Naturex Exceeds Targets in 2008

The positive impact of its latest acquisitions and the measures taken to streamline its manufacturing costs meant that Naturex's operating margin jumped from 8.4% to 12.1% of income in the space of one year.

31/03/09 2008 was an extremely good year for Naturex, with the Group not only meeting its initial growth target but also surpassing its forecasts in terms of operating profitability.

Group revenue for 2008 as a whole came in at € 93.2 million, up 23.2% in constant dollars and 17.2% in current dollars. Proforma, growth amounted to 10.1% in constant dollars and 4.7% in current dollars, enabling Naturex to meet its start-of-year target of double-digit growth in 2008.

The positive impact of its latest acquisitions and the measures taken to streamline its manufacturing costs meant that Naturex's operating margin jumped from 8.4% to 12.1% of income in the space of one year. Despite the dollar falling to a historic low, the Group outperformed its operating profitability target by one point in 2008.

The currency's upturn at the end of the year did, however, result in an unrealized exchange loss on the dollar borrowings of Naturex SA. Combined with the increase in financial debt linked to acquisitions, this meant that, despite the sharp growth in operating income, net income remained virtually stable on 2007 at € 4.3 million.

Naturex's balance sheet at the end of December (equity of € 59.2 million and € 79.6 million in net financial debt) does not factor in the successful capital increase carried out in February 2009 which raised € 17.3 million to underpin the Group's future development and finance potential new acquisitions.

With markets that have very little exposure to the current financial crisis, the growing popularity of natural products amongst consumers and its multiple growth reserves, Naturex is looking forward to sustained organic growth in 2009. Moreover, the Group plans to substantially increase its investments to ensure it maintains its operational excellence through new certifications and the constant optimization of its manufacturing processes.