Parmalat, the Italian dairy group controlled by France’s Lactalis, has issued sales and EBITDA forecasts for 2017 and 2018.

The company expects its net revenue and EBITDA – excluding the impact of exchange rates and stripping out any contribution from its Venezuelan subsidiary – to increase “by about 4%” in 2017 compared to 2016.

Parmalat said it was removing its Venezuelan arm from the forecasts ” given the critical situation that developed in that country … due to the high rate of inflation and massive devaluation of the local currency”.

The company added: “The guidance, as usual, considers further conservative elements, compared to the business plan, that without considering them will bring to a net revenue growth around 9% and EBITDA increase around 6% compared with the previous year.” Parmalat provided no further details on the so-called “conservative elements” and could not be reached for further comment.

Last month, Parmalat issued preliminary full-year results for 2016 that included a 5% increase in net revenue to EUR6.49bn (US$6.93bn) and a more than 17% rise in EBITDA to EUR459.2m compared with 2015. Complete and final consolidated results will be submitted to Parmalat’s board for approval on 3 March.

For 2018, Parmalat is forecasting a 3.5% rise in net revenue and a 7% increase in EBITDA versus 2017.

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