Montreal-based dairy processor Saputo has reported positive financial results for the fiscal year ended 31 March 2002.
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Net earnings totalled C$160.2m (US$104.4m), or C$1.56 (basic) per share, an increase of 29.1% over the C$124.1m or C$1.21 (basic) per share (before amortization of goodwill) of the previous fiscal year. Dairyworld, acquired on 5 February 2001, was the main driving force behind this increase, and once again this year each of the divisions performed well.
EBITDA reached C$352.4m for fiscal 2002, an increase of 30.0% over C$271m in the last year. The Canadian activities of the Dairy Products Sector, impacted by the strength of Dairyworld’s contribution, were the principal source of this increase.
Cash generated before changes in non-cash working capital items totalled C$244.5m or C$2.38 (basic) per share, an increase of 28.6% over the C$190.1m or C$1.86 (basic) per share of the previous fiscal year.
Revenues totalled C$3.457bn at 31 March 2002, up 60% from C$2.162bn in the previous fiscal year. A total of 90% of this increase is attributable to the contribution of Dairyworld for 52 weeks this year. The rest of the advance is related to the combination of additional revenues deriving from US activities and the lower revenues from the activities of the Grocery Products Sector, primarily because of the transfer to Dare Foods of the cookies, fine breads and soups activities as per the agreement entered into in July 2001.
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By GlobalDataThe Canadian Dairy Products Sector showed favourable results for the Q4. This performance is a result of the continuing integration process of Dairyworld. The US Dairy Products Sector showed a decrease in EBITDA for the quarter as compared to the same period of the previous fiscal year. This is a direct result of the purchase price of milk not following in tandem with the selling price per pound of cheese, which resulted in an unfavourable impact. Nevertheless, there was a considerable improvement in the Q4 compared to the Q3. The Grocery Products Sector has included a minimal amount of dividends in its revenues, which relates to its investment in Dare Foods.
Dividends
The board of directors has declared a dividend of C$0.055 per common share payable on 2 July 2002 to shareholders of record at 18 June. This dividend relates to the Q4 beginning 1 January and ended 31 March 2002.
