VISCOFAN FIRST QUARTER NET PROFIT ROSE 15.3% TO €21.9 MILLION.
§ Consolidated first-quarter EBITDA rose 7.8% on 1Q10 to €39.1 million.
§ Revenue rose 6.7% on the first quarter of 2010 to €157.2 million,
§ Further 4% reduction in net bank debt2 on the year-end 2010 balance to €57.7 million, enabled by robust operating profits
Pamplona, 10 May 2011 - Viscofan Group revenue rose 6.7% on the first quarter of 2010 to €157.2 million, driven by strong performances in both the casings division (+7.0%) and the vegetable food business (+5.2%).
The volume-led revenue growth, coupled with control over expenditure despite the inflationary environment, particularly with respect to raw material and energy costs, widened the EBITDA margin 0.3p.p. vs. 1Q10 to 24.9%. Accordingly, consolidated first-quarter EBITDA at the Viscofan Group rose 7.8% on 1Q10 to €39.1 million.
EBIT was €29.2 million, representing year-on-year growth of 9.8%.
Profit before tax rose 14.4% to €29.0 million. As a result, first-quarter net profit rose 15.3% to €21.9 million.
Net bank debt declined by 3.6% from year-end 2010, to €57.7 million.