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

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



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

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