Key figures

In 2020, a year affected by an unprecedented economic and health crisis, Bel generated consolidated sales of €3,455.8 million, up 1.5% on a published basis versus 2019.

Sales advanced 2.8% organically, with foreign exchange rate fluctuations having a negative impact of 1.7%.  Excluding hyperinflation in Iran[1], sales grew 3.2% organically versus 2019.

Operating income totaled €245 million, a 16.1% increase that reflects improved gross margin, the high level of productivity maintained throughout the year, excellent operations execution, and cost-cutting efforts.

Net financial result improved to a negative €27.3 million, from a negative €28.2 million in 2019, notably as a result of lower net financial debt cost. Operating cash flow advanced a robust €76 million during the year to €386 million.

The strong performance of Bel’s sales was buoyed by the positive momentum of core brands across all of Bel’s markets, demonstrating the appeal of Bel’s continuously renewed offering in the dairy segment. The performance was also marked by the resumed growth of Bel in France and in the U.S., the company’s two main markets, while Bel’s footprint was further expanded In China, a market with enormous potential, where the Foodservice activity notably reported double-digit sales growth. Lastly, 2020 marked a continuation of MOM’s growth trajectory.

[1] Organic growth corresponds to reported sales growth, excluding impacts from foreign exchange fluctuations and changes in the scope of consolidation, i.e. on a constant structure and exchange rate basis, and excluding inflation in Iran. Since 2020, Iran’s economy is deemed to be a hyperinflation economy. Accordingly, inflation impacts, based on the Consumer Price Index (CPI), were excluded when determining organic growth.