BONDUELLE - 2016-2017 Financial Year Turnover: Solid turnover growth in line with the annual objectives
02 Août 2017 - 06:00PM
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)
2016-2017
Financial Year Turnover
Solid turnover
growth in line with the annual objectives
A dynamic activity in Q4
Change in the activity profile of Bonduelle with
the acquisition of Ready Pac Foods
For the first time ever, the
turnover of the Bonduelle Group exceeded € 2 billion over FY
2016-2017, fuelled by solid organic growth and the consolidation of
Ready Pac Foods at the end of the FY.
This performance reflects the group's strong resilience despite
unfavorable circumstances - sluggishness of the consumption in
Europe, economic crisis in emerging countries, difficult harvests -
and its ability to seize promising growth opportunities.
While consolidated for only a quarter, the acquisition of Ready Pac
Foods has profoundly changed the group's profile, highlighting its
international expansion via activities outside Europe and through
the business development of its ready-to-eat segment, search for
new sources of growth that are capital employed efficient.
Global Turnover
Activity by Geographic
Region
Total
consolidated turnover
(in € million) |
FY
2016-2017 |
FY
2015-2016 |
Current Exchange rate |
Constant scope of consolidation and exchange rates |
Q4
2016 -2017 |
Q4
2015 -2016 |
Current Exchange rate |
Constant scope of consolidation and exchange rates |
Europe Zone |
1,277.3 |
1,274.9 |
0.2% |
0.2% |
330.- |
324.8 |
1.6% |
1.5% |
Non-Europe Zone |
1,010.8 |
692.8 |
45.9% |
7.1% |
405.7 |
159.5 |
154.4% |
10.7% |
Total |
2,288.1 |
1,967.7 |
16.3% |
2.7% |
735.7 |
484.3 |
51.9% |
4.6% |
Activity by Operating
Segments
Total
consolidated turnover
(in € million) |
FY
2016-2017 |
FY
2015-2016 |
Current Exchange rate |
Constant scope of consolidation and exchange rates |
Q4
2016 -2017 |
Q4
2015 -2016 |
Current Exchange rate |
Constant scope of consolidation and exchange rates |
Canned |
984.2 |
959.3 |
2.6% |
1.2% |
239.7 |
228.5 |
4.9% |
1.7% |
Frozen |
648.4 |
596.9 |
8.6% |
7.5% |
161.- |
143.6 |
12.1% |
11.7% |
Fresh processed |
655.5 |
411.5 |
59.3% |
-0.8% |
335.- |
112.1 |
198.7% |
1.8% |
Total |
2,288.1 |
1,967.7 |
16.3% |
2.7% |
735.7 |
484.3 |
51.9% |
4.6% |
Over FY 2016-2017 (1st of July 2016
- 30th of June
2017), the group's turnover reached 2,288.1 million of Euro, an
increase of 16.3% based on reported figures. This performance is
the result of strong organic growth (+ 2.7%) at the higher end of
the target range announced (+ 2 to + 3%), coupled with an exchange
rate impact that finally turned positive (+ 1.-%) along with the
Ready Pac Foods integration effective March 21st.
The fourth quarter, up by + 51.9%, recorded a rather strong organic
growth of + 4.6%.
Europe
Zone
The Europe zone, representing 55.8% of this FY turnover, returned
to growth + 0.2% both on reported figures and like for like basis*,
driven by a dynamic fourth quarter recording + 1.6%.
The lack of products due to the poor harvests observed in summer
2016 (cans and frozen) and early 2017 (fresh-cut bagged salads) has
been partially offset by a sunny spring promoting the consumption
of canned corn and fresh prepared products.
Non-Europe
Zone
The non-Europe zone, representing over this FY 44.2% of the
turnover (due to the Ready Pac Foods's contribution over a quarter)
recorded an increase of + 45.9% based on reported figures and 7.1%
on a like for like basis*, given the favorable evolution of
exchange rates (+ 3.1%) and the scope of consolidation.
The strong performance of the canned and frozen segments in North
America has been vitiated by the difficulties observed in emerging
countries (namely in Brazil and Russia). In Russia, the slight
pickup in the economic recovery is not yet translated into an
increase in food consumption. Thanks to a wide offer of canned
vegetables products (Bonduelle and Globus brands), the group has
successfully maintained its market share and sales prices, and thus
its profitability.
Ready Pac Foods, now Bonduelle Fresh Americas, recorded very strong
growth over this fourth quarter, hence continuing to improve its
market penetration.
Highlights
Divestiture of
the interest in Gelagri
On June 23rd 2017, the
Bonduelle Group divested its minority interests in the Gelagri
companies of France and Spain to Triskalia, its joint shareholder.
Born from the respective contributions of the shareholders
expertise in frozen for private labels, this joint venture enabled,
via industrial efficiency gains, a sharp turnaround of the activity
in terms of financial performance. The effect of this divestment
will not have any significant impact on the group's results and
cash flow on the 30th of June 2017.
Refinancing of
Ready Pac Foods acquisition
Bonduelle finalized, under particularly attractive conditions, the
refinancing operations associated with the acquisition of Ready Pac
Foods.
On March 21st, Bonduelle
announced that it had fully completed the acquisition of Ready Pac
Foods for a total amount of $ 409 million. This operation was
financed through a bridge loan of $ 279 million with an initial
term of one year and a $ 130 million amortizing bank loan with a
five years maturity.
This operation was carried out jointly with Crédit Agricole Nord de
France and Crédit Agricole CIB.
The successful syndication process with the pool of existing banks
as well as with 3 new foreign banks, together with the particularly
attractive margin conditions have led Bonduelle to increase the
total amount of the bank loan from $ 130 million to $ 200
million.
At the same time, looking for additional maturity, Bonduelle issued
on July 6, 2017, a new Private Placement in the US market (USPP)
split into 2 tranches of respectively € 150 million and $ 50
million. These two tranches both have a maturity of 10 years and
bring the group's total debt average maturity to almost 5
years.
Bonduelle, being a repeat issuer on the USPP market since 2000, has
been able to deal this private placement under particularly
competitive conditions both in euros and US dollars, from a pool of
historical investors who have renewed its confidence in the group
as well as a new investor.
Bonduelle was advised by BNP Paribas and Natixis, acting as agents,
and Willkie Farr & Gallagher as counsel.
Through this operation, Bonduelle pursues its policy of partial
disintermediation and diversification of its financing sources
(banks, USPP, EuroPP,...) by further expanding its platform of both
banking and non-bank financial partners, guaranteeing
independence and competitiveness of its indebtedness' cost, and
thus reflects its post Ready Pac Foods acquisition investment grade
profile.
Outlooks
Due to a dynamic activity observed
in quarter 4, the group should record, at constant exchange rate
and scope of consolidation, a current operating profitability close
to the one recorded in FY 2015-2016, despite the impact of poor
harvests in summer 2016. This performance, higher than the annual
objectives announced in October 2016 and revised upwards in March
2017, will be strengthened by favorable exchange rates and the
contribution, for roughly a quarter, of Ready Pac Foods.
* at constant
scope of consolidation and exchange rates
Next financial event:
- 2016-2017 FY
Results:
2nd of October
2017 (prior to stock exchange trading session)
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 more than 130,000 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 58 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
Euronext indices: CAC MID & SMALL - CAC ALL
TRADABLE - CAC ALL SHARES
Bonduelle is part of the Gaïa non-financial
performance index and employee shareholder index
(I.A.S.)
Code ISIN : FR0000063935 - Code Reuters : BOND.PA
- Code Bloomberg : BON FP
2016-2017 Financial Year
Turnover
This
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The issuer of this announcement warrants that they are solely
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information contained therein.
Source: BONDUELLE via Globenewswire
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