Food Union Delivers Strong Results Driven by Innovation of New Products and Consumer Demand During the Pandemic
Food Union, the international dairy and ice cream production and distributing group, is pleased to announce its annual results to December 31, 2020.
Financial Highlights (EUR million)
|
|
2020 |
Change YoY |
2019 |
2018 |
|||||||
|
Net revenue |
293.5 |
6% |
276.6 |
280.1 |
|||||||
|
Gross profit |
118.4 |
14% |
103.6 |
113.1 |
|||||||
|
EBITDA |
46.1 |
46% |
31.5 |
38.3 |
|||||||
|
Cash flow from operating activities |
37.1 |
16% |
31.9 |
31.2 |
Operational Highlights
- Launched a total of 117 novelty ice cream products, many that became the best performing products in local markets.
- 99,150 tons of goods sold during the year with ice cream contributing to 60% of the sales value.
- Maintained market leading positions in the Baltics, is a leader in Denmark, and holds strong top positions in other geographies.
- 50% growth in ice cream door-step-delivery service resulting in 300,000 subscribers in Norway and Denmark.
- Opened four new e-commerce platforms in Latvia, Lithuania, Romania and Hong Kong.
- Investment of 2.7m euros in truck upgrades leading to a reduction of 112 tons of CO2 per annum.
- Invested for future growth with 9.1m euros CAPEX programme, including the Dairy Excellence Centre in Riga.
Laying a Foundation for Future Growth
“We are delighted to have achieved a record set of results in 2020. Food Union companies launched a total of 117 novelty ice cream products, with many that became leading products in local markets. Consumers discovered exclusive flavours, textures, and functional benefits, and these novelties unlocked local taste preferences, and offered a great deal of comfort, joy, and normality during the time of lockdowns,” said Normunds Staņēvičs, CEO of Food Union Europe. “We look forward to the future with confidence. We have a well invested business with further capital investment plans, continued product development and a strong leadership team across Europe,” he added.
ABOUT FOOD UNION
Food Union is the leading ice cream producer in the Baltics and Denmark, and the group holds a strong market position in Norway, Romania, Russia and Belarus. A leading, innovative consumer goods company, Food Union develops local brands and delivers delightful products in the premium snacking, ice-cream and dairy categories.
Food Union Group is backed by Hong Kong-based investment company Meridian Capital Limited, and one of Asia’s largest private capital firms, PAG.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210318005991/en/
Contact information
Linda Mežgaile
Food Union Head of PR
Linda.mezgaile@foodunion.com
T:+371 29772050
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Suzano Forms Partnership with Tencent and Ecofuturo Institute at COP30 for AI-Powered Conservation and Nature Education20.11.2025 19:25:00 EET | Press release
The world’s largest pulp supplier, Suzano, today announces the signing of a Memorandum of Understanding (MoU) with the multinational technology business Tencent and the Brazilian non-profit Ecofuturo Institute, to pioneer new digital approaches to drive public engagement in conservation. The collaboration will leverage Suzano’s expertise in sustainable forestry, Tencent’s cutting-edge digital technology, and Ecofuturo’s expertise in environmental education, to pilot joint initiatives in both Brazil and China. These include enhancing ecological awareness, accelerating biodiversity solutions, and leveraging digital platforms to foster public engagement in conservation. The partnership will result in a pilot project where advanced AI tools for species recognition developed by Tencent’s Sustainable Social Value organization will be used to identify and monitor native species at Neblinas Park and other conservation areas managed by Ecofuturo. Further initiatives include the development of i
EMVCo Working on How Global Specifications Can Support Agentic Payments20.11.2025 18:38:00 EET | Press release
EMVCo – the technical body that creates and manages EMV® Specifications and programmes that enable seamless and secure card-based payments worldwide – has announced that it is working on how global specifications can support innovation in agentic payment solutions by increasing trust and interoperability across the ecosystem. Agentic commerce is rapidly reshaping the shopping experience by enabling AI agents to act on the consumer’s behalf. This is driving significant momentum for agentic payments, which introduce AI agents as new actors that can initiate transactions with merchants – without requiring direct involvement from the consumer. While agentic payments have the potential to increase convenience and personalisation, they present unique considerations for how transactions are initiated, authenticated and secured. As industry adoption and innovation accelerate, a globally interoperable and scalable approach may be beneficial in realising trusted agentic payments for consumers, m
Andersen Consulting Adds Collaborating Firm Cloud2320.11.2025 16:30:00 EET | Press release
Andersen Consulting enters a Collaboration Agreement with Cloud23, a next-generation consulting firm integrating data and artificial intelligence to drive digital transformation. Located in South Africa, Cloud23 delivers intelligent, platform-based solutions to clients across sectors such as finance, telecom, healthcare, and manufacturing. The firm’s offerings span Salesforce consulting and implementation, managed services, and AI strategy, empowering organizations to modernize customer engagement, optimize operations, and drive measurable outcomes. “Our goal at Cloud23 has always been to simplify transformation through smart, scalable design,” said Ram Ramakrishnan, founder and CEO of Cloud23. “We focus on aligning technology with purpose, delivering outcomes that support long-term growth, customer value, and innovation. Collaborating with Andersen Consulting allows us to amplify our mission and extend the impact of our work across a global platform.” “Cloud23 has achieved impressive
Université Paris-Saclay and Owkin: A Unique Alliance to Propel University Medical Research to the Top of the European Rankings Through AI20.11.2025 16:17:00 EET | Press release
Université Paris-Saclay and Owkin announce the signing of a memorandum of understanding to explore the potential of K Pro Free - Owkin’s AI co-pilot for biology - for use by Paris-Saclay. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251120130113/en/ K Pro Free will now be available to the entire Université Paris-Saclay community, and in particular teachers, researchers and doctoral students working in the biomedical sciences. The partnership includes workshops, training sessions and events designed to promote the discovery and adoption of K Pro Free, as well as the co-organization of communication and dissemination initiatives around the use of AI in health. In this way, the partnership will promote user training, but also enrich and continuously improve the co-pilot's models through feedback and use cases from the l’Université Paris-Saclay community. This partnership is part of Université Paris-Saclay’s strategy to integr
Frasca Advances Flight Training Technology with New Visual System Powered by Unreal Engine20.11.2025 16:05:00 EET | Press release
Frasca International, Inc., a FlightSafety International company and leader in flight simulation, today announced the launch of VITAL FVS 100, the next evolution of its visual system technology. Building on the proven TruVision Global platform, VITAL FVS 100 was developed using Epic Games’ Unreal Engine and delivers unprecedented realism, scalability, and innovation in pilot training. The Unreal-powered VITAL FVS 100 system introduces major advancements in visual fidelity and training realism, further enhancing the capabilities of Frasca, a leading developer of flight simulators and training devices. The new system includes physically based renderings, advanced lighting effects, and a new volumetric cloud model that creates dynamic, weather-rich environments. Terrain imagery now includes one-meter resolution coverage for the contiguous United States and Hawaii, with expanded global datasets covering European buildings and tree covered regions. Additionally, enhanced particle effects re
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom