As expected in the company’s forecast for 2014, the sharp rise in cocoa prices in recent months significantly affected the profitability of Natra’s cocoa and chocolate activity during the off-season.
The cocoa and chocolate business ended the first quarter with a slight sales drop, falling 1.6% to €75.71m. However, the rising price of cocoa, which in the first quarter reached highs not seen since 2011, had a significant negative effected on the business’s EBITDA during the off-season, resulting in a figure of €2.73m, compared to €4.90m in the first quarter of 2013.
Natraceutical’s turnover contributed €10.10m to the consolidated Natra figure, compared to €11.15m in the first quarter of 2013 (-10.4%). This adjustment was mainly due to the change in the purchasing dynamics in the pharmaceutical channel, which traditionally acquired its main supply for nutritional weight control supplements during the first quarter pre-sale campaign. As a direct result, and despite a reduction in operating costs, the EBITDA for the first quarter was adjusted to €2.61m, compared to €2.94m in the same period during the previous year.
Natra closed the first quarter of 2014 with a consolidated turnover of €85.81m (-2.7% in relation to the same period during the previous year), an EBITDA of €5.34m (-46.6%) and a net loss of €2.34m, against €0.18m profits at the end of 2013.
