BONDUELLE - First Half Year 2015-2016 Turnover: Turnover growth in line with the annual objective
04 Février 2016 - 07:00AM
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
2015-2016 Turnover
Turnover growth in
line with the annual objective
A more dynamic 2nd quarter
driven by the Non-Europe Zone
The Bonduelle Group's turnover
stands for the 1st half of
financial year 2015-2016 (1st of July 2015
- 31st of December
2015) 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, in
particular the Russian rouble.
In the 2nd quarter
growth was up by + 4.1 % on a like-for-like basis* against + 0.9 %
in the 1st 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 |
2nd quarter
2015-2016 |
2nd quarter
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 % |
326.- |
326.4 |
- 0.1 % |
- 0.1 % |
Non-Europe Zone |
373.8 |
379.4 |
- 1.5 % |
7.9 % |
222.8 |
228.1 |
- 2.4 % |
11.- % |
Total |
1,011.6 |
1,018.8 |
- 0.7 % |
2.6 % |
548.7 |
554.5 |
- 1. - % |
4.1 % |
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 |
2nd quarter 2015-2016 |
2nd quarter
2014-2015 |
Variation at current exchange
rates |
Variation at constant scope of consolidation and exchange
rates |
Canned |
509.3 |
558.- |
- 8.7 % |
- 3.1 % |
292.3 |
317.5 |
- 7.9 % |
- 0.1 % |
Frozen |
299.9 |
270.4 |
10.9 % |
11.2 % |
163.2 |
146.5 |
11.3 % |
13.3 % |
Fresh processed |
202.4 |
190.4 |
6.3 % |
6.3 % |
93.3 |
90.5 |
3.1 % |
3.1 % |
Total |
1,011.6 |
1,018.8 |
- 0.7 % |
2.6 % |
548.7 |
554.5 |
- 1. - % |
4.1 % |
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 non-renewal 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, notably in the food
service sector which continues to be shaken 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*, a decline of - 1.5 % based on reported figures,
attributable to adverse exchange-rate movements and the Russian
rouble in particular. The zone recorded on Q2 a very dynamic growth
reaching + 11 %.
The activity in Russia and the other countries of the Community of
Independent States (CIS) had to face a sluggish consumption
climate. After a difficult FY start (availability of raw
vegetables), the second quarter (notably in December) 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, notably in North America, 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.
Highlights
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 subsidiary.
In this context, BELL must therefore adapt its industrial assets
while pursuing its strategy to develop its own brands.
Plan to shut down 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, a plan where the Bonduelle Group is to sell to Ardo all its
equity stake (50 %) in the Ultracongelados de la Ribera (UCR) joint
venture co-owned with Ardo.
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
In a highly demanding environment,
both in Western and Eastern Europe, the Bonduelle Group
nevertheless recorded another six months of solid growth in line
with its annual objective. The results to be published on March the
1st, 2016 should
allow refining the current operating profitability prospect for FY
2015-2016.
* at constant
scope of consolidation and exchange rates
Next financial events:
- 2015-2016 Half
FY
Results:
1st of March
2016 (prior to stock exchange trading session)
- 2015-2016 3rd Quarter FY
Turnover:
4th of May 2016
(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 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 Half Year 2015-2016
Turnover
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#1983367
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