CSM has downgraded the valuation of its European Bakery Supplies business (BSEU) by €165m (£143.2m) to €103m (£89m).

It comes as the Netherlands-based business revealed its latest financial update, this week, for its 2012 full-year performance, which saw sales volumes in the BSEU division slide by 2%.

Full-year net sales in the BSEU division rose by €4.04m (£3.5m) to €1.12bn (£970.2m), while Ebitda during 2012 declined by 47% to €16.9m (£14.7m), in comparison to the previous year.

In a statement, CSM said: "In this tough environment our Bakery Supplies businesses performed satisfactorily. We saw volume declines albeit at a rate in line with or better than market average, while profitability increased as a result of our strong focus on cost."

The company added that volumes at BSEU increased during the fourth quarter compared to last year, which is the first increase since 2010, and the decline of its artisanal channel was not as apparent as it had been in previous quarters. CSM said this was offset by significant growth in the in-store bakery market.

CSM said it is due to sell its European and North American Bakery Supplies divisions this year, in a bid to focus on its bio-based ingredients business.