Ebro posted a net profit of €38.8 million for the first quarter of 2014, representing a year-on-year growth of 18%.
Its net turnover rose 2.6% year on year to €500 million.
The company’s EBITDA (gross operating profit) grew to €68.3 million, 7.5% up on the first quarter of 2013, and its EBIT rose 7.8% year on year to €54 million.
Net debt was reduced by €41.1 million over the quarter and now stands at €297.2 million.
Against a backdrop of price wars and promotions, our consolidated results prove that we are on the right track with our business strategy, prioritizing profitability and differentiation with a strong commitment to R+D+I. Based on that strategy, the Group has continued to implement new organic growth projects, both entering new countries and branching into new segments in the countries in which it already operates, and has consolidated the leadership of its brands, creating value in their respective categories, through the launching of new product lines in rice, pasta and sauces.
While raw material prices are falling due to Thailand’s storming of the world rice market, this division maintains satisfactory progress underpinned by the excellent performance of our brands in Europe and the positive development of our North American business, which is growing in the category with the greatest value added, instant rice.
In Europe, we highlight the remarkable sales figures of our Brillante brand and the major growth, verging on double figures, in France.
The division turnover was €276 million and its EBITDA €35.3 million.
In a scenario with stable raw material prices, although with certain inflationary pressure as from March, this business unit has concluded a highly satisfactory quarter.
Following intense innovation concluding with the relaunching of all its classic fresh pasta and sauces products, the European division has achieved significant, even double digit, growth in sales volumes.
The North American business has also made progress, boosted especially by new launchings and increased sales of white pasta.
The division turnover was €234.6 million and its EBITDA €35.3 million.