Koninklijke Wessanen N.V. Announces Unaudited Consolidated Earnings Results for the Second Quarter and First Half Ended June 30, 2017; Provides Earnings Guidance for the Full Year of 2017
For the first half, the company reported revenue of 325.6 million against 285.7 million a year ago. Operating result was 30.0 million against 24.4 million a year ago. Profit before income tax was 28.5 million against 23.8 million a year ago. Profit for the period attributable to equity holders of the company was 20.3 million or 0.27 basic and diluted per share against 16.3 million or 0.21 diluted per share a year ago. Net cash from operating activities was 23.4 million against 14.9 million a year ago. Acquisition of property, plant and equipment was 4.9 million against 1.7 million a year ago. Acquisition of intangible assets was 1.0 million against 1.4 million a year ago. Net debt as on June 30, 2017 was 71.1 million. EBITDAIE was 34.7 million against 28.5 million a year ago. Normalized operating result (EBITE) was 30.6 million against 25.0 million a year ago.
The company provided earnings guidance for the full year of 2017. For the year, 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. They expect EBITE % of revenue to be above 8% for the full year, tax rate around 30%, capital expenditures in the range 13 million - 15 million and depreciation and amortization in the range of 9 million - 10 million.