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
http://hugin.info/143377/R/1989567/730853.pdf
HUG#1989567
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