Sustaining strong profitable growth
2016: Another successful year in the transformation into a Champion of Healthy & Sustainable Food in Europe.
Q4 2016 highlights
Revenue growth of 9.6%
Autonomous growth in own brands 6.6%
EBITE of €6.2 million, in-line with prior year despite significantly higher marketing investments
Successful acquisition of Biogran in Spain, a dynamic organic growth market
Restructuring in Germany started in order to drive sustainable performance improvement
Full year 2016 highlights
Revenue growth of 9.0% to €570.0 million
Autonomous growth in own brands 8.5%
EBITE up 18.7% to €41.2 million
EBITE as % of Revenue up 60 bps versus last year to 7.2%, despite moderately increased marketing investments
Four acquisitions successfully completed
Christophe Barnouin (CEO) commented: "In 2016, we continued to make good progress on the transformation to a focused, fast growing, sustainable and profitable business. Our own brands performed ahead of a healthy market and grew 8.5%. Given that we reduced our Private Label and Distribution business, total autonomous growth was 6.0%, in-line with our long term guidance range of 5-7%. Our operating margin went up; EBITE as % of Revenue increased 60 bps to 7.2%.
In the fourth quarter we have taken further measures to restructure our German business in order to create a base for sustainable profitable growth.
We have landed four strategically important acquisitions in 2016. These will provide us with a further strengthened platform for profitable growth across core categories and geographies for the future. The market for healthy & sustainable, especially organic food continues to reflect the trend in consumer behaviour. Our strategy execution is on track and we are playing a leading role in helping consumers across Europe to change to Healthier Food for Healthier People and Planet.
Guidance FY 2017
Total reported growth is expected to be low double digit, with continued strong growth of own brands and the effect of 2016 acquisitions being partly offset by lower private label and distribution brand sales
We expect EBITE % of revenue to be above 8% for the full year
Net financing costs around €2.0-2.5 million
Tax rate around 30%
Capital expenditures €13-15 million
Depreciation and amortisation €8-9 million
Important dates 2017
12-04-2017 AGM (14h00 CET)
21-04-2017 Publication Q1 2017 trading update
25-07-2017 Publication Q2 2017 interim results
24-10-2017 Publication Q3 2017 trading update
Analyst & investor meeting
At 10h00 CET, an analyst & investor meeting will be hosted by Christophe Barnouin (CEO) and Ronald Merckx (CFO) at the Wessanen office in Amsterdam. The meeting can be followed via a live audio webcast at www.wessanen.com. Those unable to attend can participate using the following telephone number: +31(0)20 531 5863.
The press release and presentation are available for download at www.wessanen.com.
Media, investor & analyst enquiries
Ronald Merckx (CFO)
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Phone +31 (0)20 3122 126