VILLENEUVE, France, Oct. 4, 2016 (GLOBE NEWSWIRE)
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BONDUELLE
A French SCA (Partnership Limited by Shares) with
a capital of 56,000,000 Euros Head Offices: La Woestyne 59173
Renescure, France
Business registration number: 447 250 044
(Dunkerque Registrar of Businesses)
2015-2016 Annual Results
Strong results in line with the objectives
set for the Bonduelle Group for FY 2015-2016
On the 30th of September 2016, the Supervisory
Board, under the chairmanship of Martin Ducroquet, reviewed the
statutory and consolidated financial statements for FY 2015 - 2016
as presented by the General Management and certified by the
company's statutory Auditors.
Consolidated Accounts (in € millions) |
2015-2016 |
2014-2015 |
Variations |
Turnover |
1,967.7 |
1,981.8 |
-0.7% |
Current Operating Result |
103.5 |
111.5 |
-7.2% |
Net Result |
53.7 |
69.2 |
-22.5% |
Net Financial Debt |
440.6 |
512.4 |
-€ 71.8 M |
Leverage ratio(1) |
2.47 |
2.73 |
-26 bp |
ROCCE(2) |
10.3 % |
10.7 % |
-40 bp |
In an ever-chaotic climate - shaped by the lack
of any upturn in consumption and price war in Europe, economic
crisis in Russia and Brazil, high currency fluctuations - the
Bonduelle Group reported another FY of growth on a like for like
basis(3). In this ever-demanding environment accentuated by the
strong basis of comparisons from 2014-2015, the group's current
operating profitability at constant rates remains virtually
unchanged. These performances, higher than the announced objectives
at the beginning of the FY, underline the resilience and efficiency
of the group's strategy in terms of diversification both in terms
of technology (canned, frozen, fresh processed) and in terms of
geography (2/3 Europe, 1/3 non-Europe), by brands (national and
distributors' private labels) or even by distribution channel
(retail, food service, industrial sales).
Global Turnover
New FY growth on a like for like basis(3)
Activity by Geographic Region
Total consolidated turnover (in € million) |
12 months 2015-2016 |
12 months 2014-2015 |
Reported figures |
Like for like basis(3) |
Europe Zone |
1,274.9 |
1,281.3 |
-0.5% |
-0.4% |
Non-Europe Zone |
692.8 |
700.6 |
-1.1% |
8.2% |
Total |
1,967.7 |
1,981.8 |
-0.7% |
2.4% |
Activity by Operating Segments
Total consolidated turnover (in € million) |
12 months 2015-2016 |
12 months 2014-2015 |
Reported figures |
Like for like basis(3) |
Canned |
959.3 |
1,023.6 |
-6.3% |
-1.8% |
Frozen |
596.9 |
561.9 |
6.2% |
9.-% |
Fresh processed |
411.5 |
396.3 |
3.8% |
3.8% |
Total |
1,967.7 |
1,981.8 |
-0.7% |
2.4% |
Over FY 2015-2016 (1st of July 2015 - 30th of
June 2016), the group's turnover reached 1,967.7 million of Euro,
an increase of 2.4% at constant exchange rates. The growth is
therefore greater than the objective initially announced of a 2.-%
increase in turnover on a like for like basis(3). After taking into
account the negative impact of foreign exchange rates - mainly the
Russian rubble - the turnover was down to 0.7% on reported figures
over 12 months.
Europe Zone
The Europe zone, representing 65 % of the total
turnover, recorded a virtual stability on a like for like basis(3)
for the entire FY (-0.4%). Remarkable results were recorded for the
retail sales of branded products (Bonduelle and Cassegrain) in
canned, frozen, fresh processed and in food service with the return
of growth in both volume and value for the frozen operating
segment, giving rise to market share gains. The sales growth of
branded products was offset by the lower sales volumes and price
declines observed in the canned operating segment for private
labels, segment where, given the current market conditions, the
group has decided to restrict its activities.
Non-Europe Zone
The Non-Europe zone (35% of the total turnover)
confirmed over this FY its growth area status with an annual
increase of 8.2% on a like for like basis(3). Given the adverse
exchange rates impacts, the zone recorded a decline of 1.1% based
on reported figures. In Russia, despite declining markets, the
group reported, over this FY, a positive turnover growth thanks to
an appropriate pricing and promotional policy, whilst still keeping
its products accessibility and market shares. In Northern America,
the group continued to consolidate its positions both in Canada and
USA, notably fuelled in Canada and for the sales to the US coming
from Canadian plants by the competitiveness of the
American/Canadian dollar parity. In Brazil, the group successfully
repositioned the Bonduelle branded canned range as a locally
produced premium range moving from volume growth to a more
differentiated and added value offer.
Current Operating Profitability
Maintained profitability in an ever-demanding
environment
(in € millions) |
2015-2016 Reported figures |
2014-2015 Reported figures |
Variation at current exchange rates |
Variation at constant exchange rates |
Turnover |
1,967.7 |
1,981.8 |
-0.7% |
+2.4% |
Current Operating Profitability |
103.5 |
111.5 |
-7.2% |
-1.8% |
Current Operating Margin |
5.3% |
5.6% |
-30 bp |
-20 bp |
For FY 2015-2016 the Bonduelle Group's current
operating profitability was down based on reported figures, once
again affected by unfavourable exchange rates (mainly the Russian
rubble), to stand at 103.5 million of Euro. At constant exchange
rates, the current operating margin reported virtual stability.
This performance is the result of:
- a slight downturn of the current operating margin (3.8% against
4.2% last FY) in Europe due to a pretty high basis of comparison
(good harvest for summer 2014), underactivity costs and a price
decline in the canned operating segment for private labels, masking
the confirmed improvement of the business profitability for the
fresh ready-to-use and processed mushroom segments.
- A remarkable resilience of the current operating margin (8.-%
against 8.3% last FY) in the non-Europe zone, despite the impact of
inflation on some cost components coupled with limited price
increases aimed at preserving market shares in Eastern Europe and
the additional costs incurred until early 2016 by fire at the
Tecumseh plant (Canada) that took place in 2014.
The Bonduelle Group continued to invest in its
brands, the marketing-media budget increasing by 8.5% at constant
rates.
Net Result
Net result decrease impacted by exceptional
items
The net expense of non-recurring items stands at
7.6 million of Euro and essentially includes the restructuring
costs of the industrial facilities in the Nord-Picardie area
(France) coupled with the proceeds from the sale of the plant
buildings of Benimodo (Spain) following the transfer of
shareholding in UCR. The net financial debt amounts to 21.4 million
of Euro against 19.3 million of Euro last financial year. Regarding
borrowing costs, the group benefited from the lower rates and the
ongoing deleveraging of the group. This result also comprises a net
foreign exchange gain and the loss recorded from the disposal of
ownership interest in the UCR joint venture. The result of the
companies consolidated by equity method close to balance and with
an income tax expense at 20.5 million of Euro, the net result
for this FY stands at 53.7 million of Euro, i.e. 2.7% of the
turnover.
Financial situation
A solid financial situation
A strong cash flow generation linked to a good
control over investments and working capital have, once again,
enabled the group to improve its financial ratios, and conversely,
to record a return on capital employed (ROCCE(2)) at 10.3% before
tax. Considering the group's operational profitability evolution
and 2016-2017 outlooks, the General Management will request at the
Shareholders' Meeting on the 1st of December 2016, a dividend
distribution of € 0.43 per share, stable when compared to last
FY.
|
30th of June 2013 |
30th of June 2014 |
30th of June 2015 |
30th of June 2016 |
Net debt (in millions of Euro) |
591.9 |
524.6 |
512.4 |
440.6 |
Gearing(4) |
1.15 |
1.04 |
0.98 |
0.78 |
Leverage ratio(1) |
3.27 |
2.95 |
2.73 |
2.47 |
Highlights
Bonduelle SCA has changed its Supervisory
Board
Martin Ducroquet was appointed Chairman of the
Supervisory Board of Bonduelle SCA at the close of the Combined
General Shareholders' Meeting on the 3rd of December 2015. He
succeeds to Isabelle Danjou whose term of office has been renewed.
Marie-Ange Verdickt joined the Board and replaces Daniel Bracquart.
The Supervisory Board of Bonduelle SCA consists of 4 women and 4
men, reflecting a perfect gender parity. Martin Ducroquet,
graduated from ESCP Europe Business School (1997), worked for
Siparex Private Equity for about 10 years notably as Investment
Director. He is the founder and director of Tactus, a high tech
company specialised in sales of goods and services, notably in the
digitized and connected kitchen sector. Marie-Ange Verdikt,
graduated from Ecole Supérieure de Commerce de Bordeaux (1984) and
a member of SFAF (French Society of Financial Analysts), started
her career as an auditor for Deloitte and a management controller
for Wang. She joined Euronext as a financial analyst and was then
in charge of the financial analysis office. From 1998 to 2012, she
worked for Financière de l'Echiquier as equity fund manager,
specialised in French and European mid-caps.
Pierre et Benoit Bonduelle SAS Holding to
exercise BSAAR
Pierre et Benoit Bonduelle SAS, holding 170,962
warrants as of the 22nd of December 2015, representing 82.65% of
the remaining redeemable equity warrants in circulation, exercised
them on the 23rd of December 2015, at the unit price of € 20 per
share, reinvesting the net proceeds of the sale of the block of
warrants on the 27th of March 2015, as mentioned in the press
release of the 21st of April 2015. This exercise has led to the
delivery of 683,848 existing treasury shares allocated to the cover
of the redeemable equity warrants. The combined holding of Pierre
et Benoit Bonduelle SAS and the Concert resulting in a situation
requiring a mandatory public takeover bid, a request for a waiver
to the obligation to file a mandatory public takeover bid has been
made to the AMF before the exercise of the warrants. This request
for waiver was accepted on the 22nd of December 2015. Following
this exercise, Pierre et Benoît Bonduelle SAS, Bonduelle SCA main
shareholder and General Partner, held directly and indirectly
29.80% of the capital and 38% of the voting rights. The family's
shareholders acting in concert hold 48.01% of the capital and
59.22% of the voting rights.
Divestiture of the interest in UCR
The Ardo and Bonduelle groups, leaders in
processing frozen vegetables in Europe, finalized on the 15th of
April 2016, the plan in which the Bonduelle Group is to sell to
Ardo its equity stake (50%) held in the Ultracongelados de la
Ribera (UCR) joint venture co-owned with Ardo, as announced on the
3rd of February 2016. Ardo retroactively acquired all Bonduelle
shareholding on the 1st of January 2016 along with the real estate
assets of the site located in Valence, up to then property of
Bonduelle. The sales of the interest, previously accounted by
equity method in the financial statements of the group, will result
in a pre-tax net charge of 2 million of Euro on the 30th of June
2016. This transaction will, however, have no impact on the group's
financial net debt.
Shutdown of the plant based in Russy Bémont
(Nord-Picardie, France)
The plan for restructuring the canned industrial
facilities in the North of France as announced at the company's
central works council, on the 25th of January 2016, led to the
shutdown, in Russy Bémont, of the production activities in June
2016 and of the logistical activities end of September 2016.
Redeployment offers within the group have been proposed to the 62
employees affected. A non-recurring charge of 9.4 million of Euro
was recorded in the financial statements on the 30th of June 2016
to cover the costs of the job-saving plan and the depreciation of
the installations and equipment concerned.
Changes in the group's organisation
To take into account the size of the commercial
and agro-industrial activities in Russia, Kazakhstan and Belarus,
the maturity and weight of this area, on the 1st of July 2016 all
those activities were brought together to create a dedicated
business unit: Bonduelle EurAsia Markets (BEAM), directly
represented on the Group's Executive Committee.
In addition, a "Prospective et Développement"
unit has been created. The unit's mission is to go beyond the
group's existing temporal and geographical horizons. It brings
together long term R&D activities, numerical technologies,
international sourcing and manages the group's geographical
expansion, outside the existing business units. It also aims at
creating and building relationships with innovative companies
sharing the group's strategic ambition of to be "the world
reference in "well-living" through vegetable products".
Outlooks
Despite no significant evolution of the economic
conditions, the group was aiming at a growth of sales and current
operating profitability at constant exchange rates of +2% to +3%.
Taking into account the 2016 very difficult harvesting conditions
in France, Russia, United States and Brazil, with an estimated
financial impact of 7 to 8 million of Euro, the group sets its
current operating profitability objective at 98 to 99 million of
Euro and its operating profit stable at 96 to 97 million of Euro,
both at constant exchange rates, for FY 2016-2017. The Bonduelle
Group supported by its financial structure and its business
resilience will continue to look for new external growth
opportunities both in current areas and business segments as well
as in new ones that are in line with the group's ambition of being
"the world reference in "well-living" through vegetable
products".
(1) Net financial liability / Recurring EBITDA
(2) Current operating profitability / Capital employed (3) At
constant scope of consolidation and exchange rates (4) Net
financial debt / Equity
Next financial events:
- 2016-2017 1st Quarter Turnover:
2nd of
November 2016 (after stock exchange trading session) - Annual
General
Meeting:
1st of
December 2016 - 2016-2017 1st Half Year
Turnover:
1st of February 2017 (after stock exchange trading session) -
2016-2017 1st Half Year
Results:
2nd of March 2017 (prior to stock exchange trading session)
Find the complete annual results and the
financial notices calendar on www.bonduelle.com
About Bonduelle
Bonduelle, a family business, was established in
1853. Its mission is to be the world reference in "well-living"
through vegetable products. Prioritising innovation and long-term
vision, the group is diversifying its operations and geographical
presence. Its vegetable, grown over 128.000 hectares all over the
world, are sold in 100 countries under various brand names and
through various distribution channels and technologies. Expert in
agro-industry with 54 industrial sites or own agricultural
production, Bonduelle produces quality products by selecting the
best crop areas close to its customers. Bonduelle is listed on
Euronext compartment B - Indices: CAC MID & SMALL - CAC ALL
TRADABLE - CAC ALL SHARES Code ISIN : FR0000063935 - Code Reuters :
BOND.PA - Code Bloomberg : BON FP
Bonduelle - 2015-2016 Annual Results
http://hugin.info/143377/R/2046172/764578.pdf
CONTACT: BONDUELLE
Rue Nicolas Appert - BP 30173
59653 Villeneuve d'Ascq Cedex - France
Tel: +33 3 20 43 60 60
Fax: +33 3 20 43 60 00
Email: finance@bonduelle.com
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