Naturally, I’d describe it as a positive year. Despite the chaotic international and economic situation, VIVESCIA Industries’ results were better than in 2020-2021. The recovery is underway. The projects put in place have clearly begun to bear fruit during the year. Unfortunately, they have been held back by a chain reaction of events outside our control: cost inflation compounded by the war in Ukraine as well as the pandemic, which has continued to rear its head sporadically. During the year, given the challenging situation, the supervisory board and the audit committee have kept a particularly close watch on the capacity of our businesses to absorb price increases affecting production and other costs: ingredients, energy, wages, etc.

 

Thanks to skilled management, we have been able to meet and even better our budget objectives. Tight control of financial commitments has kept the burden of debt stable. On behalf of the supervisory board, I would like to congratulate VIVESCIA Industries’ teams for the commitment and steely determination they have shown throughout the year. And I would also like to thank our shareholders and financial partners for their continued loyalty and trust

The share price has been raised. This reflects the hard work VIVESCIA Industries teams have put in to hit their growth and profitability targets in a context of great uncertainty. The price has been set at €24.43. This represents an increase of more than 6% over the year. There are no plans to pay a dividend. In line with our commitments, we will prioritise our continuing recovery while implementing a major investment plan. Our investments focus on generating value in the future. They include the opening of Malteurop’s new malt house in Meoqui, Mexico, next summer, Délifrance’s new cold store in Romans-sur-Isère, France, and work to double the capacity of ARD’s industrial bio-demonstrator. Our improved results are directly reflected in this year’s higher share price. I want to be clear about this: we are all committed to distributing the wealth we are creating in the form of dividends as soon as the conditions enable us to do so. And we are on the right pat!

Yes, because VIVESCIA Industries has proven its resilience and continues to prepare for the future, at every level (manufacturing, innovation, operational excellence, and supply chains), working more closely with downstream agricultural operations both in France and internationally. I have also noticed the enthusiastic backing for our policies to cut energy use and increase efficiency, to improve staff health, safety and well-being, and more. These are all major topics on the sustainable development agenda, which we are pushing forward thanks to our LINK strategy. Our channel-based approach, tailoring production to the needs of our downstream partners, is a positive indicator. Examples include Grands Moulins de Paris’s supply contracts with French cooperatives and, further afield, the partnerships Malteurop is developing in Mexico, with both upstream farmers and the downstream brewer. So yes, the supervisory board is confident in the ability of VIVESCIA Industries to continue to grow in its various markets in the medium term, driven by the skills and commitment of its teams. VIVESCIA Industries is very firmly on the path to becoming a food industry organisation that creates sustainable value for all its stakeholders, from cooperative members to consumers, as well as its cooperative, financial and institutional shareholders.