Press Release
26/08/05/2010 - First-Half 2010 Results
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• Strong results underpinned by growing business in the Americas and International regions |
Key figures
In the first half of 2010, Bel's consolidated sales advanced 8.1% versus H1 2009. The sales breakdown by geographical region was as follows:
Organic growth for the period came to 7.7%.
Foreign exchange fluctuations added 0.6% to overall sales growth, including a 2.2% increase in the second quarter alone.
The disposal of the Czech-based Jaromericka subsidiary's trading activity trimmed 0.3% from consolidated sales.
H1 2010 Group operating income totaled €140 million, up significantly over the year-ago period. The performance stemmed from higher volumes and lower cost prices, as well as a favorable comparison base with H1 2009, which was negatively impacted by some €25 million in non-recurring items.
Net financial debt amounted to €342.5 million, down €14 million from Dec. 31, 2009, and represented 35% of consolidated equity at June 30, 2010. The Group's balance sheet remained healthy.
Outlook
The impact of higher milk prices in France and a sharp rise in key raw material prices in international markets will be fully felt during the second half of the year. Accordingly, Bel expects to see a steep decline in H2 2010 operating margin.
The Group will nevertheless continue to seek strong business growth in the second half, particularly in international markets, while maintaining its selective investment policy and tight control over working capital requirement to preserve Bel's sound financial health.
For the full year, the Group expects to see its operating income increase over 2009, barring deteriorating economic conditions.
Public relations
Guillaume Jouët – Directeur de la communication
gjouet@groupe-bel.com
Tel. : +33 6 03 13 20 43
Sophie Leprettre – Responsable de la communication externe
sleprettre@groupe-bel.com
Tél.: + 33 1 40 07 76 49
