Net profit rises against a difficult backdrop - a new chairman is appointed - 24/03
The Evialis board of directors met on 21 March 2003 to approve the 2002 financial statements. Key figures are given below.
An unsettled year owing to the general market backdrop
The Evialis group reported turnover of €737.9 million in 2002, in line with the previous year.
Given the difficult market conditions for standard products in France, Brazil and Poland, this stability reflects a strong resilience, which can be attributed to the development of value-added products both internally and through external growth.
In addition to the negative impact of lower raw materials prices, estimated at €20 million, turnover was affected by a negative currency impact of €19.7 million, of which €17.1 million for Brazil.
Changes in the scope of consolidation – the acquisition of AEF and AGRO 01 in France and the sale of Sipra in Ivory Coast – contributed €49.6 million to Group turnover.
The improvement in the product mix is reflected in gross profit, which rose 3.8% to €214.8 million.
Operating profit fell 8.2% to €19.6 million, notably as a result of a downturn in the volume of activity in standard products on a like-for-like basis, mainly in the second half of 2002.
Net profit before goodwill amortisation was €12.9 million, up 36.3%.
Net profit excluding minorities was €11.2 million, up 15.1% over the preceding year, which saw an exceptional gain of €1.8 million.
Consolidated earnings per share was €4.32, compared with €3.76 in 2001, an increase of 14.9%.
Greater resilience in 2003
In France, the situation remains difficult on the poultry and pig markets, while the significant downturn in sales of feed for dairy cows is expected to affect only the current dairy campaign, which closes at end March.
A restructuring programme has been implemented for France, Brazil and Poland in order to adapt production resources to changing market conditions. It has resulted in the closure of five industrial plants.
This steady improvement in the portfolio of activities makes the Evialis group better able to cope with cyclical contingencies.
The group continues to implement a strategy of differentiation, bringing livestock farmers and manufacturers high-quality products and services in the field of animal nutrition and health.
Dividend maintained
At the Annual General Meeting of 21 May, the board of directors will recommend a net dividend of €1.30 (or €1.95 including the avoir fiscal tax credit). This corresponds to a gross yield of 5.7% on the basis of a share price of €34.
A new chairman is appointed
Mr Alain Meulnart has been co-opted by the board as a director, following the resignation of Mr Xavier Devidal, for the remainder of Mr Devidal’s term of office.
As Mr Alain Decrop has asked the board to be relieved of his responsibilities as Chairman for personal reasons, the board appointed Mr Alain Meulnart as Chairman and Managing Director of the group. The board thanked Mr Decrop for his contribution to the development of the company, to which he has devoted his entire career.
Mr Alain Meulnart, 54, has extensive experience in the agro-food industry, where he has held a number of posts of responsibility. After beginning his career as an engineer with IBM and with consultants Mars & Cie, Mr Meulnart served as head of development with the Saint-Louis group, assistant managing director at Euralim, chairman and managing director of Royal Champignon, managing director and then chairman of Saint-Louis Sucre and member of the executive board of Worms & Cie.