The Bel - visit site - Bel Group

CHAIRMAN’S MESSAGE
Our growth potential
confi rmed by our
performance
Antoine Fiévet, Chairman and Chief Executive Offi ce of the Bel Group
Our international strategy
has not only balanced out risks,
but has, above all, continued
to spur new growth opportunities.
2 • Bel Group 2011
Bel’s mission to share smiles with families
was never more relevant than in 2011,
a year marked by a continued economic
slowdown in Western countries, a terrible
earthquake in Japan and far-reaching
geopolitical events.
Despite the diffi cult environment, Bel once again
achieved sales growth in 2011, versus prior years. It was
a remarkable performance, one that underscores the
direct contribution of the Group’s 11,400 employees,
who merit our congratulations.
While we generated further sales growth, our
profi tability suffered from soaring raw material, energy
and packaging prices, as well as unfavorable exchange
rates. We were unable to fully pass those costs on in
our selling prices, resulting in profi tability below targets
that we had set for ourselves, although Bel was able to
continue consolidating its fi nancial structure during
the year. The performance, however, confi rmed the
strength of our business model, which was reinforced
by our balanced international market positions,
allowing the Group to grow even in a time of economic
uncertainty. 2012 looks to be another tough year.
Undeniable strengths
Today, Bel has all the strengths for successfully meeting
the challenges of this new environment. I can name fi ve
strengths that are part of the Group’s DNA, and which
we must maintain and develop. They are the specifi city
and power of our brands, the proximity of our markets,
our ability to innovate, the dedication of all our
employees, and the social responsibility that guides
our actions.
With its fi ve core brands and 25 local brands, Bel has
a portfolio without equal. These brands have always
been more than about just meeting a need. They have
forged close ties to consumers.