VIVESCIA Industries' Supervisory Board has set a new share price of €23.12, based on the analysis of independent expert, Mazars.
This new share price, down significantly from the last valuation in October 2018, reflects the difficulties encountered by the frozen bakery business.
Despite the good results of the malting business, which is pursuing the implementation of its "Shaping 2020" plan, and the good performance of the majority of its other businesses, VIVESCIA Industries' results should be disappointing this financial year.
The decline in income from our frozen bakery business can be explained by strong cyclical difficulties (volatility of raw materials prices and exchange rate fluctuations) and changing consumption habits on certain market segments. On top of this unfavourable context, the company has faced structural changes and significant internal challenges.
The company has posed and shared its diagnosis, and made the relevant organisational decisions. A commercial and manufacturing recovery plan has been set in motion to restore levels of performance and competitiveness that are in line with market standards. All our teams are ready to work – with the support of VIVESCIA Industries' director, Alain Le Floch – to implement this plan, which will require a sustained effort.
Aware of the challenges, the SICOM, chaired by Christoph Büren; and the supervisory board, chaired by Nicolas Demoury, have been working hard alongside the management teams for several months to ensure that this plan is executed, and to create the conditions for a sustained recovery and profitable growth. All the members of VIVESCIA Industries' management bodies know they can count on the confidence of their cooperative and financial shareholders, and the 4,000 individual shareholders (farmers and employees) striving loyally alongside them on this long-term collective project.