Bakkavör Group hf.
Bakkavör Group’s Annual and Q4 Results 2009
Bakkavör Group hf. / 30.03.2010 22:16 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- STRONG PERFORMANCE RECOVERY - REFINANCING COMPLETED - POSITIVE OUTLOOK Highlights * EBITDA* up significantly 24.6% to £135.1 million in 2009, exceeding the Group's target by £5.1 million * Much improved EBITDA* margin in 2009 at 8.2% compared to 6.7% in 2008 - improved further in Q4 to 8.7% * Significant profit turnaround of £142.4 million in the year, with loss for the year of £11.8 million compared with a £154.2 million loss in 2008 * Considerable increase in free cashflow to £68.3 million in the year compared with a £34.0 million outflow last year, an improvement of £102.3 million * Operational restructuring activity undertaken in 2008-2009 significantly improved Group profitability - performance in UK fresh prepared foods business particularly strong, 5% sales growth * EBITDA forcast to amount to c. £29 million in Q1 2010, up 53%. This will result in EBITDA twelve-month run-rate of c. £145 million * The Group has been fully refinanced following an agreement with the lenders to the Icelandic holding company Commenting on the results Ágúst Gudmundsson, Chief Executive Officer, said: Our 2009 results demonstrate a strong improvement in profit delivery, good sales growth in our key UK fresh prepared foods business and a return to significant cash generation. After two years of considerable effort to return the business to more expected performance levels we are very optimistic about our future prospects. I am also pleased to report that the Group has now been fully refinanced following an agreement with the lenders to the Icelandic holding company. This agreement deleverages the Group considerably with around half of the debt converting into equity and the remainder extended until 2014. Following the successful refinancing of the operating businesses early last year the Group has a secure financial platform from which to grow. Key Contacts: Ágúst Gudmundsson, CEO Tel: +354 550 9700 Richard Howes CFO Tel: +354 550 9700 Charlie Armitstead / Hazel Stevenson Financial Dynamics Tel: +44 207 269 7275 *EBITDA excluding restructuring costs ** Adjusted to reflect sales resigned in restructuring process News Source: NASDAQ OMX 30.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Bakkavör Group hf. Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000000099 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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