First Quarter Trading Update – period ended 25th October 2008

Zürich, 1st December 2008. ARYZTA AG (‘ARYZTA’), the global leader in speciality bakery with geographic reach from North America through Europe to South East Asia and Australia, issues its first quarter Interim Management Statement in accordance with the reporting requirements of the EU Transparency Directive 2007. 

* Prepared on a pro forma basis including Hiestand Holding AG in prior year comparative.

Commenting on the results, Owen Killian, CEO of ARYZTA AG said:

“Food is a very resilient and stable business. We have excellent products and trusted brands combined with a strong service network.  We work with our customers to be positioned in the right space and are focused on servicing the changing needs of consumers in this current economic climate.

The global banking crisis poses issues for customers, suppliers and indeed primary producers who require reliable access to capital in order to fund and develop their enterprises”. 

Food Europe

Food Europe performed in line with the Group’s expectation during the period under review. The effects of the current financial crisis have affected consumer behaviour on the high-street. Underlying growth of 4.2% in the period reflects a slowdown in growth evident across most channels, particularly in the UK and Irish markets, which have seen reduced volumes. The business has proved resilient and continues to work with its customers to adapt to the changing economic environment. 

The formation of ARYZTA which combines the strengths of Hiestand with those of the former IAWS Foods business is very timely. The combination of Hiestand with its capacity, diversity and geographic reach and the Group’s new bakery and innovation centre at Grangecastle opens up new opportunities for ARYZTA. The Grangecastle bakery is on plan and will be fully commissioned during the period ended 31 January 2009.

Food North America

Food North America has maintained its accelerated revenue growth with an underlying increase of 19.5 per cent in the period. In the US, changing consumer patterns have been evident for some time. The business has responded and is well positioned in this market.

Food Developing Markets

From a low base this segment continues to see revenue growth.

Operating Margin

The Food Group maintained its operating margin in the period under review.

Financial Position

ARYZTA continues to have a strong balance sheet with excellent free cash flow. ARYZTA negotiated* financing facilities of over €1bn in 2008. At the period ended 31 July 2008, ARYZTA had pro forma net debt of €553m; this represented a conservative Net Debt : EBITDA ratio of 2.15x. ARYZTA’s banking facilities* are as follows:
  • €795m revolving credit facility, which matures on 20 June 2013
  • US $450m private placement, which matures between 13 June 2014 and 13 June 2019 
  • The covenant on these facilities is Net Debt : EBITDA of 3.5x.  

*Origin Enterprises plc is separately financed.


Origin Enterprises plc (‘Origin’) is releasing a Q1 Trading Update at 07.00 GMT this morning. This can be found on their website (

Origin had an excellent performance during the period, reflecting positive growth momentum in the Agri-Nutrition division in addition to the benefit of an excellent contribution from Masstock, the Group’s integrated farm agronomy business, acquired in February 2008.  

Reflecting the seasonality of the business approximately 20 per cent of Origin’s annual profits are earned in the first quarter of the financial year.

Origin remains confident about the prospects for the full year.


ARYZTA AG is an extremely well invested bakery business servicing all food channels from restaurants, catering, hotels and leisure, quick service restaurants, travel and retail. The group is well positioned in the current trading environment with its enhanced capability and increased geographic reach. 

Note for analysts

A telephone conference for investment analysts is being held at 10.00 CET (09.00 GMT) today, Monday 1 December 2008, during which CEO Owen Killian and CFO Patrick McEniff will discuss the Interim Management Statement.

The numbers to dial for this telephone conference are:

Switzerland: +41 22 580 29 92 
Ireland: +353 12 46 03 01
UK: +44 20 314 74 753
USA/Canada: +1 703 62 19 118

Passcode (only required in Ireland): 464894

A printable PDF version of the slides will be available for download on the ARYZTA website ( from 09.30 CET (08.30 GMT). Details of the telephone and webcast replay facilities will be available on the website shortly after the call.
ARYZTA AG Investor Calender – Financial period ended 31 July 2009

Half Year Results Announcement – Monday 9th March 2009

Q3 Interim Management Statement – Tuesday 2nd June 2009

Full Year Results Announcement – Monday 28th September 2009

ARYZTA AG is a global leader in speciality bakery with geographic reach from North America through Europe to South East Asia and Australia.
ARYZTA, a Zürich-based company, has a dual primary listing on the SWX Swiss and ISE Irish Exchanges (SWX: ARYN, ISE: YZA).
ARYZTA is the majority shareholder (71.4%) in Origin Enterprises plc, which has a listing on the AIM in London and the IEX in Dublin (AIM: OGN, IEX: OGN). 

Investor Enquiries:

Hilliard Lombard
Tel: +41 (0) 44 583 42 00

Alex Money
Temple Bar Advisory
Media and Investor Relations Advisors    
Tel: +44 (0) 20 7002 1080

Media Enquiries:

Hilliard Lombard
Tel: +41 (0) 44 583 42 00

Aloys Hirzel
Hirzel. Neef. Schmid. Konsulenten 
Tel: +41 43 3444242

Alex Money/Lorna Ellen 
Temple Bar Advisory
Media and Investor Relations Advisors
Tel: +44 (0) 20 7002 1080