Ybarra improves sales but raises its losses to 3.4 million | Companies

The Ybarra food group achieved a consolidated turnover of 187.3 million euros in 2021, its best figure since 2018, although the company chained a new year with losses. Despite the improvement in sales, of 2.6% per year, the net result was negative by 3.4 million euros, almost five times more than the loss registered in 2020, as reflected in its consolidated annual accounts.

“In 2021 there has been an increase in prices at origin of raw materials, logistics costs, energy costs and other auxiliary materials, among others,” he explains in his management report, where he recalls that, since his factory of Dos Hermanas (Seville) suffered a fire in 2016, it has not been able to recover the profitability figures prior to the incident. The EBITDA in 2021 was positive, for 2.7 million, although less than half of the harvested in the previous year.

“The group’s board of directors, through its management team, continues to work on optimizing processes and implementing continuous improvement mechanisms with a clear focus on results, which should be reflected in the annual accounts for the coming years. exercises”, explains the management report.

Among the latest measures that the company has approved to be closer to profitability is the restructuring of its financial debt. During 2021, Ybarra canceled three loans that added an outstanding balance of almost 11 million euros. In addition, it has extended the maturity of another credit of 10 million until September 2027, also incorporating a grace period.

Ybarra estimates that this reorganization meant a reduction in debt payments for 2021 of 425,893 euros, and that this will rise to 2.2 million in 2022.

The company says it is dragging the consequences of the fire at its factory, and the construction of a new one in the same town of Dos Hermanas, operational since September 2018, due to the “investments in the new factory and the extra costs assumed for producing through third parties. until its inauguration in September 2018, and subsequently with extra costs for the fine-tuning of the facilities and machinery”.

On the other hand, the business segment that registered the greatest increase in sales was mayonnaise and sauces, with 17%, up to 49 million. That of oils, its main generator of income, fell slightly, less than 1%, to 190.3 million.

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