Aryzta has recently implemented a range of measures to reduce costs during the Covid-19 pandemic restrictions. The group said it has halted production in three bakeries in Europe and five in north America since April 30. It has also temporarily closed other production lines within bakery plants in order to reduce capacity in line with demand.
Around 30% of its staff has been furloughed, while future capital expenditure with the exception of maintenance and health and safety has been suspended. This, the company says, has yielded savings of more than EUR50m.
Government supports across the regions it operates are also being used. These include the partial reimbursement of salary costs, social security and pension payment deferrals, along with payroll, corporation and other tax payment deferrals.
The Executive Management Committee has taken a 30% salary reduction for three months, while the wider leadership team has accepted a 15% salary cut.
The firm says it has liquidity in excess of EUR385m at April 30, up from EUR360m at March 24.