Berentzen-Gruppe Aktiengesellschaft publishes Annual Report 2023: Revenue and earnings targets achieved in the 2023 financial year - annual forecast for 2024 presented

Berentzen-Gruppe Aktiengesellschaft (ISIN: DE0005201602), which is listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange, published its annual report for the 2023 financial year today. According to the report, the corporate group generated consolidated revenues of EUR 185.7 million - an increase of 6.6 per cent compared to the 2022 financial year (EUR 174.2 million). Consolidated earnings before interest and taxes (consolidated EBIT) totalled EUR 7.7 million (2022: EUR 8.3 million). Consolidated earnings before interest, taxes, depreciation and amortisation (consolidated EBITDA) amounted to EUR 16.0 million (2022: EUR 16.7 million).

"The Berentzen Group performed solidly in the 2023 financial year despite the multiple crises that we have all been confronted with for several years", summarises Oliver Schwegmann, CEO of Berentzen-Gruppe Aktiengesellschaft, and continues: "We were able to increase our revenues in a difficult market environment. Over the course of the year, we succeeded for the first time in fully offsetting the massive rise in the cost of materials and raw materials through the price increases achieved for our products. According to market research data, the company also succeeded in gaining new market share in important areas in markets that were declining overall.

Positive sales development in the strategic core areas

The Berentzen Group's strategic core themes made a positive contribution to the increase in sales revenues. "The dynamic development of our fruit liqueurs under the Berentzen brand and the vodka products under the Pushkin brand ensured that the two brands achieved an increase in sales of 9.3 per cent," says Schwegmann. The corporate group also increased its sales revenues in the private label spirits business by a whopping 14.7 per cent.

"In the Non-alcoholic Beverages segment, we were once again very pleased with the outstanding performance of Mio Mio," explains Schwegmann. With an increase of 19.3 per cent, Mio Mio has now exceeded the EUR 20 million sales mark for the first time, making it the brand with the highest sales in the Group in the 2023 financial year.

Higher sales were also achieved in the Fresh Juice Systems segment - with an increase of 4.4 per cent, the coronavirus-related decline in business has now been fully recovered. "However, the positive development here is driven by increased sales of fruit and bottles, which underlines the continued dynamic demand for freshly squeezed juices. On the other hand, we need to achieve stronger growth in sales of new appliances again in the future," says Schwegmann.

Profitability influenced by various effects

"The fact that Group EBIT, on the other hand, fell by a single-digit percentage is due in particular to lower consolidated gross profit," says Schwegmann. The main reason for this was a lower sales volume, primarily in the Non-alcoholic Beverages segment, and the delayed effect of selling price increases. In addition, higher market interest rates made external financing more expensive, which also increased in particular due to the higher value of inventories as a result of inflation. "In addition to the lower Group EBIT, this is one of the main reasons why our Group result has fallen," explains Schwegmann.

Against this backdrop, the Executive Board and the Supervisory Board will propose the payment of a dividend of EUR 0.09 per share at the Annual General Meeting on 17 May 2024. "As a result, we would be distributing almost all of our consolidated net profit as a dividend. This is not only a clear commitment to our dividend policy, but also a clear sign of our confidence in the growth we are targeting for the coming years," explains Schwegmann.

Outlook for the 2024 financial year

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

In February 2024, the Berentzen Group had already presented its new Building BERENTZEN 2028 strategy. "We are thus switching from the defensive crisis management of recent years back to attack mode. The forecast published today reflects the fact that we will start implementation immediately and have already planned the first expansion steps in our marketing activities and our sales force for this year," says Schwegmann.

For the first time in the history of the Berentzen Group, the new strategy also includes a medium-term forecast for 2028. In 2028, the corporate group aims 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 interim step towards achieving our ambitious targets," concludes Schwegmann.