Aryzta, the Irish/Swiss food group has withheld a performance-related bonus of €958,000 from its Chief Executive Officer Owen Killian.
In the company’s annual report, it explains that the performance-related bonus for the 2016 financial year has been withheld pending resumption of growth in underlying fully diluted earnings per share.
However, Killian is still expected to receive a remuneration package of over €1.5m for the 2016 financial year, compromising of a basic salary of €1.27m, benefit in kind of €83,000 and a pension contribution of €192,000.
In an open letter to the company’s shareholders, the Chairman of the Board of Directors Denis Lucey said the key successes of the 2016 financial year included strong free cash generation, the transition to a pure speciality food group and the successful consolidation and commissioning of new modern capacity to support future growth.
However, despite the positives, the group’s pre-tax profits dropped 8.3% during the 2016 financial year, the company’s full year results for 2016 show.
According to the company’s full year results for the 12 month period ending July 31, pre-tax profits dropped to €365.5m in 2016 from €398.6m in 2015.
Despite the fall in pre-tax profits, the group’s revenue increased by 1.5% during the 2016 financial year to a total of €3,878m.
While Aryzta, which is better known for its involvement with the Cuisine de France food brand in Ireland, has seen earnings (EBITA) fall by 5.7% during the 12 month period ending July 2016.