Half-year review – Second half of year shaping up like the first
Business in the first part of the year has gone as forecast – as shown by the figures. The budgeted net sales and operational result were achieved in coffee, seasonings and Mexican food. The combined net sales of Paulig and Santa Maria reached almost 350 million euros, of which coffee accounted for more than 30 per cent, Santa Maria’s seasonings and Mexican food for roughly 60 per cent, and other seasonings business (mainly industrial seasonings) for approximately 10 per cent. Profitability continued to be good in all business sectors. The half-year operational result was over 20 million euros, which includes 8.6 million euros in non-recurring proceeds on sales.
The Group’s financial position has remained favourable, although the capital costs of the new roastery have increased debt. The high price of green coffee has also tied up capital. The Group’s equity ratio is still over 70 per cent.
The second half of the year has started at the same pace as the first, and if these conditions continue, we forecast net sales to rise to 700 million euros.