Ebro chalked up a net profit of €92 million for the first six months of 2017, 5.2% more than in the same period of 2016, underpinned by the positive performance of its core businesses, which grew in volume and market shares in the highest value categories.
The net turnover grew 2.6% year on year to €1,284.8 million.
The EBITDA or gross operating profit totalled €181.7 million, 10.5% up on 2016, with an EBIT of €143 million, 12% more than in the first half of last year.
The net debt, following major investment in raw materials and CAPEX, was reduced by 1.5% year on year, standing at €454.7 million.
Against the backdrop of a stable commodity price scenario, except for aromatic rice varieties (basmati and hom mali), the division achieved satisfactory development, bolstered by the good performance of both the European and North American businesses, which grew by 3% thanks to the extraordinary progress of the highest value-added categories. In Spain, this was achieved, among others, in the aromatic varieties and Sundari® specialties, the success of the Brillante cups with its broad variety of types of rice and quinoa, the Brillante Benefit® pulse-grain mixes or the new SOS Vidasania® range of healthy grains.
The division posted a turnover of €673 million and EBITDA of €110.3 million.
The raw material harvests were smaller, but with higher quality in Europe, while in North America the area sown was 17% smaller, although good quality is also forecast.
Within the European businesses, although sales volumes were smaller in France due to the heat wave, Panzani posted positive half-year results. Meanwhile, Garofalo continued to strengthen its position, with major growth in the world markets.
We are still investing heavily in advertising in North America to emphasize the value attributes of our brands, and boosting the health categories, especially gluten free and organic products.
The division posted a turnover of €604 million and EBITDA of €76.4 million.
A good half year
The Groups development over the past six months has been highly satisfactory. Our clear support for convenience, organic and healthy food has had a very positive impact on both profitability and growth of the business.
Our brands Brillante, SOS, Garofalo, Panzani, Minute, Lassie, Catelli, etc. have consolidated their position as benchmarks for innovation and leaders in the different categories and market niches in which they operate.