Swiss food and beverage company Orior has postponed the publication of its 2024 annual financial results due to an ongoing review of its operations.
The review, which followed adjustments announced in December, uncovered a “valuation discrepancy” regarding the inventory of one of its units, Orior said.
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The discrepancy amounted to approximately SFr10m ($11.1m), the Zurich-headquartered company said in a statement.
Moreover, around SFr8m of previously disclosed adjustments related to a discontinued plant development project will be reclassified, influencing the company’s EBITDA figures, Orior added.
These changes are expected to result in a restatement of the 2023 financial year’s figures, along with an impairment charge for the affected unit’s inventory.
As a result of these adjustments, Orior said its guidance for 2024 is “no longer valid”.
The company will now publish the 2024 financial results and 2025 outlook on 2 April.
However, it plans to provide preliminary key figures on 5 March, outlining adjustments, key financial metrics, and ongoing business developments.
Orior reported a nearly 24% fall in EBIT in the first half of the year to SFr12.8m, with the EBIT margin dropping 130 basis points to 4.1%.
Net profit during the period was down 27% at SFr9.4m.
As part of measures announced in December, Orior is terminating the “Convenience Hub” project in Oberentfelden and possibly repurposing or selling an unused annex building at the same site.
The supplier of Albert Spiess cold meats, Biotta vegetable and fruit juices, and Pastinella pasta also intends to shut down a small facility in Olen, Belgium, by September.
Orior has attributed this decision to “the termination of a larger volume contract with a foreign customer for strategic reasons”.
Restructuring and operational adjustments across Belgium are also underway, with other plants experiencing volume growth and gradual expansion, the company said.
In November, Orior’s long-standing CEO Daniel Lutz stepped down from his position.
Lutz, a former Nestle executive, was named CEO in October 2014.
