German dairy cooperative Hochwald reported sales worth €1.97 billion in its financial year 2022, which it says was the highest ever in the company's history.
The company attributed this growth to inflation, with dairy products seeing a nearly 20% increase in Germany.
“Sales reached a record level last year. The market development was particularly advantageous for products such as powder or butter in the first half of the year,” explained Detlef Latka, CEO of Hochwald.
The EBITDA amounted to €127.4 million and increased by €19.3 million compared to the previous year, the company added.
The company's dairy site in Mechernich commenced operations during the financial year, boosting its total investment to €187.5 million.
Its milk price reached a historically high level of 53.1 ct/kg in 2022, but was around 0.1 ct/kg below the national average.
The company hopes to pay above average milk prices for 2023.
Hochwald 2020 Strategy
Last year, Hochwald completed its 'Hochwald 2020' strategy and devoted the first half of 2023 in revising the plan.
Thilo Pomykala, CSO of Hochwald said, "Last year we were particularly concerned with the price rally for consumer products, but also with the business-to-business area. We currently have further challenges ahead of us, both nationally and internationally.
"We will continue to push exports to third countries in the future. We were able to strengthen the German business with targeted product innovations and the takeover of the Tuffi brand."
Supervisory Board Chair
The cooperative elected Georg Wilsmann as chair of the supervisory board of Hochwald Milch eG after Anton Streit stepped down from the position, having reached the age limit.
Streit has been a member of the panel since 1992, and has chaired it since 2010.
Peter Manderfeld, CEO of Hochwald Milch eG stated, "In Anton Streit, Hochwald loses a true member of the cooperative who has always helped shape and supported past decisions in the interests and for the benefit of all members. We thank him for his many years of commitment."
