Amid an uncertain economy, political tension and legislative shake-ups, 2023 was shaped by big challenges and opportunities. In our new annual integrated report, we share a flavourful mix of financial milestones, sustainability progress and team achievements.
2023 Annual Integrated Report | English (PDF)
2023 Geïntegreerd Jaarverslag | Nederlands (PDF)
2023 Annual Integrated Report XBRL | English (ZIP)
2023 Geïntegreerd Jaarverslag XBRL | Nederlands (ZIP)
To give a taste of what you can expect, Chairman Jean Vandemoortele and CEO Yvon Guérin look back on the past twelve months and shed light on the future of our company. Let's dive right in!
How do you look back on 2023? Are you satisfied with the results?
Jean Vandemoortele: “2023 was marked by very strong results in both of our business lines. This proves that our business strategy is working. Throughout the year, we focused on higher added value and a better product, channel and country mix, while maintaining our operational excellence.”
Yvon Guérin: “In addition to our excellent financial results, we also made a great deal of progress in terms of sustainability. Most notable were our outstanding safety results and the very high quality of our products. The results of our annual Associate Engagement Survey were the best ever. All in all, we’ve set the bar very high for 2024.”
Which specific business achievements are you most proud of?
Jean Vandemoortele: “There are many, but the most noteworthy for me was our strong market development in Central Europe. This was partly the result of the efforts of our commercial team, but the high quality of our products also played a role. I am likewise very proud of our innovative new production process for laminated margarine: our customers say that our product has a higher functionality than anything else on the market.”
Yvon Guérin: “Innovation was key in 2023. Our new Secrets croissant was a success, due to its superb taste and its artisanal shape. We also changed the name of our second business line to Plant-Based Food Solutions. Our new plant-based approach is very strong: we have adopted a new strategy, and we are developing several new plant-based products.”
What was the biggest challenge for Vandemoortele in 2023?
Jean Vandemoortele: “Throughout the year, we worked on many internal transformational projects. For example, our two transport companies merged into one: Vandemoortele Transport Solutions. We also reviewed the back office processes of our sales departments, we introduced unified software solutions, and we launched Finance for the Future: a new approach for our financial department. In the midst of all that, we adhered to our strategy and still managed to achieve very good business results.”
Yvon Guérin: “On top of our internal transformations, the first half of 2023 was still marked by inflation. As in 2022, we were faced with rising prices, higher labour costs, etc. Both our business lines handled this very well: our sales volumes remained steady, while our turnover went up. By implementing cost reduction measures and a few necessary price rises, we managed to balance our own growing costs. In the second half of 2023, our sales volumes also started to rise once more.”
The 2023 business results were very good. Are you equally satisfied with the sustainability results?
Jean Vandemoortele: “Our main sustainability achievement in 2023 was the thorough updating of our Sustainability Strategy. We needed to fall in line with the CSRD, the new European sustainability reporting directive. Over the course of several months, we conducted a very broad and in-depth stakeholder consultation exercise. The results will serve as a compass for our future sustainability efforts. By tackling this new legislative challenge in a timely manner, we also hope to gain a competitive advantage.”
Yvon Guérin: “Even with that exercise going on in the background, we still made much progress on our existing targets and KPIs. We are coming up to speed in terms of carbon reduction, especially with regard to our indirect – or ‘scope 3’ – emissions. To reduce these, we are placing a strong focus on teamwork and collaboration. Our habit of building long-term partnerships with our suppliers will help us with this.”
In 2024, Vandemoortele will celebrate its 125th birthday. How will you mark the occasion?
Yvon Guérin: “Most companies only exist for a few decades, so we are proud that we are still around after 125 years. More than that: we are bigger and stronger than ever! We are planning a few small events for our stakeholders, but we will mainly celebrate this anniversary with our associates, because they are the ones who make it all happen.”
Jean Vandemoortele: “The secret behind our success is our mindset: we are characterised by a long-term view, a desire to innovate, and the courage to make decisions. As a family-owned company, we stick to our long-term goal without deviating from our strategy. At the same time, we have always aimed of being pioneers, and we don’t hesitate to make difficult decisions when necessary. This has allowed us to build and expand our company for 125 years.”
Which challenges, risks and opportunities do you see for 2024?
Jean Vandemoortele: “In 2024, we will aim for growth. With our enlarged production capacity, we are ready to increase our sales volumes, even in a difficult economic environment. To support our growth strategy, we can count on the superior quality of our products, our drive to innovate, a customer-centric approach, and enhanced marketing and sales capabilities. At the same time, we aim to accelerate our digital transformation, particularly in the commercial area.”
Yvon Guérin: “Starting from 2024, we will push our brands and our value-added products, and give them the attention they deserve. We will also continue to make progress on sustainability. In addition, we will continue to put our people first. From operational excellence to sales and marketing, our success is largely determined by our associates. Therefore, they will always be the beating heart of our company.”
Our Annual Integrated Report 2023 is hot out of the oven, and it’s more than just numbers—it’s a flavourful blend of financial milestones, sustainability progress, and team achievements.
>> Bite into our Annual Integrated Report 2023 (PDF)
