Global beverage closures company Oeneo has reported a turnover for the first half of 2003 that is in line with previous forecasts. The company, formerly named Sabaté Diosos, achieved a consolidated turnover of €78.8 million in the first six months of the year.
This represents an overall decrease in turnover of 15.8 per cent across the whole group. Turnover from cork production dropped by 12.8 per cent, while turnover from barrel production decreased by 20.3 per cent.
The largest drop in revenue occurred in the first quarter of 2003, when turnover from barrel sales decreased by 22.5 per cent.
Oeneo believes that the level of activity reflects the downward trend of the French wine market, which dropped 15 per cent in volume mid May 2003 and the current difficulties on the international wine market.
The group also confirmed that it expects its activity to reach a lower level than in 2002, against a market background which lacks visibility both on the barrel sales side in the northern hemisphere and the overall economic trend in general.
Oeneo, advised by Deloitte & Touche Corporate Finance, has implemented a refinancing plan with the support of its main banks. Oeneo is preparing the forthcoming launch of a €14.5 million increase in capital, which is one of the conditions of its bank refinancing, as approved by the shareholders during its 18 June 2003 shareholders meeting.
Oeneo operates in virtually all world wine markets, offering clients a range of services and products. The company is the largest global producer of oak barrels for making wines and the worldnumber two in the world wine closures sector.