AVEBE Posts Net Result of 2.8 million Euro

Demand for starch fell, AVEBE managed to keep the share for processing in food products at a reasonable level, but demand from other sectors dropped.

8 Dec 2010 --- During the 2009/2010 financial year, AVEBE posted a net result of 2.8 million Euro, whilst net turnover amounted to 521.8 million Euro. During the 2008/2009 financial year, the starch group realised 3.1 million Euro on a net turnover of 581 million Euro. The above key figures are included in the 2009/2010 annual report that AVEBE sent to the cooperative members this month.

AVEBE is satisfied with the result in view of the difficult market conditions resulting from the recession. Demand for starch fell, AVEBE managed to keep the share for processing in food products at a reasonable level, but demand from other sectors dropped.

The low grain price from the previous season also caused issues for the starch cooperative, as it put pressure on the price for starch.

For last year’s harvest, starch potato growers did not receive surcharges for a high underwater weight or for meeting their quota. As starch prices are rallying this season, these surcharges and a market surcharge will be paid for the 2010/2011 season.

In May 2011, AVEBE will pay its members 6 percent “dividend” over the share premium paid in January 2010. The Board of the cooperative also proposes to the Members’ Council that a sum of approximately 900,000 Euro is paid to the members, which equals approximately 10 Euro per share. The Members’ Council will decide on the 16th of December 2010.