Athens / GR. (vv) Greek leading food group Vivartia S.A. announced a board decision to transform itself into a holdings and management services company, by breaking into four subsidiaries – dairy and beverages, bakery goods + pastries, fast-food outlets and frozen foods. The plan will be presented for approval in a general shareholders´ meeting. Vivartia said in a statement, a transformation date was set at March 31, 2009 and noted that the main goals of the plan are more efficient management, greater flexibility and strategic partnerships for each sector separately.
Some days ago Vivartia reported a 28,5 percent increase in its 2008 sales to 1’437 million EUR, up from 1’119 million EUR in 2007, reflecting strong organic growth and integration of acquisitions made during the year (Nonni, Everest Group and Olympic Catering). Pre-tax, interest and amortisation earnings (EBITDA) totaled 153,5 million EUR, up 21,2 percent, while pre-tax profits fell 28,1 percent to 37,5 million EUR, reflecting higher financial expenses. Net after tax and minorities earnings rose 21,4 percent to 12,6 million EUR in 2008. Vivartia´s chief executive Spyros Theodoropoulos said it strengthened its market shares in several product categories, such as dairy products, yoghurt, bakery products and fast food.
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