Savencia says that assuming constant foreign exchange rates and Group structure (“like-for-like”), the fall was limited to 2.9%.
In its financial statement, Savencia said that positive foreign exchange impact amounted to 1.9%. The reinforcement of the US dollar and Chinese yuan, with average annual increases against the euro of respectively almost 20% and 17%, largely offset the devaluation of the Brazilian real, which experienced an average fall in value over the year of about 16%.
The 2.5% negative impact of the Group’s structure, it said, reflected the sale at the end of December 2014 of Schratter, a North American importer and distributor.
Impact of excess milk production
Like-for-like, net sales of cheese products fell by 0.8%, which the company attributed to negative pricing in all markets in line with the falling world price for milk.
“The dynamism of our strategic brands, in particular in Western Europe and beyond Europe, however helped to significantly limit the impact of this factor,” Savencia said.
Like-for-like, net sales of other dairy products fell by 5%, which the company said was as a direct result of low world prices for industrial products due to excess milk production worldwide impacting the selling prices for milk ingredients. Savencia said that this was mitigated by a favorable development of sales volumes for products with higher added value.