Strong results for BioMar Group
BioMar Group has delivered financial results above expectations. The careful focus balancing growth and product innovation with sustainability and efficiency has delivered a strong bottom line.
In 2016 BioMar Group delivered a significantly improved EBIT compared to 2015, from DKK 447 million in 2015 to 581 million in 2016. At the same time working capital was reduced from DKK 752 million to DKK 414 million, leading to a strong cash flow from operations. Revenue ended up slightly lower than last year with a modest increase in volumes.
"We are very happy to deliver the best results ever in BioMar Group and strong numbers for some years in a row, despite the fact that we have faced difficulties and lack volumes in some of our important markets, especially Chile due to the algae bloom and strikes. This results have been achieved by dedicated employees being customer centric, working externally as well as internally to deliver high level of innovation, cooperation, sustainability and performance living our purpose statement which is stating that "We are innovators dedicated to an efficient an sustainable global aquaculture", explains Carlos Diaz, CEO BioMar Group.
During the last years BioMar has worked systematically improving the internal performance by emphasizing focus on product innovation, margin management, process improvements and employee development. Externally a continuous effort has been dedicated to working in close collaboration with customers bringing products and solutions to the market, contributing to meet increasing demands from retailers and consumers in regards to sustainability and health profile. The foundation for the work has been the four guiding principles: Innovation, cooperation, Sustainability and Performance.
"It is clear that our new strategy "Shaping the future" is leading to tangible results. We decided to continue as the only focused global aquaculture feed company enhancing local agility and global excellence. I firmly believe that we start to see how we are differentiating ourselves from our main competitors being close to the customers in the markets and delivering customer focused global innovation with short time to market", states Carlos Diaz and continues:
"We are optimistic about the future even though we will be facing highly competitive markets. We have in 2016 planted various seeds to ensure our future growth and profitability. First of all we opened our factory in Turkey, now being directly present in the second largest market in Europe. Secondly we planted a solid footprint in China. We started the construction of a new factory in Wuxi and acquired another in Haiwei in the south of China. Thirdly we are progressing as planned with the construction of a new line in Karmøy as well as additional logistic investments including our new gas-driven ship in order to increase flexibility – bringing the Norwegian capacity up to 600.000 tons. And on top of these expansions we fortified our organization making us ready for the challenges of tomorrow. One example is building a global R&D Centre with a strong link to the business and with own high-end trial facilities in Europe as well as America, where we started the ATC Patagonia Centre, a state of the art facility in Chile".