World’s Largest Olive Oil Company Reports Drop in Sales

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Deoleo, the world’s biggest olive oil bottler, saw the value of its sales fall to €809 million last year – down from nearly €829 million in 2012 and €961 million in 2011 – and expects to achieve in the realm of €800 million this year.

In a press release containing some details of its provisional end of year results, the Madrid-based concern also reported Its EBITDA (earnings before interest, tax, depreciation and amortization – a broad gauge of a company’s financial health) for 2013 was €80 million ($100m), compared to €88.3 million the previous year and nearly €73 million 2011.

A considerable improvement in performance in the last quarter of the year had partially offset a poor first half, where volatility in ex-mill prices took a toll, it said. It also highlighted a major reduction in its net debt, which stood at €472 million at year-end, down from €624 million in 2012 and €1.5 billion at the end of 2009.

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