MILAN – Paulig released on February 15th its results for 2023. The company’s revenue grew by 5.6% and comparable EBITDA were up by 57.2% compared to 2022. “This was driven by continued sales growth, excellent operational performance, and favourable business environment” said Paulig in a note.
Key figures in 2023 :
- Paulig’s revenue increased by 5.6% to EUR 1,167.6 million (1,105.5)
- Of the total revenue, 49 (52) % came from the Nordic countries and 51 (48) % from other countries
- Comparable EBITDA grew by 57.2% and totalled EUR 137.2 million (87.3), which was 11.8% of revenue (7.9)
- IFRS operating profit increased to EUR 90.1 million (5.8)
- Net profit was EUR 89.1 million (-19.9)
- Cash flows from operating activities (IFRS) increased by 104.0% and totalled EUR 125.9 million (61.7)
“We are very pleased with our significantly improved financial performance in 2023. Thanks to the actions that our teams took throughout our business and operations in the challenging market situation, we delivered strong growth both in top and bottom line figures,“ says Rolf Ladau, CEO of Paulig.
“Our brands and categories appeal to consumers and provide a strong platform for continued growth. Both Tex Mex and coffee performed well and the successful integration of Liven – the Spanish snacking company bought in 2022 – has driven incremental sales and new opportunities in the snacking category.”
“Paulig’s growth was driven by both the Branded business and Customer Brands. With the economic downturn consumers make more cost-conscious choices, and conditions in 2023 were particularly favorable for private label products.
Paulig’s revenue from the Customer Brands business grew and represents about 40 percent of the company’s total revenue today.”
In 2023, Paulig continued to strengthen its foundation and made strategic investments to drive growth
Paulig divested its minority stake in the spice company Fuchs Group as well as its Frezza cold coffee drinks brand.
Paulig strengthened its presence in Europe and opened an office in Vienna, Austria with the intent to further accelerate growth in the Tex Mex business. Moreover, Paulig invested in a pellet snack line in Spain to diversify its product portfolio and create more innovative, sustainable and customized snack options.
“This year, we continue to aim for sustainable profitable growth as well as look for non-organic growth opportunities. Our renewed growth strategy places the consumers at the centre and our vision is to be The Shaper of Popular Food Culture. We want to offer consumers delicious and convenient food concepts and experiences that are good for both people and the planet.”
Major steps towards sustainability ambitions
In 2023, Paulig made significant progress towards its ambitious sustainability targets, which are based on the UN Sustainable Development Goals. Paulig’s ambition is to reduce the greenhouse gas emissions from its own operations by 80 per cent and from its value chain by 50 per cent by 2030, from the 2018 baseline. Paulig reduced greenhouse gas emissions in its own operations by 22 per cent from the 2018 baseline.
Paulig also launched a unique Climate Fund to accelerate climate actions in the value chain. The fund is allocated to chosen projects annually targeting emission reductions in wheat and coffee value chains, logistics and Paulig’s own operations. Paulig applies an internal carbon-price mechanism to evaluate the needed budget for annual targeted CO2 emission reductions.
Paulig introduced Santa Maria wheat tortillas with up to 50% lower climate impact (1). The reduction was achieved by baking the tortillas with more sustainable wheat flour as well as reducing the climate impact of packaging and production. Paulig also continued implementing its climate projects in coffee-origin countries.
Paulig is committed to a fair and inclusive way of working throughout the company’s value chain. In 2023, Paulig launched a group-wide DEI policy to strengthen its commitment to Diversity, Equity and Inclusion.
Paulig’s annual report, including financial statements and sustainability report, will be published in March 2024, on week 12.
