• Increase of 20% of the adjusted EBITDA to € 60m. compared to € 50m. in 2015 
  • Broadening of the adjusted EBITDA profit margin by 2 percentage points compared to 2015, at 10.4%

Despite the continuing adverse conditions in the branches of activity of the subsidiaries of the Group (indicatively, the negative effects from the termination of the MARINOPOULOS chain and the decrease of household consumption expenditure) due to the prolonged recession of the Greek Economy, the Group maintained its leading position in the main sectors of activity, both in the fresh milk market (33% market share in 2016) and in the frozen vegetables market (63% market share in 2016), with the Group’s products portfolio receiving for yet another year significant distinctions, confirming the companies’ commitment to quality and innovation. Vivartia remains the leader in the overall white milk market in Greece (28% market share in 2016), in the frozen vegetables and yeast sectors and in the catering sector with 518 points of sale in the country.

Vivartia Group sales in 2016 amounted to € 572.0 m, registering a decrease of 4.9% compared to € 601.4 m. in the 2015 fiscal year (3.4% decrease on a comparable level). Sales per operating sector are analyzed as follows: Dairy products: € 278.5 m., Frozen products: € 139.8 m. and Catering and Entertainment: € 160.7 m. iIncluding intra-group sales of € 7.0 m.). The comparable sales of the dairy products sector of the Group registered a decrease of 6.5% compared to 2015, the catering sector demonstrated a decrease in sales of 2.6%, while the frozen products sector had an increase on comparable levels of 2.9%.

The Group’s adjusted EBITDA results (excluding the € 14 m. impairment charge on the remaining receivables from the MARINOPOULOS Group) amounted to € 60 m. in earnings, compared to € 50 m. in 2015. This increase (20%) is attributed to the improved profitability and to the continuous effective management of the cost, as reflected in the broadening of the adjusted EBITDA profit margin by almost 2 percentage points compared to 2015, at 10.4%.

Excluding the effect of the impairment charge on the remaining receivables from the MARINOPOULOS Group (provisions beyond the ordinary course of business), the Group reported marginal losses before taxes of € 0.4 m. compared to losses of € 13.3 m. in 2015.

The restructuring of the Group’s bank lending is expected to be completed in 2017, while the further improvement of the operating profitability of its subsidiaries, the maintenance of their dominant position in the markets in which they operate, as well as the innovation and strengthening of their export activities remain a priority.