Main highlights of the January-March 2014 results

 Consolidated revenue up 2% to 187.4 million euros, driven by casings sales volumes and the vegetable foods division.

 Consolidated EBITDA grows 2% to 43.0 million euros with a slight improvement in EBITDA margin (+0.1 p.p.) despite the adverse impact of cogeneration regulation, foreign exchange and the start-up of the Uruguay plant.

 Net profit down 4% to 22.4 million euros, and up 5.8% stripping out the impact of the changes in cogeneration regulations in Spain.

 Strong operating cash flow and lower investment requirements (12.0 million euros in 1Q14 vs. 20.4 million euros in 1Q13) were behind a 3% drop in net bank debt to a total of 81.9 million euros vs. 84.6 million euros in December 2013.

 Viscofan Chairman José Domingo de Ampuero y Osma said: "Once again this quarter, the market keeps showing above historical average growth rates against a backdrop of depreciation in the company's main trading currencies and despite the impact of co-generation regulations in Spain. However, growth in volumes - especially in emerging markets, where the Group is well positioned - along with enhanced operating efficiency and cost control, offset these external factors, and the Group was able to post year-on-year growth in sales and EBITDA".

For further information:

Informe gestion 1T14_EN.pdf​

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