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Greenyard reports FY results

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 NV
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