Interim information
Bakkavör Group 3Q Results 2006
Bakkavör Group's results for the first nine months of 2006:
Shareholders' Earnings £34.9 million
REYKJAVIK, 26 October 2006. Bakkavör Group (ICEX: BAKK) reports operating profit of £83.3 million in the first nine months of the year and £32.0 million in the third quarter. Sales totalled £890.0 million in the nine month period and £332.9 million in Q3. EBITDA amounted to £108.4 million in the first nine months, increasing by 88%, and £40.4 million in Q3, increasing by 49%. Shareholders' earnings totalled £34.9 million and £15.0 million in Q3. Cash generated from operations amounted to £123.2 million and free cash generated by operating activities was £69.7 million. Earnings per share were 1.8 pence, a 44% increase, with return on equity at 28.2% compared with 28.3% in the same period last year.
Highlights of the first nine months and Q3
" Shareholders' earnings £34.9 million in 9M, up 68%, and £15.0 million in Q3, up 70%
" Operating profit (EBIT) £83.3 million in 9M, up 82%, and £32.0 in Q3, up 53%
" Growth in like-for-like sales in underlying business 9.9% in 9M
" EBITDA £108.4 million in 9M, up 88%, and £40.4 million in Q3, up 49%
" EBITDA ratio 12.2% in 9M and 12.1% in Q3
" EBITDA ratio, net of agency sales change 12.6% in 9M and 13.2% in Q3
" Pro-forma EBITDA in 9M, up 21%
" Cash generated from operations £123.2 million, up 184%
" Free cash generated by operating activities £69.7 million, up 291%
" Equity £207.8 million compared with £127.4 million at year end 2005, up 63%
" Equity ratio 16.5%, up from 12.4% at year end 2005
" Earnings per share 1.8 pence, up 44%
" Return on equity 28.2% compared with 28.3% in the first nine months 2005
Ágúst Gudmundsson, Chief Executive Officer, said:
"We are pleased to report the Group's solid performance in the first nine months of the year. These results clearly reflect our strong growth in the UK and a continuing profitable performance in Continental Europe. Performance in China remains on track and we are actively exploring further opportunities in the Asian markets. Today, Bakkavör Group is in a strong position to build further on its leading market position. Following the successful integration of the businesses acquired over the last two years, the Group will now operate under one name going forward which is reflected in the new corporate logo launched today."
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