Avebe Releases 2009/2010 Financials

VEENDAM, The NetherlandsAvebe announced results for the 2009/2010 financial year, noting that the company posted a net result of 2.8 million Euro, while net turnover amounted to 521.8 million Euro. During the 2008/2009 financial year, the starch group realized 3.1 million Euro on a net turnover of 581 million Euro.

A company statement notes that Avebe is satisfied with the result in view of the difficult market conditions resulting from the recession. While demand for starch fell, the company kept its share for processing in food products at a reasonable level, but demand from other sectors dropped.
The low grain price from the previous season also caused issues for the starch cooperative, as it put pressure on the price for starch. For last years harvest, starch potato growers did not receive surcharges for a high underwater weight or for meeting their quota. As starch prices are rallying this season, these surcharges and a market surcharge will be paid for the 2010/2011 season.
In May 2011, Avebe will pay its members 6 percent dividend" over the share premium paid in January 2010. The Board of the cooperative also proposes to the Members Council that a sum of approximately 900,000 Euro is paid to the members, which equals approximately 10 Euro per share. The Members Council will make a decision on the 16th of December 2010.