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2008-01-31 10:40:13 CET 2008-01-31 10:40:13 CET REGULATED INFORMATION Bakkavör Group hf. - Financial Statement Release- Bakkavör Group's Results for 2007Reykjavik, 31 January 2008 Bakkavör Group's Results for 2007: Operating profit £110.0 million in 2007 • Turnover £1.5 billion in 2007, up 21% and £372.3 million in Q4, up 13% • Growth in like-for-like sales in underlying business 6.3% in 2007 • EBITDA £149.0 million in 2007, up 1% and £33.4 million in Q4, down 15% • EBITDA ratio 10.1% in 2007 and 9.0% in Q4 • Operating profit (EBIT) £110.0 million in 2007, down 3%, and £23.1 million in Q4, down 25% • Operating profit in Continental Europe increased 128%, amounting to 3.2 million in 2007 • Cash generation remained strong, amounting to £137.8 million in 2007, despite 17% decrease • Shareholders' earnings from continuing operations £46.7 million in 2007, down 8%, and £10.3 million in Q4, down 35% • Return on equity 18.2% compared with 37% in 2007 • Earnings per share from continuing operations 2.2 pence in 2007, down 15% • Strengthened global position with five acquisitions in the UK, Czech Republic, France and China • Board of Directors will propose a payment of dividends at the Group's AGM in March which corresponds to ISK 0.55 per share (0.4 pence) or 55% of issued share capital, up 10% Two acquisitions in Q1 2008: • Bakkavör announced today its entry into the USA with the acquisition of a Californian fresh and frozen food company, as well as the acquisition of a Chinese vegetable and fruit provider, expanding the Group's operations in China Ágúst Gudmundsson, Chief Executive Officer, said: “In 2007 we were faced with the toughest trading conditions in decades as well as a series of challenges that heavily affected Bakkavör Group's sales and performance. These included a product recall at the beginning of the year, unprecedented raw material price increases, extreme weather conditions in the UK and restructuring costs, mainly to optimise capacity within our ready meals operations - all of which had a significant impact on the Group's performance. Despite this, we made good strategic progress, strengthening our global position with five acquisitions. We are also pleased to announce two further acquisitions today - our entry into the US market through an acquisition of an innovative Californian fresh foods company and the acquisition of a Chinese vegetable and fruit provider. We believe that 2008 will continue to be challenging, but with a solid underlying business, strong cash flow and a good competitive advantage in the fast-growing global fresh prepared foods markets, Bakkavör Group is well-positioned to continue to grow and meet the increasing demand for fresh prepared foods around the world.” Further Information: Ágúst Gudmundsson, CEO Tel: +354 550 9700 Hildur Árnadóttir, CFO Tel: +354 858 9706 Ásdís Pétursdóttir, IR Tel: +354 858 9715 About Bakkavör Group Bakkavör Group is a leading international food manufacturing company specialising in fresh prepared foods and produce. The Group operates 57 factories and employs around 20,000 people in nine countries. The Group's Head Office is in Reykjavík, Iceland, and the business is listed on the OMX Nordic Exchange in Iceland (www.omxgroup.com/nordicexchange Ticker: BAKK). The Group's vision is to be recognised and respected as the world's leading fresh prepared foods and produce provider. Bakkavör Group has attained leading market positions in its key market areas. In total, the Group makes over 4,700 products in 17 product categories, which are developed and sold predominantly under its customers' own brands. In addition to the UK and Iceland, the Group also has business operations in France, Belgium, Spain, South Africa, China, the Czech Republic and the United States. To subscribe to Bakkavör Group's mailing list, please mail to: investor.relations@bakkavor.com |
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