ARYZTA AG announces financial results for the six month period ended 31 January 2017
- Continued strong cash generation of €99m
- Financing costs reduced by €26m
- Weighted average interest cost reduced to 1.62%
- Increased Syndicated Bank RCF covenant to 4.0x Net Debt: EBITDA
- Extended €614m term loan maturity to February 2019
- Strategic review of joint ventures investment strategy underway
- Interim CFO appointed
- Management transition accelerated
- In these circumstances, the Board is not in a position to provide guidance
- Free cash flow is key near-term performance measure
- Revenue decrease of (2.8)% to €1,906m; (1.6)% underlying decline
- ARYZTA Europe revenues decreased (2.3)% to €861.8m; 1.0% underlying growth
- ARYZTA North America revenues decreased (5.8)% to €915.2m; (5.2)% underlying decline
- ARYZTA Rest of World revenues increased 20.3% to €129.0m; 9.5% underlying growth
- EBITA declined by (31.3)% to €158.5m
- EBITA margin decreased by (350) bps to 8.3%
- Joint ventures performed well, contributing €16.7m, net of interest and tax
- Net Debt: EBITDA (syndicated bank loan) of 3.41x
- Underlying net profit decreased (22.4)% to €109.4m
- Underlying fully diluted EPS decreased (22.2)% to 123.2 cent
The ARYZTA Interim Report and Accounts for the six month period ended 31 January 2017 are available for download from the ARYZTA website and at the following link: http://www.aryzta.com/2017-HalfYear-Results.
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