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GLOBAL – Strauss Group posts 21.4% operating profit in third quarter 2013

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PETAH TIKVA, Israel – Strauss Group announces results for the third quarter and the first nine months of 2013. The Israeli food manufacturer posted a 21.4% operating profit growth in the third quarter 2013, mainly thanks to the Group’s International operations.

Excluding currency effects, organic growth was 5.7%. The Group’s shekel sales in the third quarter of 2013 were impacted as the shekel continued to gain strength versus the Group’s other operating currencies and fell 1.9%.

Gadi Lesin, President and Chief Executive Officer of the Strauss Group, said, “The Group’s strong performance in the quarter reflects continued strong operating results by Strauss international operations, alongside growth in Strauss Israel and smart cost management.

Accelerated investment in innovation and marketing effort in all activity segments aims to build and anchor the Group’s growth drivers and deliver a better, more diverse product portfolio to our consumers in Israel and abroad.”

Key data on the third quarter of 2013 and as at September 30, 20131

  • Excluding the effect of changes in exchange rates, organic sales grew by 5.7% over last year. Non-GAAP sales totaled NIS 2.0 billion (NIS 2.1 billion last year), a decrease of 1.9%.
  • Non-GAAP gross profit totaled NIS 798 million (39.1% of sales) compared to NIS 737 million in the corresponding quarter last year (35.5% of sales), an increase of 8.1%.
  • Non-GAAP operating profit (EBIT) totaled NIS 212 million (10.4% of sales) compared to NIS 175 million in the corresponding quarter last year (8.4% of sales), an increase of 21.4%, primarily due to the significant growth in the profits of the Group’s international operations.
  • Non-GAAP net income attributable to the Company’s shareholders totaled NIS 81 million (4.0% of sales) compared to NIS 69 million in the corresponding quarter last year (3.3% of sales), an increase of 17.1%.
  • Cash flows from operating activities (including partnerships) amounted to a positive cash flow of NIS 205 million compared to a positive cash flow of NIS 171 million in the corresponding quarter last year.
  • Net credit (including partnerships) as at September 30, 2013 totaled NIS 1,357 million, compared to NIS 1,623 million on September 30, 2012 and NIS 1,422 million on December 31, 2012.

Key data on the first nine months of 2013 1

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  • Sales totaled approximately NIS 6.1 billion (approximately NIS 6.1 billion in the corresponding period last year), a decrease of 0.2%; excluding the currency effect, organic sales grew by 4.7%.
  • Non-GAAP gross profit totaled NIS 2,316 million (38.2% of sales) compared to NIS 2,133 million in the corresponding period last year (35.1% of sales), an increase of 8.6%.
  • Non-GAAP operating profit (EBIT) totaled NIS 611 million (10.1% of sales) compared to NIS 468 million in the corresponding period last year (7.7% of sales), an increase of 30.7%, primarily as a result of the significant growth in the profits of the Group’s international operations.
  • Non-GAAP net income attributable to the Company’s shareholders totaled NIS 259 million (4.3% of sales) compared to NIS 170 million in the corresponding period last year (2.8% of sales), an increase of 53.0%.
  • Cash flows from operating activities (including partnerships) amounted to a positive cash flow of NIS 439 million compared to a positive cash flow of NIS 404 million in the corresponding period last year.

[1]  Based on non-GAAP data, which include the proportionate consolidation of jointly-held partnerships (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period, and other income and expenses, unless stated otherwise.

CIMBALI

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