FOOD-UNION

Highlights:

• Continued focus and investment in innovation with 140 novelty ice cream products developed and brought to market
• Strategic investment to maintain and secure power positions in key geographies with market leadership in the Baltics and Denmark, Norway and Romania
• Leadership appointment of Artūrs Čirjevskis as CEO in Europe
• Sergey Beskhmelnitskiy appointed as Business Development for Europe
• Aivar Aus (CCO) to implement commercial strategy in Denmark, Norway and Romania
• Regional support of Ukraine via financial assistance and food donations. The Group has also provided jobs to Ukrainian refugees in Food Union plants in Latvia and Estonia

Artūrs Čirjevskis, CEO of Food Union, Europe, said “As we reached the end of a decade, Food Union continued to make major strides in building power brands in key markets with significant innovations across the business, from product to distribution. These results were achieved against difficult market conditions with longer COVID-19 lockdowns and rapidly rising material prices. Going forward and based on our impressive customer base in DSD segment we aim to develop in-depth client relationships and become their reliable partner in categories beyond ice cream.”

Overview of Results

Net revenue, consistent with 2020 reached EUR 291 million with record ice cream sales achieved in June and July. Profits rose to EUR 10.8 million, up 30%, following significant investment in new products, automatization and e-commerce.

Financial Highlights (EUR million):

		2021		2020		2019
Net revenue		291.4		290.7		276.6
Gross profit		114.6		115.5		103.6
EBITDA		42.2		46.1		31.5
Cash flow generated from operating activities		35.3		37.1		31.9
Net result		10.8		8.3		2.1

Further information can be found at the following link: Food Union 2021 Annual Results | Food Union official website

ABOUT FOOD UNION

Food Union is a leading, innovative consumer goods company that develops local brands and delivers delightful products in Europe, China, and Pacific Asia. Food Union is currently the leading ice cream producer in the Baltics and Denmark, and the group holds a strong market position in Norway and Romania. The leading dairy group is backed by Hong Kong-based investment company Meridian Capital Limited , and one of Asia’s largest private capital firms PAG .

View source version on businesswire.com: https://www.businesswire.com/news/home/20220712005126/en/