Ebro Foods reports 4.5% increase in full-year 2012 net earnings

Spain-based food processing firm Ebro Foods has reported a 4.5% increase in its full year net earnings to €158.5m, compared to €151.6m in 2011, driven by marketing and innovation initiatives launched by the company during this period.

The company posted a 13% increase in net sales to €2.04bn, compared with €1.8bn in the previous year.

Ebro Foods posted a 9.7% rise in earnings before interest, taxes, depreciation and amortisation (EBITDA) to €299.5m, and an 8% increase in EBIT or net operating profit to €242m.

Ebro Foods said that it had a positive year, even as it continued its strategy of supporting the strong positioning of its brands with a constant marketing and innovation.

The company also noted that during the fiscal period, it achieved considerable success in some of its recent launches, in both its core business lines of rice and pasta and in related lines such as potato or frozen foods.

For segments, Ebro Foods’ rice division posted net revenues of €1.10bn and EBITDA of €161m due to successful consolidation of its rice businesses and good performance of its European and North American subsidiaries.

In addition, the company’s pasta segment posted revenues of €928m and EBITDA of €145.3m, driven by positive performances in Europe and the US.

As of year-end, Ebro Foods’ net debt totalled €244.8m, €145m less compared with that in the earlier year.

Last month, Ebro Foods entered into an €18m deal to acquire 25% stake in Riso Scotti, which specialises in the production and processing of rice under the Scotti brand in Italy.