Vion reports healthy 2013 financial result
Through the sale of Vion Ingredients, Vion Food achieved a healthy result for the 2013 financial year, increasing group equity to € 425 million.
The 2013 financial year was an eventful one for Vion. At the start of the year, it became clear that the measures taken in 2012 for restoring the financial health of the organisation were insufficient for reducing the debt position. In April 2013, it was announced that the two main activities, Food and Ingredients, would be made independent. Action was taken in 2013 to improve the company's competitiveness and future prospects.
Restructuring and divestments
In addition to selling Vion Ingredients, the emphasis in 2013 was on restructuring the food activities in the Netherlands and Germany. This involved the closure of a number of production sites in the two countries. Within Vion Food Netherlands, pork production at the Helmond site was discontinued in September 2013. Necessary changes were also implemented within Vion Food Germany in order to bring the food activities back to a healthy position through investments, integration and reorganisations. Financial position through the sale of Vion Ingredients, Vion Food is starting with increased group equity and its own financing.
The book profit from this sale totalled € 781 million, increasing group equity to a total of € 425 million. Once the Ingredients sale has been finalised, the financial basis for the independent Vion Food will be formed by a solvency of more than 40%.
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