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)
First Half Year
2015-2016 Financial Results
(1st July 2015 -
31st December
2015)
Strong
Results
in an ever challenging environment
Growth of the activity in line with
the annual objectives
Sales growth for national
brands
Remarkable resilience in the
Eastern Europe zone
Increase of the current operating
profitability on a like for like basis
Further improvement of the
financial structure and decline of the debt
Annual objectives confirmed
The 2015-2016 half-year financial
statements were reviewed by the Board of Directors, then by the
Supervisory Board on the 26th of February
2016 and checked by the auditors.
Significant
Results
(in € millions) |
1st HY 2015-2016 |
1st HY 2014-2015 |
Variation as reported |
Restated variation* |
Turnover |
1,011.6 |
1,018.8 |
- 0.7% |
+ 2.6% |
Current Operating Result |
64.- |
66.5 |
- 3.7% |
+ 7.3% |
Current Operating Margin |
6.3% |
6.5% |
- 20 bp |
+ 30 bp |
Consolidated Net Profit |
36.6 |
36.4 |
+ 0.5% |
|
Net Financial Debt |
668.2 |
675.9 |
(7.7) |
|
In an increasingly complex and
unpredictable economic, financial and geopolitical environment, the
Bonduelle Group sees its activity and profitability grow on a like
for like basis**. Its diversified geographic exposure, its brand
policy and accessibility of its products enable the group to pursue
its profitable growth ambition in a particularly demanding climate
and to confirm its annual objective of growth and
profitability.
Turnover
The Bonduelle Group's turnover
stands for the 1st half of
financial year 2015-2016 at 1,011.6 million of euro, a growth of +
2.6% on a like-for-like basis** and a slight downturn (- 0.7%)
based on reported figures, due to the adverse impact of currencies,
especially the Russian rouble.
Quarter 2 recorded an increase of + 4.1% on a like for like basis**
against + 0.9% in the first quarter, fuelled by strong growth in
the Non-Europe Zone (+ 11%).
Activity by
Geographic Region
Total
consolidated turnover
(in € millions) |
1st
HY
2015-2016 |
1st
HY
2014-2015 |
Variation at current exchange
rates |
Variation at constant scope of consolidation and exchange
rates |
Europe Zone |
637.7 |
639.4 |
- 0.3% |
- 0.2% |
Non-Europe Zone |
373.8 |
379.4 |
- 1.5% |
+ 7.9% |
Total |
1,011.6 |
1,018.8 |
- 0.7% |
+ 2.6% |
Activity by
Operating Segments
Total
consolidated turnover
(in € millions) |
1st
HY
2015-2016 |
1st
HY
2014-2015 |
Variation at current exchange
rates |
Variation at constant scope of consolidation and exchange
rates |
Canned |
509.3 |
558.- |
- 8.7% |
- 3.1% |
Frozen |
299.9 |
270.4 |
+ 10.9% |
+ 11.2% |
Fresh Processed |
202.4 |
190.4 |
+ 6.3% |
+ 6.3% |
Total |
1,011.6 |
1,018.8 |
- 0.7% |
+ 2.6% |
Europe
Zone
The turnover of the Europe Zone
remained virtually steady (- 0.2% on a like-for-like basis**, -
0.3% based on reported figures) over the 1st six months
of this financial year. The canned operating segment, while very
impacted by the nonrenewal of unprofitable private labels
contracts, limited the decline by an ongoing growth of sales of
cans for the Bonduelle and Cassegrain brands.
The frozen operating segment remained stable, even in the food
service sector which continues to be affected by the economic
climate.
The fresh processed operating segment recorded its 8th quarterly
growth and an upturn of + 6.3% over the first 6 months of this
financial year. A high basis of comparison in delicatessen coupled
with favourable weather conditions for the raw salads were factors
limiting growth over Q2. The Bonduelle brand confirmed, over this
quarter, its leadership position in bagged ready-to-eat salads in
France, won at the beginning of this financial year.
Non-Europe
Zone
Over the first six months of this
FY, the Non-Europe Zone increased by + 7.9% on a like-for-like
basis**, with a decline of - 1.5% based on reported figures,
attributable to the Russian rouble in particular. The zone recorded
over Q2 a very dynamic growth reaching + 11%.
The activity in Russia and the other countries of the Community of
Independent States (CIS) had to perform against a depressed
consumption background. Quarter 2 nevertheless, showed signs of
activity recovery. The accessibility and the breadth of the
Bonduelle canned product range in Russia allowed a remarkable
resilience of the sales and market shares for the group, despite a
particularly high basis of comparison set for Q2.
In the Americas zone, the group recorded a growth that outperformed
the markets thus strengthening its commercial positions. In
addition, it benefited from the revival of competitiveness of the
American/Canadian dollar parity for all exports made from the
Canada to the USA.
Operating
Profitability
The current operating result
stands at 64.- million of euros against 66.5 million over the same
period last FY. After restatement on the basis of the exchange
rates of the previous year, the current operating profitability for
the first six months of this FY recorded an increase of 7.3%, and
an operating margin of 6.8%, an increase of 30 bp.
This positive current operating
profitability trend is driven by:
-
on the one hand, a stable current operating
margin in Europe at 4.2%, consolidating the increase registered
last FY, notably thanks to the good sales performance of the
Bonduelle and Cassegrain brands, and the ongoing increased
performances of the fresh processed, delicatessen and mushroom
segments;
-
on the other hand, a remarkable resilience of
the activity in Eastern Europe (Russia, CIS) where the strength of
the Bonduelle brand allows the group to maintain its market share
and profitability as well as its ongoing important development in
North America. The Non-Europe zone saw its profitability grow at
constant exchange rates and consolidated its status as a highly
profitable growth area.
This profitable growth is sustained by a policy of
innovation and again strong marketing investments (+ 10%).
After non recurrent items (- 1.2
million of euro), the operating profitability stands at 62.9
million of euro.
Net
Result
Financial charges reached 10.3
million of euro against 11.6 million of euro for the first half of
last financial year. Mainly composed of the debt burden, the
financial result benefited from the ongoing deleveraging of the
group and lower rates. The dynamic management of the exchange
rates, highly volatile over the period, enabled to report a
positive currency result.
After result of companies consolidated by equity method (+ € 0.1 M)
and corporate tax deduction (€ 16.2 M), the net income owner
interest stands at 36.6 million of euro, representing 3.6% of the
turnover, unchanged from the previous year.
Financial
Situation
The group's net financial debt was
set on the 31st of December
2015 at 668.2 million of euro, a debt peak when considering the
seasonal nature of its activity. The strong control on investments
and the cash flow generation from the activity, enabled, despite
the buy-out of redeemable equity warrants (BSAAR) and the
acquisition of the Lethbridge site (Canada) carried out in 2015, to
record a debt ratio (net financial debt to shareholders' equity)
showing, once again, significant improvement at 1.26 against 1.37
on the 31st of December
2014. With an average maturity of 3.4 years and a disintermediated
rate close to 50%, the group's development capacity is perfectly
secure under very attractive funding conditions (average cost of
the debt: 3.4%).
Highlights
Changes within
the Supervisory Board of Bonduelle SCA
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.
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 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 Verdickt, graduated from Ecole Supérieure de Commerce de
Bordeaux (1984) and is a member of SFAF (French Society of
Financial Analysts). She started her career as an auditor for
Deloitte and as 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, specialized in French and
European mid-caps.
Pierre et Benoit
Bonduelle SAS Holding to exercise BSAAR
Pierre et Benoit Bonduelle SAS
holds 170,962 warrants as of December 22, 2015, representing 82.65%
of the remaining redeemable equity warrants in circulation and has
exercised these on December 23, 2015, at the unit price of 20€ per
share, reinvesting the net proceeds of the sale of the block of
warrants, as mentioned in the information released on April 21
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 has been accepted
on December 22, 2015.
Following this exercise, Pierre et Benoît Bonduelle SAS, Bonduelle
SCA main shareholder and General Partner, holds 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.
Reorganization of
production sites in the North of the Picardie (France)
The subsidiary BELL (Bonduelle
Europe Long Life) part of the Bonduelle Group presented to the
company's central works council, on the 25th of January
2016, a plan for restructuring its industrial facilities in North
of France. The plan provides for the shutdown of the activity of
the plant based in Russy-Bémont (Oise), concentrating its
Nord-Picardie vegetable canning activities at the sites of
Estrées-Mons (Somme), Vaulx-Vraucourt (Pas de Calais), and
Renescure (Nord).
The European market for canned green vegetables is indeed suffering
from excess production capacity. This situation has led to a price
war, notably in the private-label market, which has highly impacted
the profitability of the sector.
In this context, BELL must therefore adapt its industrial assets
while pursuing its strategy to develop its own brands.
Plan to shutdown the production activities of Russy-Bémont would
take place end of June 2016, while logistical activities should
continue until the end of September 2016.
Divestiture of
the interest in UCR
The Ardo and Bonduelle groups,
leaders in processing frozen vegetables in Europe, announced, on
the 3rd of February
2016, the plan in which the Bonduelle Group is to sell its equity
stake (50%) co-owned with Ardo in the Ultracongelados de la Ribera
(UCR) to the latter.
According to the plan, Ardo will retroactively acquire all
Bonduelle shareholding as of 1st of January
2016; along with the real estate assets of the site located in
Valence, up to then property of Bonduelle.
Outlooks
Considering the performance
recorded in the first half of fiscal year 2015-2016, the group
confirms its annual objective of achieving an operating margin
higher than the previous year at constant exchange rates.
* 2015-2016 first
six month figures restated at the rates in use for 2014-2015 first
half year.
** at constant scope of consolidation and exchange
rates
Next financial events
- 2015-2016
3rd Quarter FY
Turnover:
4th of May 2016
(prior to stock exchange trading session)
- 2015-2016 Financial Year Turnover:
4th of August
2016 (prior to stock exchange trading session)
- 2015-2016 Annual Results:
4th of October
2016 (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 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 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 -
Indices: CAC MID & SMALL - CAC ALL-TRADABLE - CAC ALL
SHARES
Code ISIN : FR0000063935 - Code Reuters : BOND.PA
- Code Bloomberg : BON FP
First HY 2015-2016 Financial
results
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#1989567
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