The global economy continued to recover during the 2021-2022 financial year. For VIVESCIA Industries, this was accompanied by an unprecedented level of cost inflation. The Russian invasion of Ukraine reinforced this trend and caused severe volatility on the ingredients and energy markets. Despite these headwinds, VIVESCIA Industries continued to grow and succeeded in absorbing the first major effects of this hyperinflation.

The beer market is buoyant, and although it is still beneath pre-Covid levels, Malteurop has posted good sales thanks to its international positioning and the energy of its teams.

Délifrance’s frozen bakery business saw strong volume sales volume growth in all segments in France and the rest of Europe. In addition to the market’s recovery, this was due to enterprising work by the teams resulting in significant gains in market share. This improvement extended across all zones except Asia.

Grands Moulins de Paris’s sales volumes bounced back, especially sales to food processing companies and consumer sales under the Francine brand, which has seen record market share growth and strengthened its position as market leader.

At Nealia, 2021’s wet summer adversely affected cattle feed sales.

Kalizea, our maize processing business, continued to grow in market segments dedicated to higheradded- value, technical products, and those produced by its subsidiary in Romania.

The know-how and expertise of our biotechnology and R&D business unit, ARD, is world-renowned. It capitalised on this to achieve very pleasing results during the year, reinforcing its market leadership with both its start-up clients and major international corporations.

Despite an exceptionally volatile market context marked by rampant inflation, thanks to their energetic sales performance and resilience, our businesses have generated an overall return higher than the previous year.

Revenue for the year was up 22.2% to €2,519m, a rise of €458m versus the previous year. This was mainly attributable to organic growth (+€426m) driven by volume/mix effects and strong price effects. Despite soaring costs, financial results as measured by EBITDA rose to €136m, up €11m (9%) on the previous year. Net debt remained under control at €440m versus €445m on 30 June 2021.

These pleasing results are testimony to the efforts of all the Group’s employees. They stand prepared and ready to tackle the challenges of 2022-2023, a year in which it will be vital to improve our overall efficiency to offset the effects of inflation across our production, sales, and marketing costs.