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: B
447 250 044 (Dunkerque Registrar of Businesses)
finance@bonduelle.com
First Half Year
2014-2015 Financial Results
(1st July 2014 -
31st December
2014)
High Record
Activity and Profitability
for the Bonduelle Group in the first half of FY
2014-2015
· Turnover exceeds 1 billion of Euro,
an increase of +5.5%*
· Record-breaking Current Operating
Result at 66.5 million of Euro, an increase of 12.4%
· Net
Result increases by 30% at 36.4 million of Euro
· Ongoing development in North
America
· Financial structure strengthens by
lower debt
· Raise of the annual objective of
profitability
Significant
Results
(in
millions of Euros) |
1st HY 2014 -
2015 |
1st HY 2013 -
2014 |
Variation |
Turnover |
1,018.8 |
987.7 |
+3.1% |
Current Operating Result |
66.5 |
59.1 |
+12.4% |
Current Operating Margin |
6.5% |
6.-% |
+50 bp |
Consolidated Net Profit |
36.4 |
28.- |
+30.-% |
Net Financial Debt |
675.9 |
696.3 |
(20.4) |
Committed to its profitable growth
model and its 2025 VegeGo! ambition, the Bonduelle Group recorded,
over the first 6 months, a turnover increase of 3.1% on reported
figures and + 5.5% on a like for like basis as well as a current
operating margin increase of 50 basis points (bp).
Despite a consumption that remained fairly sluggish, the Europe
zone improves its current operating margin, the Non-Europe zone
still recording a high and stable current operating profitability
in a strong growth environment. This solid economic performance,
recorded over the first 6 months, helps to strengthen the financial
structure of the group and its development capacity. Given these
results, the group is reviewing its profitability growth objective
upwards for FY 2014-2015.
Turnover
The Bonduelle Group's turnover
exceeded for the first time ever one billion Euro over the first 6
months to reach 1.019 billion Euro in the first half year of FY
2014-2015, an increase of + 5.5% on a like for like basis and,
despite the impact of adverse currency movements, + 3.1% based on
published figures.
It should be noted that all areas
and technologies are growing over the first half of the financial
year.
Activity by
Geographic Region
Total
consolidated turnover
(in € millions) |
1st
HY
2014-2015 |
1st
HY
2013-2014 |
Variation at current exchange
rates |
Variation at constant scope of consolidation and exchange
rates |
Europe Zone |
639.4 |
632.6 |
1.1% |
1.1% |
Non-Europe
Zone |
379.4 |
355.1 |
6.8% |
13.7% |
Total |
1,018.8 |
987.7 |
3.1% |
5.5% |
Activity
by Operating Segments
Total
consolidated turnover
(in € millions) |
1st
HY
2014-2015 |
1st
HY
2013-2014 |
Variation at current exchange
rates |
Variation at constant scope of consolidation and exchange
rates |
Canned |
558.- |
546.8 |
2.-% |
5.1% |
Frozen |
270.4 |
264.4 |
2.3% |
4.7% |
Fresh processed |
190.4 |
176.5 |
7.9% |
7.9% |
Total |
1,018.8 |
987.7 |
3.1% |
5.5% |
Europe Zone
In Europe, the turnover stands at
639.4 million of Euro, an increase of 1.1% on both reported and
comparable basis* for the first half year of 2014-2015,
representing 63% of the group's turnover.
In mature markets, the sales of branded products both in the canned
and frozen segment showed an increase and some on-going substantial
market share gains in the retail sector. The food service segment
remained adversely impacted despite a timid recovery observed at
the end of the period.
Fresh-cut salad in bags and delicatessen salads activities again
recorded strong growth in all the countries served (France,
Germany, Italy). In France, the strengthening of the commercial
momentum coupled with some innovations have enabled the Bonduelle
brand to become for the first time the co-leader in the fresh-cut
salad in bags product range and to consolidate its leadership in
the delicatessen segment thanks to both the baseline products and
the ever-growing snacking activity. In Italy, in a nevertheless
challenging environment, Bonduelle recorded another semester of
business growth thanks to the launch of new product lines in the
salad category.
The outstanding performance of the sales of national brands
(Bonduelle and Cassegrain) further strengthens the group's strategy
on accessible innovation, supported by reinforced marketing
investments.
Non-Europe
Zone
In the Non-Europe Zone, the
turnover stands at 379.4 million of Euro over the first half of
2014-2015, an increase of +13.7%* on a like for like basis,
representing 37% of the group's turnover. The growth stands at +
17.2%* for quarter 2.
In North America, the commercial activity remained strong in Canada
and, in the United States, the volume gains were on-going in the
various sectors of activity. This performance was achieved despite
of the fire of the factory in Tecumseh (Ontario) in July 2014 which
slowed down certain sales.
In Russia, sales growth, mainly driven by volumes, proved to be
exceptionally high. Essentially locally produced, the Bonduelle and
Globus canned vegetables saw greater accessibility enhanced by an
imported inflation and the embargo on other food product
categories.
Operating
Profitability
The current operating result
records a sharp increase of + 12.4% at 66.5 million of Euro, the
current operating margin increasing of 50 bp at 6.5%. On a like for
like basis, it stands at 6.7%.
This growth in current operating profitability is fuelled in the
Europe zone by the increase in sales of Bonduelle and Cassegrain
branded products in all technologies and by the significant
improvement in profitability of the fresh process segment
(fresh-cut salads in bags and delicatessen salads) resulting in an
increase of 120 bp at 4.2%. In the Non-Europe zone, the strong
sales growth is coupled with a current operating margin remaining
at a very high level (10.9% on a like for like basis).
Marketing investments increased by 12.4% over the period and
focused on both the Europe and Non-Europe zone.
After non recurrent items (€ 0.8 M), the operating profitability
stands at 65.7 million of Euro, representing 6.4% of the turnover,
an increase of 16.9%.
Financial Result
and Net Result
Financial charges reached 11.6
million of Euro against 15.8 million of Euro for the first half of
last financial year.
Mainly composed of the debt charges, the financial result benefits
from the on-going deleveraging of the group and lower rates. The
dynamic management of the exchange rates, highly volatile over the
period, enables to report no negative currency result.
After result of companies consolidated by equity method (€- 1,- M)
and corporate tax deduction (€ 16.8 M), the overall net
result and group part result stand at 36.4 million of Euro,
representing 3.6% of the turnover, an increase of 30%.
Financial Situation
The group's net financial debt was
set on the 31st of December
2014 at 675.9 million of Euro against 696.3 million of Euro on the
31st of December
2013. The strong control on investments and working capital,
decreasing despite an increase of activity, enabled to continue to
reduce the group's debt. The average cost of debt is set at 3.27%
with a debt maturity of 4.3 years and a disintermediated rate close
to 50%.
The on-going improvement of the financial profile allows the group
to increase its capacity to raise funding for internal and external
growth projects in accordance with its development model.
Significant
events
The Bonduelle
Group is rewarded for the quality of its relationships with its
investors
The Bonduelle Group, listed since 1998, received on the
1st of December
2014 in Paris at the headquarters of Euronext, the silver trophy of
the Investors Relation - Midcap category - during the 7th edition
of the Forum of Investors Relations and Financial Communication
2014.
The trophy rewards the constant efforts of the group in terms of
availability, transparency and pedagogy toward financial analysts
and its 10,000 individual and institutional shareholders in France
and outside France.
Completion of the
acquisition of the frozen plant of Lethbridge (North
America)
The Bonduelle Group and the Canadian distribution group Sobeys
signed on the 3rd of February
2015, the Asset Purchase Agreement related to the acquisition by
Bonduelle of a factory of frozen vegetables. This production tool
in excellent condition and with a capacity of 15,000 tons is
located in Lethbridge, in Alberta on the border with the United
States. This new tool strengthens the presence of Bonduelle in
North America in the west of the continent, thus enabling its
commercial deployment and logistic savings in this area.
This transaction of a limited amount comes with the signing of a
long term (7 years), exclusive supply contract between Sobeys
(2nd Canadian
distributor) and Bonduelle for several product lines on Canadian
territory. This partnership, therefore, ensures a long term
sourcing of vegetables with producers from Alberta, Quebec and
Ontario.
For the first
time, Bonduelle is participating to the International Agricultural
Trade Show.
For the first time, from the 21st of February
to the 1st of March
2015, Bonduelle will be participating to the International
Agricultural Trade Show. This participation will enable to promote
and value the vegetable industry and the group's best practices on
sustainable development, from the field to the plate. Bonduelle
farmers' representatives will be present every day to explain to
the general public their jobs and the production of field
vegetables, salads or mushrooms.
The involvement in its upstream agriculture is an integral part of
the company's genes; its agronomic organization is one of the
fundamental bedrocks to become the "world reference in well-living
through vegetable products."
Outlooks
While the environment remains
complex and changing, the excellent performance observed in the
first half of 2014-2015 and the solid economic model of Bonduelle,
marked by a growing international presence and a diversification of
its business, enable the group to raise its 2014-2015 objectives
upward.
|
Adjusted objectives 14-15
February 2015 * |
Initial objectives 14-15
September 2014* |
Published
13-14 |
€M |
Change
13-14 |
€M |
Change
13-14 |
€M |
Current Operating Result |
110 -
115 |
+ 7% to +
12% |
106 -
109 |
+ 3% to +
6% |
102.7 |
The current operating
profitability at constant exchange rates includes the confirmation
of a substantial increase in its marketing expenditures (+ 5 to
10%).
* at constant
scope of consolidation and exchange rates
Next financial events
- 2014-2015
3rd Quarter FY
Turnover : 7th of May 2015
(prior to stock exchange trading session)
- 2014-2015 FY
Turnover
: 4th of August
2015 (prior to stock exchange trading session)
- 2014-2015 FY
Results
: 29th of September
2015 (prior to stock exchange trading session)
Find the complete recorded Half Year results 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 vegetables, grown across more than 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 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 the NYSE - Euronext
compartment B - Indices: CAC MID & SMALL - CAC ALL-TRADABLE -
CAC ALL SHARES
Code ISIN: FR0000063935 - Code Reuters: BOND.PA -
Code Bloomberg: BON FP
AvisFinancier150225enGB
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BONDUELLE via Globenewswire
HUG#1896764
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