VIVARTIA HOLDING S.A.
SALES INCREASE BY 17.8% IN 2007 FOR VIVARTIA GROUP
In 2007, consolidated sales of Vivartia Group increased by 17.8% to euro 1.1 billion from euro 950 million in 2006 (pro forma basis), i.e. including the figures of the Bakery and Confectionary Division for the full year 2006. It should be noted that the published figures for 2007 are not directly comparable to 2006 figures, as the activity of the Bakery and Confectionary Division -former Chipita- for 2006 has been incorporated in the consolidated results as from 1/9/2006 (4 months).
The Group's ΕΒΙTDA of euro 126.6 million has been affected during 2007 by provisions and extraordinary expenses of euro 24.8 million which mainly concern the fine imposed by the Hellenic Competition Commission, as well as expenses related to administrative changes within the Group. In comparable terms, however, i.e. without taking into account the aforementioned provisions and extraordinary items, the Group's EBITDA increased by 6.5% to euro 151.6 million from euro 142.3 million in 2006 (pro forma).
The Group's 2007 earnings before tax reached euro 51.8 million from euro 82.3 million in 2006 (pro forma) as a result of the aforementioned provisions and the increased financial expenses of the Group which reached euro 13 million approximately reflecting the cost of early repayment and/or conversion of bond loans, which was directly related to the change of control of Vivartia's ownership in July 2007.
As a result of the above and the increase of minority rights, in 2007 the earnings per share reached euro 0.13.
Vivartia management will propose to the Shareholders General Assembly the distribution of a special dividend of euro 0.32 per share, through a share capital decrease.
Finally, following the recent acquisition of US Nonni's and the strategic partnership with Everest Group, Vivartia Group has entered dynamically into a growth path which is fully aligned with the 2008 objectives as described in the five period 2008-2012 business plan.
According to the Group's five year plan it is expected that for the year 2008 sales will reach euro 1,451 million, EBITDA of euro 217.2 million and earnings after tax and minority rights euro 70.2 million.
The Group's ΕΒΙTDA of euro 126.6 million has been affected during 2007 by provisions and extraordinary expenses of euro 24.8 million which mainly concern the fine imposed by the Hellenic Competition Commission, as well as expenses related to administrative changes within the Group. In comparable terms, however, i.e. without taking into account the aforementioned provisions and extraordinary items, the Group's EBITDA increased by 6.5% to euro 151.6 million from euro 142.3 million in 2006 (pro forma).
The Group's 2007 earnings before tax reached euro 51.8 million from euro 82.3 million in 2006 (pro forma) as a result of the aforementioned provisions and the increased financial expenses of the Group which reached euro 13 million approximately reflecting the cost of early repayment and/or conversion of bond loans, which was directly related to the change of control of Vivartia's ownership in July 2007.
As a result of the above and the increase of minority rights, in 2007 the earnings per share reached euro 0.13.
Vivartia management will propose to the Shareholders General Assembly the distribution of a special dividend of euro 0.32 per share, through a share capital decrease.
Finally, following the recent acquisition of US Nonni's and the strategic partnership with Everest Group, Vivartia Group has entered dynamically into a growth path which is fully aligned with the 2008 objectives as described in the five period 2008-2012 business plan.
According to the Group's five year plan it is expected that for the year 2008 sales will reach euro 1,451 million, EBITDA of euro 217.2 million and earnings after tax and minority rights euro 70.2 million.