The result before tax (EBT)was with 21.7 million EUR by 28.6 million EUR above the preceding year and exceeded the planned target by 18.5 million EUR. This positive development is also shown in the operative financial performance (EBIT). In comparison to the preceding year, this again increased by 2 million EUR and, with 27.6 million EUR, this is also above the preceding year and above pre-crisis levels.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) as an indicator of the operative earning capacity further increased with 54.2 million EUR, and thus registered again a record result in the history of the company. The turnover increased organically to more than 1.8 billion EUR, an increase by 3.1 % in comparison to the preceding year and thus developed significantly more positive than the overall market.
This improvement was driven in a relevant measure by the consistent implementation of the strategy worked out during the restructuring process, a particularly positive development in the business field Fruit & Vegetables, which recorded a turnover growth in excess of 20 % during the business year 2015, and the continued consistent working in the area of material and personnel costs.
The positive business result of 21.7 million EUR and the successful completion of a long-term sustainable follow-up financing at the end of 2015 and thus before the expiry of the existing financing agreement mark the end of the hard remediation phase and provide for long-term planning security benefitting member companies, customers and employees. The follow-up financing also confirms the strategy of Landgard as a modern marketing producer cooperative with the two strong divisions Flowers & Plants as well as Fruit & Vegetables. A central milestone along this path was the overwhelming approval of the equity increase by increasing the shares secured in connection with the meeting of
representatives 2015. By this means, Landgard generated more than 18 million EUR of new equity capital. The new financing has a maximum term of five years with a basic term of three years and, respectively, twice one year as an extension option. It was possible to optimise the interest level in accordance with the market and, since March 2016, this provides for significantly lower financing costs for Landgard, which will continue to have a positive effect on the earnings performance.
“As a modern and successful marketing producer cooperative, we have continued to develop further in the financial year 2015 with an organic, profitable growth turnover in the relevant markets”, said Armin Rehberg, Chairman of the Board of Landgard eG. “This decidedly positive development by Landgard is the result and reward for hard work by employees, committees, member companies, customers and financers. So as to ensure that the efforts over the past three years will now pay off for all involved, it is now ever more important not to slacken in our efforts and to continue consistently to implement our strategy. It is necessary equally to say ‘Thank you!’ as well as to continue the work begun with all efforts based on a ‘roll up your sleeves now even further’.”
The financial report was presented first to representatives of Landgard eG in connection with the 2016 meeting of representatives. Annual result, appropriation of earnings, strategy and the resumption of paying interest on voluntary shares held by Landgard member companies were presented to the representatives by the Chairman of the Supervisory Board, Bert Schmitz, and the Chairman of the Board, Armin Rehberg, and approved unanimously.
For 2016, Landgard also expects a further improved operative result and an EBT within a clear positive range.