Ebro\u2019s\nnet turnover grew by 7.2% year on year to \u20ac2,035.2 million, boosted by the\nexcellent performance of our brands.<\/p>\n\n\n\n
The\ngroup\u2019s EBITDA, or gross operating profit, rose 13% to \u20ac236.8 million. Quarter\non quarter, it recovered its 2017 level, rising 31% to \u20ac77.5 million.<\/p>\n\n\n\n
The\ncontribution by Alimentation Sant\u00e9 in the first nine months of 2019 has been\nstripped out of these sales and EBITDA figures, being accounted for as\ndiscontinued operations.<\/p>\n\n\n\n
Net\nprofit grew by 15.1% to \u20ac114.7 million. <\/p>\n\n\n\n
Net\ndebt rose to \u20ac1,041 million, \u20ac321 million more than in the same period of last\nyear, mainly due to: <\/p>\n\n\n\n
It should be remembered that this debt includes the accounting of Puts\nheld with minority interests in certain businesses, valued at \u20ac161 million.<\/p>\n\n\n\n
Core\nbusinesses<\/strong><\/p>\n\n\n\n Rice<\/strong><\/p>\n\n\n\n The\nUS rice harvest was 20% smaller than last year owing to heavy rainfall in the\nspring. A good harvest is forecast in Europe, except for Andalusia, where it\nmay be 15% smaller due to salinity.<\/p>\n\n\n\n The\nmost important event in this division during the quarter was the acquisition of\nTilda, a global premium brand of basmati rice present in over 50 countries and\nvery significant in the UK, Middle East, North America and India.<\/p>\n\n\n\n Profitability\nin the North American business is back on track thanks to the restructuring\nmeasures taken to recover profitability in Freeport and Memphis.<\/p>\n\n\n\n In\nEurope, with a flat market, our brands are performing well, especially in\nSpain, France and the UK. The performance of our subsidiary in Thailand is also\nvery satisfactory this year.<\/p>\n\n\n\n Division\nturnover was \u20ac1,134.4 million and its EBITDA \u20ac139.8 million. Pasta<\/strong><\/p>\n\n\n\n Durum\nwheat harvests were poor in all growing areas except Spain and France, pushing\nprices up sharply. The Group is hedged in this respect up to the second half of\n2020.<\/p>\n\n\n\n As\nregards the development of business in Europe, the policy of cutting back on\npromotions in favour of profitability for both the brand and distributors is\nproducing very satisfactory results in Panzani. Garofalo is continuing to make\nvery positive progress in Spain and France, and in fresh pasta, Bertagni and\nLustucru are having a good year, with strong growth. <\/p>\n\n\n\n Development\nof the North American business has been uneven, with good results in Canada,\nwhere the Health and Wellness<\/em> products have performed well, and a less\npositive evolution in the USA, aggravated by the difficulties encountered at\nour new north-east distribution centre, which have now been solved.<\/p>\n\n\n\n Division\nturnover was \u20ac948.8 million and its EBITDA \u20ac107 million. These figures no\nlonger include the Alimentation Sant\u00e9 business.<\/p>\n\n\n\n Year-end\noutlook<\/strong><\/p>\n\n\n\n Ebro\nexpects a FY turnover of \u20ac2,784.6 million for 2019, up 6.5% on 2018. EBITDA is\nforecast at \u20ac340.6 million, 11% more than last year, while the net profit is\npredicted to reach \u20ac159 million, a year-on-year growth of 12.4%. Net debt is\nexpected to stand at \u20ac1,015 million at year-end, slightly less than 3xEBITDA.<\/p>\n\n\n\n 2019:\na satisfactory year<\/strong><\/p>\n\n\n\n The\nconsolidated results of the first nine months and the year-end estimates\nreflect, on the one hand, the Group\u2019s diligence in solving the difficulties\nencountered by its North American business in 2018 and, on the other hand, the\nstrength of our brands, which have reinforced their leadership and positioning\nin a highly competitive environment.<\/p>\n\n\n\n 2019\nwill also go down as an intensive year in organic and inorganic growth with the\nacquisition of Tilda, a premium business that strongly complements our Group\u2019s\nbusiness, and the investments made to optimise distribution in France, the new\nLa Rinconada plant in Seville, the new pan-fried gnocchi lines in Canada and\nenlargement of the microwave cup plant in Memphis.<\/p>\n\n\n\n It\nis a year in which we have also built up the healthy and organic categories of\nour principal brands and concentrated our efforts and resources in the premium,\nfresh and convenience segments, pulling out of Alimentation Sant\u00e9, an organic\nbusiness directed at a specialised channel<\/p>\n","protected":false},"excerpt":{"rendered":" Ebro\u2019s net turnover grew by 7.2% year on year to \u20ac2,035.2 million, boosted by the excellent performance of our brands. The group\u2019s EBITDA, or gross operating profit, rose 13% to \u20ac236.8 million. Quarter on quarter, it recovered its 2017 level, rising 31% to \u20ac77.5 million. The contribution by Alimentation Sant\u00e9 in the first nine months… Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":22458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[19],"tags":[],"class_list":["post-22460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/posts\/22460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/comments?post=22460"}],"version-history":[{"count":1,"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/posts\/22460\/revisions"}],"predecessor-version":[{"id":22461,"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/posts\/22460\/revisions\/22461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/media\/22458"}],"wp:attachment":[{"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/media?parent=22460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/categories?post=22460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ebrofoods.es\/en\/wp-json\/wp\/v2\/tags?post=22460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong><\/p>\n\n\n\n