Ebro Increases Interim Net Profit by 5.5% to €71 Million
Ebro, the Spanish a multinational food group operating in the rice, pasta and sauces sectors, has posted a net profit of €71 million in the first half of 2013 with a year-on-year growth of 5.5%. However, net turnover slipped 1.1% to €1.001 billion, as a result of the change in the scope of consolidation following the sale of the Nomen, La Parrilla, La Cazuela, Pavo Real and Nobleza brands in compliance with the condition imposed by the Spanish antitrust authorities for authorising the purchase of the SOS rice business.
Even after shedding Nomen and in spite of the exchange rate effect and increasing investment in advertising by 13%, the group’s EBITDA was €131.5 million, barely 2% down on the first half of last year. On like-for-like terms of consolidation scope, exchange rates and advertising, EBITDA would have chalked up a year-on-year growth of 4%, of over €5 million. The EBIT, or net operating profit, was €103.4 million.
The company’s debt at 30 June 2013 stood at €324 million, 10% less than the figure reported a year ago. This includes the amount set aside for payment of the ordinary and extraordinary dividends throughout the year and the outlay for purchasing a plant inIndia.
This healthy balance sheet will enable the company to make the necessary investments to achieve the objectives established in its Strategic Plan.
Ebro has a presence in more than 25 countries in Europe, North America, Asia and Africa, through its extensive network of subsidiaries and brands. It is global leader of the rice sector and the second largest pasta manufacturer in the world.
