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Net sales for the 1st quarter of 2014

Thursday April 24, 2014

Net sales have grown by close to 8%, including a 3.5% organic growth for cheese products, despite the unfavorable basis of comparison in Western Europe due to a later Easter in 2014.

For other dairy products, organic growth amounted to 14.8% as a result of both high market prices and improvements in our product mix.

The change in Group structure was attributable to the consolidation of Berthaut (April 2013), Sobbeke (August 2013), Terra Lacta (October 2013) and Sodilac (December 2013), partially offset by the reclassification to the equity method of accounting for the Group’s investment in Compagnie des Fromages & RichesMonts in accordance with IFRS 11.

The negative foreign exchange impact was mainly due to the reinforcement of the euro in comparison with South American currencies and the US dollar.

The first few months of 2014 were impacted by the delay in increasing our prices in response to the ever higher cost of milk in France. Furthermore, the recent integration of the operations of Terra Lacta has also lead to an unfavorable comparison with 2013. The situation should however be attenuated over 2014 as a whole. The Group continues to invest in its development whilst retaining its solid financial structure.

(The Group’s next publication will be that of its half-yearly results on August 28, 2014)