Belgium: Greenyard reports 7.1% growth in sales

Greenyard has released their yearly results for fiscal year 2016/17 and reported a growth in sales by 7.1% up to €4,249.2 million. Horticulture sales were also up 3.7%.

CEO Marleen Vaesen looked back on the fruitful year:

"Greenyard had a healthy performance with strong sales and REBITDA growth, which was realised in its core markets and with the acquisition of Lutèce. Moreover, the balance sheet improved with a significant drop in net financial debt, improvements in working capital and interest costs savings. Combined with the increased REBITDA, leverage decreased as well. This was achieved including the one off costs of the refinancing. The latter was realised with the launch of a convertible bond combined with bank debt and will annually save at least € 15m in interest costs."

"In Fresh, new distribution centers have been built in Germany, Belgium and the US. In Frozen, a new factory became operational in Poland. In Prepared we invest in the integration of Lutèce. We also put in place the right organisation to realise cost synergies. Importantly, we strengthened corporate HR to drive talent development hereby realising future growth."

For more information: greenyard.group