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Netherlands Food and Drink Report Q3 2010
Business Monitor International, June 2010, Pages: 69
Business Monitor International's Netherlands Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Netherlands' food and drink industry.
There have been mixed fortunes for some of the Netherlands’ largest food and drink companies reporting full-year 2009 results, reflecting the ongoing competitive environment.
For example, Dutch dairy giant FrieslandCampina, created in early 2009 following the merger of former rivals Friesland and Campina, posted declining revenues but a rise in profits for 2009. In the 12 months to the end of December, FrieslandCampina's net sales dropped by 14% to EUR8.2bn, with the firm hit by a drop in demand and falling dairy prices. However, operating profits for the period increased by 26% (excluding one-off items) while net profits surged by 35% to EUR182mn. This increase can be attributed to synergies following the merger, as well as a reduction in the price paid for raw milk, which lowered operating costs. The firm's profits were also aided by resilient demand for the company's branded products in South East Asia and Africa. The improvement in FrieslandCampina's operating profit during the year, despite a 14% decline in sales, points to the synergistic benefits of the merger.
Anglo Dutch giant Unilever posted a 3.1% drop in net income for 2009 to EUR3.66bn, while operating profit dropped by 30% to EUR5.02bn. Unilever reported underlying sales growth of 3.5% for 2009, with sales in the Americas, Asia and Africa all rising. However, group turnover fell by 1.7% to EUR39.82bn, hit by foreign exchange. At constant exchange rates, annual sales were up 1%. Unilever CEO Paul Polman said that that he expects ‘continuing pressure’ on consumer spending and ‘heightened levels’ of competition in 2010. Likewise, Dutch bakery supplier CSM reported 2009 results showing a 1.7% decline in net sales to EUR2.55bn, although earnings before interest, taxes and amortisation (EBITA) grew by 13.1% to EUR150.6mn. Natural/health food company Wessanen reported a loss of EUR219.7mn for full-year 2009, while underlying revenues for the year fell by 3.2% to EUR702.5mn. Brewing giant Heineken, meanwhile, reported that underlying net profits rose by 4% to EUR1.06bn for the 12 months to the end of December, while price increases boosted net sales by almost 3% to EUR14.7bn. However, like-for-like net sales slipped by 0.2% for the year as group volumes fell 5%. The company stated that the key themes for 2010 will continue to be sluggish demand for beer and consumers trading down to cheaper products. The firm will continue to ‘aggressively pursue’ its three-year Total Cost Management programme, which aims to cut operating costs globally and as part of this stated that ‘Heineken expects a further organic decline in the number of employees’.
The country’s leading retailer Ahold reported more positive 2009 results with a 7.9% increase in operating income to EUR1.3bn, while sales increased by 3.9% to EUR27.9bn. The retailer has indicated that it is 'looking at options or growth opportunities in Europe and the US, looking first at the adjacent market areas in both continents'. Indeed, the company has confirmed that it is considering entering the retail market in neighbouring Belgium, although no time frame has been set for such a move. Ahold may yet again be preparing to return to the global retail stage.
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