Interim information
Bakkavör Group 2Q Results
Bakkavör Group reports record half-year results
REYKJAVIK, 27 July 2006. Bakkavör Group (ICEX: BAKK) reports, for the half year, record operating profit of £51.2 million and £32.8 million in the second quarter. Sales amounted to £557.1 million in the first half and 298.5 million in Q2. EBITDA amounted to £68.0 million in the half year, increasing by 123%, and £40.7 million in Q2, an increase of 82%, year-on-year. In the six month period, shareholders' earnings totalled £19.9 million and £14.0 million in Q2. Cash generated from operations totalled £62.1 million and free cash generated by operating activities was £29.0 million. Earnings per share were 1.1 pence, up 53%, whilst return on equity was 25.2% compared with 25.5% in the 2005 comparable period.
Business Highlights
" Shareholders' earnings £19.9 million in H1, up 67%, and £14.0 million in Q2, up 83%
" Operating profit (EBIT) £51.2 million in H1, up 106%, and £32.8 in Q2, up 85%
" Growth in like-for-like sales in underlying business 10.1% in H1
" EBITDA £68.0 million in H1, up 123%, and £40.7 million in Q2, up 82%
" EBITDA ratio 12.2% in H1 and 13.6% in Q2
" Pro-forma EBITDA H1 - up 27%
" Cash generated from operations £62.1 million - up 145%
" Free cash generated by operating activities £29.0 million - up 117%
" Equity £194.1 million compared with £127.4 million at year end 2005 - up 52%
" Equity ratio 15.3% - up from 12.4% at year end 2005
" Earnings per share 1.1 pence - up 53%
" Return on equity 25.2% compared with 25.5% in the first half 2005
" Acquisition of Laurens Patisseries completed for £130 million
" Agreement reached to acquire New Primebake, completed in July
" Acquisition of 40% stake in Creative Foods, in co-operation with Glitnir Bank, completed in July
" Kaupthing Bank converted bonds issued in 2001 into shares
" Share capital increase by a total of ISK 517,316,261 in relation to the acquisition of Laurens Patisseries and the conversion of bonds
" Ágúst Gudmundsson appointed CEO of Bakkavör Group and Lýdur Gudmundsson Chairman
Ágúst Gudmundsson, Chief Executive Officer, said:
"We are pleased to report another good half-year with record results. Our performance in the UK in the first six months clearly demonstrates our strong position in the market - this has been further underpinned through the acquisitions of Laurens Patisseries and New Primebake. The Group's performance in Continental Europe is improving significantly and we expect our businesses in Europe to continue to improve their position going forward."
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