Greenyard FIRST LOOK FY22/23: Outperforming the market in tough economic times
Greenyard's FY22/23 was characterized by a highly inflationary environment with disruptions in the supply chain and consumer behaviour. Nevertheless, Greenyard's FY22/23 LfL sales increased y/y 7.9% to € 4.64bn, despite what Greenyard called “an adverse economic and macro-political context”. Contrary to the general consumption trend, Greenyard volumes only decreased by a minor -0.8% (average consumption of fresh fruit and vegetables per capita declined 10% in 2022), while prices increased 8.5%. FY22/23 Adj. EBITDA increased 0.5% y/y to € 167.3m (KBCSe € 167.0m) helped by its business model of building integrated long-term relations with the customer.Greenyard processes and commercializes fruits, vegetables, and ready-to eat food products in France, the United kingdom, Germany, Belgium, other EU-countries, and internationally. Co.'s operation is divided into two divisions: The frozen division known as Pinguin and the canning division under the name of Noliko. The Frozen division offers frozen vegetables and fruits, deep-frozen vegetable dishes, and ready-to-use meals to retail, food service, and food industry. The Canning division processes vegetables and fruit from the field into preserved foods in cans and jars. The division also prepares ready-to-eat food such as soups, sauces, dips and pasta dishes.
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