•  H1 EBITDA up 4.2%
  •  Net profit up 5.6%
  •  Sales up 8.2%
Aryzta on track to meet FY consensus estimates

Aryzta on track to meet FY consensus estimates

Switzerland-based bakery group Aryzta has booked an increase in first-half sales and earnings in the face of "challenging" trading conditions.

The company said first-half EBITDA rose 4.2% to EUR186.3m (US$242.2m), while underlying net profit rose 5.6% to EUR129.4m.

Group revenue, including the contribution of its majority stake in Origin Enterprises, rose by 8.2% to EUR2.07bn. Stripping out the contribution from Origin, sales were up 6.9%. A strong performance in the group's US and rest of world units - up 10.6% and 11.8% respectively - provided a boost to sluggish European sales, up 2%.

The company said current consensus forecasts for fiscal 2013 look "reasonable". According to Kepler analysts, adjusted net profit is expected to total around EUR324.7m.

Aryzrta added that it expects double-digit underlying EPS growth in FY 2014.

Show the press release

 

Zurich/Switzerland, 11 March 2013 – ARYZTA AG announces financial results for the six month period ended 31 January 2013

Key Performance Highlights

Food Group

– Revenue increase of 6.9% to €1.50bn.

- Food Europe increased by 2.0%.

- Food North America increased by 10.6%.

- Food Rest of World increased by 11.8%.

– EBITA increase of 6.3% to €183.9m.

- Food Europe increased by 4.6%.

- Food North America increased by 6.8%.

- Food Rest of World increased by 12.5%.

- Food Group EBITA margin remained consistent at 12.3%.

– Underlying fully diluted net profit increased by 5.1% to €121.5m.

– Conversion of EBITDA to Operating Free Cash of 84.8% (H1 2012: 75.3%).

– Net debt: EBITDA ratio of 1.79x (H1 2012: 2.13x).

– Food Group gross term debt weighted average maturity of circa 5.38 years.

– Weighted average interest cost of Food Group debt financing facilities of circa 4.59%.

Origin

– Revenue increased in the period by 11.9% to €567.7m.

– EBITA declined by 59.3% to €2.4m.

– EBITA margin decreased by 80bps to 0.4%.

– Contribution from associates and joint ventures increased by 53.8% to €10.9m.

– Underlying fully diluted EPS increased by 16.2% to 7.59 cent.

Group

– Group revenue increased by 8.2% to €2.07bn.

– Group EBITA increased by 4.2% to €186.3m.

– Underlying fully diluted net profit increased by 5.6% to €129.4m.

– Underlying fully diluted EPS increased by 0.5% to 146.4 cent.

Commenting on the results, ARYZTA AG Chief Executive Officer Owen Killian said:

“ARYZTA’s underlying net profit performance was robust despite challenging trading conditions. Good progress on net debt reduction was also achieved despite significant ATI related investments. ARYZTA expects to complete its ATI programme as planned in FY 2014 to enhance its customer centric strategy. Current consensus FY 2013 underlying fully diluted EPS, including accretion from the recently announced strategic acquisition, looks reasonable at this stage.

ARYZTA expects to return to double-digit underlying fully diluted EPS growth in FY 2014.”

 

 

Original source: Aryzta