Press Release
11/05/2011 - Financial information for the quarter ended March 31, 2011
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Robust growth continues with sales up 7.8% in the first quarter of 2011
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In the first quarter of 2011, Bel Group consolidated sales advanced 7.8% to €594 million.
Changes in the scope of consolidation had a negative sales impact of 1.2%, or €7 million, following the disposal of Czech-based Jaromericka in November 2010. Excluding the scope of consolidation impact, sales in Eastern Europe were up slightly in the first quarter of 2011. Foreign exchange fluctuations added 0.8% to sales growth, or €4 million.
The sales advance resulted primarily from organic growth of 8.2%. All regions contributed to the organic growth performance, with the exception of the Near and Middle East region, where some countries have been affected by political unrest since the beginning of the year.
Sales volumes continued to grow thanks to the vitality of the Group's core brands, including Boursin®, The laughing cow®, Kiri®, Mini Babybel®, and Leerdammer®. This favorable trend reflects the strengthening of the company's positions in main markets in the Americas, Asia Pacific and Western Europe. Volumes slowed in Greater Africa and the Near and Middle East, as markets in those regions were impacted by events still unfolding in certain countries.
Outlook for 2011
Market conditions are expected to remain challenging, with inflated raw material prices, high foreign exchange volatility and political uncertainty in some world regions.
These economic and political factors will likely impact business activity and profitability in the year under way.
Bel, however, remains confident about its growth prospects, thanks to the broad geographical spread of its activities and its proven business model, which is underpinned by strong brands and products in tune with the Group's various markets.
Public relations
Guillaume Jouët – Directeur de la communication
gjouet@groupe-bel.com
Tel. : +33 6 03 13 20 43
Bel Group
The Bel Group is a world leader in branded cheeses. Its portfolio of differentiated and internationally recognized brands, including such products as The Laughing Cow®, Kiri,®, Mini Babybel®, Leerdammer,® and Boursin®, as well as some 20 local brands, enabled the Group to generate sales of €2.4 billion in 2010.
Nearly 11,300 employees in some 30 subsidiaries around the world contribute to the Group's success. Its products are prepared at 25 production sites and distributed in over 120 countries.
