GERMANY: Oetker "satisfied" with 2013, sees opportunities abroad
Oetker generates 67% of sales outside Germany
German food giant Dr Oetker has said it had a "satisfactory" 2013 amid a "subdued" trading environment but said it sees opportunities for growth, notably in overseas markets.
The privately-owned maker of products from baking mixes to pizza posted sales of EUR2.13bn for last year, up 2.3%. On an organic basis, excluding factors like foreign exchange, sales were up 3.9%.
Domestic sales grew 2.4% to EUR706m. Oetker pointed to slowing economic growth in Germany but pointed to higher frozen food sales in its home market.
Overseas, sales increased 2.2% to EUR1.4bn. Oetker said it saw sales rise 4.6% abroad if the impact of foreign exchange and M&A was excluded from the results.
The company generates over two-thirds of its revenue in overseas markets. CEO Richard Oetker said the group's strategy of making "targeted investments" to develop its business outside Germany had "paid off". He added: "We see further growth opportunities, especially abroad."
The business does not provide specific figures for profits.
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