Berentzen-Gruppe Aktiengesellschaft publishes 2023 Annual Report

                                                                                        
                                                                                            Press Release No. 5/2024

Berentzen-Gruppe Aktiengesellschaft publishes 2023 Annual Report
Revenue and earnings targets met in financial year 2023, forecast for 2024 announced

• Consolidated revenues rise to EUR 185.7 million, consolidated EBIT comes to EUR 7.7 million
• Dividend proposal for EUR 0.09 per share
• First steps to implement Building BERENTZEN 2028 planned for financial year 2024

Haselünne, March 28, 2024 – Berentzen-Gruppe Aktiengesellschaft, which is listed on the regulated market (General Standard) of the Frankfurt Stock Exchange (ISIN: DE0005201602), today published its Annual Report for the 2023 financial year. The Group generated consolidated revenues of EUR 185.7 million, up 6.6 percent over the 2022 financial year (EUR 174.2 million). Consolidated earnings before interest and taxes (consolidated EBIT) came to EUR 7.7 million (2022: EUR 8.3 million). Consolidated earnings before interest, taxes, depreciation and amortisation (consolidated EBITDA) was EUR 16.0 million (2022: EUR 16.7 million).

“Despite the multiple crises that have impacted us all in the last few years, the Berentzen Group turned in a solid performance in financial year 2023”, said Oliver Schwegmann, CEO of Berentzen-Gruppe Aktiengesellschaft. He went on to say: “We increased our revenues in a tough market environment. Over the course of the year, we managed for the first time to fully offset the massive increases in the costs of materials and commodities by implementing targeted price increases for our products.” According to market research data, the Group also managed to gain market shares in certain key areas, despite shrinking markets overall.

Positive revenue performance in key strategic themes

The key strategic themes of the Berentzen Group made a positive contribution to the Berentzen Group’s success in the reporting period. “Thanks to the dynamic development of our Berentzen-brand fruit liqueurs and Puschkin-brand vodka products, we generated 9.3 percent revenue growth on sales of both these brands”, Schwegmann said. The Group also achieved impressive 14.7 percent revenue growth on sales of its private-label spirits.

“In the Non-alcoholic Beverages segment, we were again very pleased with the outstanding performance of Mio Mio”, Schwegmann said. Thanks to 19.3 percent revenue growth, the revenues generated on sales of Mio Mio crossed the EUR 20 million mark for the first time ever, making it the Group’s highest-revenue brand in the 2023 financial year.

Higher revenues were also generated in the Fresh Juice Systems segment. After revenue growth of 4.4 percent, the revenue drop in the wake of the coronavirus pandemic has now been completely made up. “However, the positive performance of this segment was due to higher unit sales of fruit and bottles, underscoring the consistently strong demand for fresh-pressed fruit juices. In the future, however, we will need to achieve stronger growth again in unit sales of fruit presses”, Schwegmann said.

Profitability influenced by various effects

“By contrast, the single-digit percentage decrease in consolidated EBIT was particularly due to the lower consolidated gross profit”, Schwegmann said. The main reasons for this development were lower unit sales especially in the Non-alcoholic Beverages segment and the delayed effect of price increases for the Group’s products. In addition, higher market interest rates made borrowing more expensive even as the cost of financing inventories increased due to inflation effects. “That effect coupled with the lower consolidated EBIT was the main reason for the decrease in our consolidated net income”, Schwegmann explained.

Based on these developments, the Executive Board together with the Supervisory Board will propose a dividend of EUR 0.09 per share to the Annual General Meeting to be held on May 17, 2024. “Under this proposal, we would distribute nearly all of our consolidated net income to shareholders as a dividend. This proposal is not only a clear statement of our dividend policy, but also a clear sign of our confidence in being able to achieve our growth targets in the coming years”, Schwegmann said.

Outlook for financial year 2024
 

The Berentzen Group also announced its forecast for the 2024 financial year in the Annual Report 2023. The Group expects to generate consolidated revenues in a range of EUR 190.0 million to EUR 200.0 million, consolidated EBITDA in a range of EUR 17.2 million to EUR 19.2 million, and consolidated EBIT in a range of EUR 8.0 million to EUR 10.0 million.

The Berentzen Group had presented its new strategy Building BERENTZEN 2028 already in February 2024. “With this strategy, we are shifting from defence in the form of crisis management practiced in the last few years to offence. The forecast we have published today is a reflection of our plan to commence implementation of our new strategy immediately. In fact, we have already taken the first steps to intensify our marketing activities and expand our field sales organisation in the current financial year”, Schwegmann said.

For the first time in its history, the Berentzen Group also presented a medium-term forecast for 2028 together with the new strategy. In 2028, the Group would like to generate consolidated revenues of EUR 235 million, consolidated EBITDA of EUR 28 million, and consolidated EBIT of EUR 18 million. “The 2024 financial year will be a first intermediate step towards the achievement of our ambitious medium-term goals”, Schwegmann concluded.

The 2023 Annual Report is published at: https://www.berentzen-gruppe.de/en/investors/reports

About the Berentzen Group:

The Berentzen Group is a modern, innovative beverage company with a history dating back more than 260 years. Broadly positioned in the segments of Spirits, Non-Alcoholic Beverages, and Fresh Juice Systems, the Group today develops, produces, and markets beverage concepts for a wide range of consumer needs, including spirits, mineral water products, soft drinks, and fruit presses for fresh-squeezed orange juice. With well-known brands like Berentzen, Puschkin, Mio Mio, and Citrocasa, as well as contemporary private-label products, the Berentzen Group is present today in more than 60 countries of the world. The shares of Berentzen-Gruppe Aktiengesellschaft (ISIN DE0005201602) are listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange.

Further information is available at:

Berentzen-Gruppe Aktiengesellschaft
Thorsten Schmitt

Director Corporate Communication & Strategy

Tel. +49 (0) 5961 502 215

pr@berentzen.de

www.berentzen-gruppe.de