Wednesday, May 13, 2015

Grow the Force's net profit in the first quarter

The Force Foods S.A., controlled by FB Holdings and by JBS, had consolidated net income of r $ 29.5 million adjusted in the first quarter of this year,
11.4% above the same range of 2014. The company's consolidated net revenue totaled r $ 1,077 billion in the first three months of this year, up 5.8% over the r $ 1,019 billion equal range of 2014, as balance sheet released Tuesday (12/05) by the dairy company. The consolidated data include the results of the Itambé, in which the Force has 50% of the share capital.
Considering only the results of the parent company, the adjusted net income reached r $ 18 million in the quarter, an increase of 31 percent on the same comparison. Net revenue advanced 14 percent, to $ 487,4 million.
Net profit adjusted both consolidated as the SP do not consider the net amount of R $ 76,246 million of goodwill generated by the acquisition of the remaining 50% of Dan force, business announced in September last year. The operation was completed in the first quarter and left the Force with 100% of the capital stock of Dan Force. In return, the Scandinavian Arla Foods, which held the other 50%, got 8% of the total share capital of Force.
Considering the effect of goodwill, net income consolidated accounting of Force amounted to r $ 105,783 million in the first quarter of this year and the parent company, of $ 94.2 million, the company reported in the document submitted to the Securities and Exchange Commission (CVM).
The Chief Executive Officer of the Force, Gilberto Xandó, noted the improvements in the results of the parent company, arising from innovations implemented in the company, including the focus on higher value-added products. "We're Also in other regions of the country and we're not dependent on [Sales] the São Paulo market," he added.
The Force also obtained operational improvements with productivity gains and increasing investments in marketing, improvements in the level of services and processes, according to the Executive.
The earnings before interest, taxes, depreciation and amortization (Ebitda) climbed 18.4% controller adjusted to r $ 50.8 million in the first quarter, which led to an Ebitda margin of 10.4%. Already consolidated adjusted Ebitda was r $ 89.6 million, an improvement of 8.3% in comparison with the first quarter of 2014, according to the Force.
"We had a major breakthrough of Ebitda and net debt reduction, which shows the ability of the Force to absorb the Itambé [a slice of 50% was purchased in 2013], generating results here and there," noted Xandó.
The net debt of the Force, which was r $ 853,536 million in March 31, 2014, fell to $ 774 million at the end of the first quarter of this year. As a result the leverage index (ratio of net debt and Ebitda) went from 3.6 times for 2.1 times in same comparison.
Despite admitting that the economic scenario is "more challenging", Xandó said the company will continue to invest in expansion and innovation. An example is the plant of Barra do Piraí (RJ), which should start operating in the second half. The unit was ceded in lending by Government fluminense to the force in June 2014 after the BRF gave up the project.
Valor Economico
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