H1 2017 RESULT
March 13, 2017 - Zurich/Switzerland

ARYZTA AG announces financial results for the six month period ended 31 January 2017

Key Developments

  • 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

Financial Summary

  • 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

Interim Report
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.