“Our year started well and we achieved 3% comparable net sales growth with all business segments growing organically,” said CEO Jukka Moisio. “Growth was driven by Foodservice Europe-Asia-Oceania segment, where organic growth was boosted by acquisitions completed in 2016. In addition, the Flexible Packaging segment returned to positive growth.
“Our EBITDA, EBIT and EPS improved with margins at the previous year’s levels,” Moisio added. “Foodservice Europe-Asia-Oceania segment accounted for the strongest profitability improvement with good volume growth, high-yielding acquisitions, and successful restructuring actions in China and New Zealand. Free cash flow was negative due to high capital expenditure and seasonal inventory buildup. Our ROI and ROE remained at good levels.”