SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Improved financial results despite a challenging backdrop VIVESCIA Industries’ 2022-2023 results are ahead of budget and up on last year despite the ongoing inflationary environment and weak consumer spending. How should we think about the past year, and what is the outlook for 2023-2024? To find out, we spoke to Olivier Miaux, managing director of VIVESCIA Industries, and the managing directors of the company’s three largest businesses: Pierre Garcia (Grands Moulins de Paris), Robert O’Boyle (Délifrance) and Olivier Hautin (Malteurop). HOW WOULD YOU SUM UP 2022-2023? pared to where they were in 2020- up to €149 million last year from 2021. Overall, that represents an €136 million the previous year, thanks OLIVIER MIAUX: For the second year in extra €800 million in outgoings. to the operational ef昀椀ciency plans put a row, we’ve seen unprecedented Nevertheless, we recorded stronger in place across all our businesses. levels of in昀氀ation. At the same time, 昀椀nancial results than the previous prices have been highly volatile due year despite these headwinds, and ROBERT O’BOYLE: If you asked me to sum to the turbulent geopolitical situation. that’s thanks to the hard work of our up Délifrance’s year in two words, I’d In昀氀ation has pushed down consumer teams. This success demonstrates say resilience and agility. We’ve had to spending, in Europe in particular. Our the efforts that have been made cope simultaneously with the return external costs have shot up by about to offset the cost increases as of in昀氀ation to exceptional levels, fears 50% over the last two years, com- they have come in. EBITDA was of shortages across raw materials, ingredients and packaging, and a lack of visibility on sales volumes. Despite all this, we have maintained our innovation and commercial policy to accelerate our growth in food service and in out-of-home channels. PIERRE GARCIA: We’ve also seen demand fall in our key markets. And at Grands Moulins de Paris, we’ve had a new issue to deal with: bakers’ costs have shot up very suddenly, in particular the price of electricity. Our own electricity bills have tripled, and with our 昀氀eet of trucks we’re exposed to fuel price increases too. This has 08 09