repurchase of up to 1.750.000 shares. This represents a total value of € 28,6 million based on today’s closing price.
In December 2016, Greenyard embarked on a significant refinancing with, amongst others, a Convertible Bond, creating at least € 15 million annual interest cost savings. The company now announces a share buyback which can be used to mitigate the potential dilution from this Convertible Bond,  to create a pool of own shares for financing potential future acquisitions and/or possible future long term incentive plans. The share buyback program is expected not to materially impact the company’s leverage.
The Board of Directors of Greenyard has granted a discretionary mandate to an intermediary who will execute this both on or outside the regulated market during open and closed periods. Block trades can be considered as well during open periods. The mandate is valid for 1 year.
As set out in Greenyard’s articles of association, the General Shareholders’ Meeting of 19 September 2014 has granted a power of attorney to the Board of Directors to approve share buybacks up to the legal maximum of 20%.
During the course of the program, Greenyard will provide regular updates to the market about its share repurchases and in line with the applicable regulations via press releases.
This share buyback programme can be ceased at any time.

 

Financial calendar
- FY results       June 6, 2017 (after market)
- Q1 trading update      August 29, 2017 (after market)
- AGM         September 15, 2017
- H1 results        November 21, 2017 (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

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Sint-Katelijne-Waver, Belgium, March 3, 2017 - Greenyard (Euronext Brussels: GREEN) announces increase in shareholding of Deprez Family

In accordance with article 14 of the Belgian Law of 2 May 2007 on the disclosure of significant shareholdings in listed companies, Greenyard announces the receipt of a transparency declaration on March 3, 2017.
Deprez Holding NV has exercised its call option to acquire 642,441 shares of Groupe d’Aucy (previously named Centrale Coopérative Agricole Bretonne - “CECAB”).


Following this transaction, which took place on March 1, 2017, Deprez Holding NV’s stake in Greenyard increased from 29,09% to 30,54%, hereby surpassing the 30% threshold, whereas Groupe d’Aucy’s stake is reduced from 1,45% to 0,00%.


As a result of this transaction the Deprez family, through Deprez Holding NV and Food Invest International NV increases its participation in Greenyard from 43,8% to 45,3%.

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Trading update Q3 2016/2017

• In Q3, sales came in at € 996,9m,  an increase of 6,3% YoY.  Internal growth reached almost 5%.  FX impacted sales negatively by 1,6% mainly due to the drop of the GBP. The acquisition of Lutèce added 3,0% to top line.
• Segment performance in Q3: 
o Fresh realised a 4,7% rise in sales.
o Long Fresh is influenced by the acquisition of Lutèce (+16.1%). Excluding this effect and the FX impact of -3,3%, mainly caused by the GBP, internal growth was slightly positive.
o Horticulture grew by almost 5%.
• YTD sales reached € 3.143,0m, an increase of almost 8%.

 

 

Financial calendar
- FY results       June 6, 2017 (after market)
- Q1 trading update      August 29, 2017 (after market)
- AGM         September 15, 2017
- H1 results        November 21, 2017 (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


About Greenyard
Greenyard (Euronext Brussels: GREEN) is a global market leader of fresh, frozen and prepared fruit & vegetables, flowers, plants and growing media. Counting Europe’s leading retailers amongst its customer base, the group provides efficient and sustainable solutions to customers and suppliers through best-in-class products, market leading innovation, operational excellence and outstanding service.
Our vision is to make lives healthier by helping people enjoy fruit & vegetables at any moment, easy, fast and pleasurable, whilst fostering nature.   
With some 8,200 employees operating in 25 countries worldwide, Greenyard identifies its people and key customer and supplier relationships as the key assets which enable it to deliver goods and services worth almost 4 billion per annum.
www.greenyard.group

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