Press Release
11/05/2010 - Financial information for the quarter ended March 31, 2010
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Sales up a robust 6.3% in Q1 2010, fuelled by sustained growth in international markets |
Sales at March 31, 2010, vs. prior year period:
In the first quarter of 2010, Bel Group consolidated sales advanced 6.3% to €551 million.
The increase resulted primarily from organic growth of 7.7%, in line with the uptrend observed in the last quarter of 2009.
Sales of cheese products continued to advance, demonstrating the strength and momentum of the Group’s brands as well as the geographical balance of Bel's activities. The rise in sales volumes was partially offset by price declines in some markets.
Industrial product sales were also up.
Foreign exchange fluctuations adversely affected sales by 1.1%, mainly as a result of unfavorable trends in the US dollar and the Egyptian pound.
Lastly, changes in the scope of consolidation had a negative 0.3% impact on sales, following the disposal of the Jaromericka trading activity in the Czech Republic.
Broken down by region, the sales performance showed the following trends.
• In Western Europe, a continuation of sales and marketing actions implemented in the second half of 2009 led to a recovery in sales volume growth.
• The International and Americas regions reported a very good start to the year with sales volumes still trending up sharply.
• Sales volumes in Eastern Europe, however, continued to suffer from a severe contraction in consumer purchasing power in a still depressed economic environment, along with a decline in available dairy supply in some regions. A decision was made at the end of Q1 2010 to restructure Jaromericka's activities in the Czech Republic.
Against a 2010 backdrop that still warrants caution and given the current uptrend in raw material prices, Bel remains confident about the Group's capacity for growing its sales, building on its time-tested business model underpinned by strong brands and highly differentiated products.
Public relations
Harrison&Wolf
Lara Maître
lara.maitre@harrison-wolf.com
Tel. : +33 1 41 49 70 65
Laetitia Iriart
laetitia.iriart@harrison-wolf.com
Tél.: + 33 1 41 49 70 87
