2010 annual results of Van Gansewinkel Groep
Improved cost structure and financial position.
Market characterised by price pressure on processing rates.
- Turnover €1.1 billion (-2%)
- EBITDAE €249 million (-4%)
- Net loss reduced from €188 million to €22 million
- Net cash flow up from €10 million to €86 million
- Operating result up from €73 million negative to €50 million positive
- Equity at €154 million at year-end 2010
- Slight improvement of results forecast for 2011
- Improved financial position
- Basis for future growth reinforced
Thanks to continued savings, efficiency improvements and recovering prices for raw materials, the 2010 turnover of Van Gansewinkel Groep (a waste service provider and supplier of raw materials and energy) was stable. EBITDAE (earnings before interest, taxes, amortisation, depreciation and extraordinary items) dropped slightly, while the cash flow remained solid. Considering the pressure on the prices at all divisions, the company is pleased with its results.
Ruud Sondag, Chairman of the Board of Directors: “Van Gansewinkel Groep was not left untouched by the after-effects of the recession. The overcapacity in the incineration market caused prices to drop sharply in 2009. We succeeded in renewing several important long-term processing contracts from 2010 and 2011 onward, though at significantly reduced rates. To compensate for this loss of margin, totalling approximately €80 million, well-timed efficiency programmes were initiated across the whole group. This meant that the drop in EBITDAE was limited and allowed us to reinforce our starting position. We emerged from the crisis with a better cost structure and a more focused vision of the future. We see 2011 as the first year of growth after the crisis. A large part of the efficiency programmes will be completed this year and we can start on the road to recovery.”