Cosun Financial Results;Aviko margins under pressure

Cosun achieved net turnover for 2008 of € 1,689 million (2007: € 1,713 million). Loss of turnover following the sale of Unifine Sauces &Spices was largely compensated for by higher turnover at a number of other Cosun business groups. Operating profit fell by 14% to € 86 million. Group equity increased to € 725 million (2007: € 705 million). The group funding position is thus comfortably within the limits agreed with the financial institutions. Risk capital as a percentage of total assets increased to 43% in 2008 and remains very healthy.

Aviko's turnover was increased by organic growth in potato chip sales and the acquisition at the beginning of 2008 of Eurofreez, a specialist in high quality frozen products. Aviko strengthened its position in the European market for potato specialities with higher added value, such as frozen meal components, coated products, au gratin products and purées. Aviko's other activities (dried potato products and residual flows) improved their contribution to profit, chiefly on account of higher sales revenue. The sharp increase in the cost of energy, palm oil and storage could not be adequately passed on. Margins accordingly came under pressure and the operating profit was lower.