Bonduelle - 2022-2023 Financial Year Revenue : Business growth in
line with outlooks in an unfavorable consumer environment
BONDUELLE
A French SCA (Partnership Limited by Shares) with
a capital of 57 102 699,50 EurosHead Office: La Woestyne 59173
Renescure, FranceRegistered under number: 447 250 044
(Dunkerque Commercial and Companies Register)
2022-2023 Financial Year
Revenue(July 1, 2022 - June 30, 2023)
Business growth in line with outlooks in
an unfavorable consumer environment
- Resilient sales volumes
against a backdrop of negative market trends
- Reported growth
strengthened by favorable currency
effects
- Confirmation of result and
current operating margin improvement objective
In accordance with
IFRS 5, the 2021-2022 income statement items relating to the North
American canned and frozen activities, which were sold on June 30,
2022, of which the group now holds 35%, have been restated and
combined under "net profit from discontinued operations".
The Bonduelle Group's revenue stands for FY
2022-2023 at € 2,406.2 million, a change from the previous
financial year of +9.2% based on reported figures and +5.0% on like
for like basis*. Currency variations had a positive impact of +4.2%
on the group growth with the US dollar and Russian ruble
appreciating significantly.
Against a backdrop of widespread inflation and
heightened geopolitical tensions, which are having a major impact
on the price of agricultural raw materials, packaging, energy and
logistics, and with consumer spending under pressure, the group has
once again demonstrated the resilience of its business by posting,
on a like for like basis*, a growth in line with its latest
objectives.
Quarter 4 posted a growth of +4.0% on a like for
like basis* and +5.2% on reported figures highlighting a slowdown
in consumption at the end of the year and the mitigation of
currency impacts.
Despite this unfavorable and volatile
environment, the Bonduelle Group confirms its objectives of
improving current operating income and operating margin for the
financial year.
Global Revenue
Activity by Geographic
Region
Total Consolidated Revenue(in €
million) |
FY2022-2023 |
FY2021-2022 |
Variation Reported figures |
Variation Like for like
basis* |
Q42022-2023 |
Q42021-2022 |
Variation Reported figures |
Variation Like for like
basis* |
Europe Zone |
1,508.1 |
1,357.3 |
11.1% |
11.6% |
392.2 |
357.5 |
9.7% |
9.5% |
Non-Europe Zone |
898.1 |
845.3 |
6.3% |
-5.8% |
198.5 |
203.9 |
-2.6% |
-5.6% |
Total |
2,406.2 |
2,202.6 |
9.2% |
5.0% |
590.7 |
561.4 |
5.2% |
4.0% |
Activity by Operating
Segments
Total Consolidated Revenue(in €
million) |
FY2022-2023 |
FY2021-2022 |
Variation Reported figures |
Variation Like for like
basis* |
Q42022-2023 |
Q42021-2022 |
Variation Reported figures |
Variation Like for like
basis* |
Canned |
1,126.3 |
958.4 |
17.5% |
13.0% |
265.8 |
232.1 |
14.5% |
11.7% |
Frozen |
278.8 |
238.4 |
17.0% |
16.5% |
66.8 |
56.9 |
17.4% |
16.4% |
Fresh processed |
1,001.1 |
1,005.9 |
-0.5% |
-5.4% |
258.1 |
272.4 |
-5.2% |
-5.1% |
Total |
2,406.2 |
2,202.6 |
9.2% |
5.0% |
590.7 |
561.4 |
5.2% |
4.0% |
Europe Zone
The Europe Zone, representing 62.7% of the
business activity in FY 2022-2023, recorded a very strong growth of
+11.1% on reported figures and +11.6% on like for like basis* and
over Quarter 4 of +9.7% and +9.5% respectively.
All technologies reported growth in value over
the year, despite Quarter 4 marked by a downturn in retail.
For the long life segment, canned-brand
activities posted a drop in volume, but maintained their market
share in declining markets, while the group private labels
activities experienced a more limited decline, enabling them to
meet the expectations of the various market segments. Driven by the
year’s innovations, the frozen activity posted a growth in volume.
Price increases, made necessary by the rise in various cost items,
supported growth in value and enabled margins to be maintained. The
food service activity, mainly frozen, confirmed its dynamism over
the whole year, with a growth in volume, reinforced in value by
price increases.
More sensitive to the consumer environment, the
ready-to-use fresh segment in retail also contributed to overall
growth in value, with sales sustained by a good performance in
ready-to-eat activity, with growth in volume thanks to the success
of innovations and favorable weather conditions, on the other hand,
the fresh cut salads showed a sharper decline.
Non-Europe Zone
The revenue of the Non-Europe Zone, representing
37.3% of the business activity over FY, recorded a growth of +6.3%
on reported figures and -5.8% on a like for like basis*.
In North America, the downturn in the ready to
use fresh segment remained marked in retail, due to an unfavorable
market trend returning to pre-Covid levels, an agronomic crisis
linked to a plant disease that affected the entire sector, and the
residual impact of the previous year's loss of references; the
price rises made necessary by cost increases did not offset the
volume declines recorded. As in the Europe Zone, the dynamic
remains encouraging in the food service activity, with growing
markets and the conquest of new customers. The reorganization of
our sales teams, the overhaul of our commercial policy, the outcome
of recent negotiations, the relaunch of our innovation policy and
the stabilization of markets should enable us to achieve a recovery
in sales volumes in the future.
In the Eurasia zone, the canned activity, which
is predominant in this area and impacted by the geopolitical
context, posted an overall decline in volume, with the Globus brand
preserving the brand’s significant market share in this region. The
frozen activity, which is more marginal, posted for its part a
significant decline. For safety reasons, the Russian frozen plant
in Belgorod has been shut down for the 2023 harvest, with the
processing activity being outsourced during this period.
The export activity of the group also suffered
the consequences of the inflationary and geopolitical environment,
with heightened competition in certain regions with limited
purchasing power and major delivery constraints, while continuing
to expand with the introduction of Bonduelle's range of frozen
products in Israel.
Other significant information
Arrival of Xavier
Unkovic as CEO of the
Bonduelle Group
The Bonduelle Group announced, on May 22, 2023,
the appointment of Xavier Unkovic as Chief Executive Officer of the
group. This appointment took effect on June 1, 2023.
Xavier Unkovic held positions in finance, sales,
marketing and executive management in the United-States for 23
years, within the Mars Group and then with Amy’s Kitchen, a B
Corp-certified californian company that markets a range of organic
prepared meals, which he turned around and developed. Since 2021,
Xavier Unkovic has been the CEO of the french company NAOS, a major
player in skin care and health under the brands Bioderma, Institut
Esthederm and Etat Pur.
First B
CorpTM
certifications awarded
In 2018, the Bonduelle Group announced its
ambition to become a certified B Corp company by 2025. This
ambition involves each of its entities obtaining their
certification one by one. FY 2022-2023 marks a major milestone with
the certification of Bonduelle in Italy and Bonduelle Fresh
Americas in the United States, together accounting for 37% of group
revenue. The two Bonduelle Group entities are the first to meet B
Lab's demanding social and environmental impact standards. They
join the growing community of B Corp-certified companies, working
collectively to make the global economy more respectful of the
planet, inclusive and equitable every day.
These two certifications illustrate the
Bonduelle Group's determination to place a positive impact at the
heart of its business model, formalized from 2020 through a roadmap
called the B!Pact and built around 3 pillars: food, planet and
people. The B Corp certification process accelerates the commitment
and mobilization of all the company's activities around the group's
positive impact programs.
2022-2023 Outlooks
The downturn in food consumption observed since
Quarter 3 was confirmed, as expected, in Quarter 4, in a backdrop
of continuing inflation.
Despite this unfavorable environment, driven by
its agility and the commitment of its employees, the Bonduelle
Group confirms its objective of improvement of current operating
income and margin for FY 2022-2023, compared with the previous
financial year.
* At constant currency exchange rate and scope
of consolidation basis. The revenues in foreign currency over the
given period are translated into the rate of exchange for the
comparable period. The impact of business acquisitions (or gain of
control) and divestments is restated as follows
- For businesses acquired (or gain of
control) during the current period, revenue generated since the
acquisition date is excluded from the organic growth
calculation;
- For businesses acquired (or gain of
control) during the prior fiscal year, revenue generated during the
current period up until the first anniversary date of the
acquisition is excluded;
- For businesses divested (or loss of
control) during the prior fiscal year, revenue generated in the
comparative period of the prior fiscal year until the divestment
date is excluded. In the specific case of the loss of control of
the long life activities in North America, the IFRS 5 standard
having been applied to the historical data, the revenue is already
restated in the historical elements;
- For businesses divested (or loss of
control) during the current fiscal year, revenue generated in the
period commencing 12 months before the divestment date up to the
end of the comparative period of the prior fiscal year is
excluded.
Alternative performance indicators: the group
presents in its financial notices performance indicators not
defined by accounting standards. The main performance indicators
are detailed in the financial reports available on
www.bonduelle.com
Next financial events:
- 2022-2023 Annual Results and 2023-2024
Outlooks: October 2, 2023 (prior to stock exchange trading
session)- Analysts and investor meeting:
October 2, 2023
About
the Bonduelle Group
We want to inspire the
transition toward a plant-based diet, to contribute to people’s
well-being and planet health. We are a French family business with
11,900 employees and we have been innovating with our farming
partners since 1853. Our products are cultivated on 73,000 acres
and marketed in 100 countries, with a revenue (data as of June 30,
2023) of € 2,406 million.
Our 4 strong brands
are: BONDUELLE, READY PAC FOODS, CASSEGRAIN, GLOBUS.
Bonduelle is listed on
Euronext compartment BEuronext indices: CAC MID & SMALL - CAC
FOOD PRODUCERS - CAC ALL SHARESBonduelle 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
Find out about the
group’s current events and news on Twitter @Bonduelle_Group, and
its financial news on @BonduelleCFO
This document is a free translation into English
and has no other value than an informative one. Should there be any
difference between the French and the English version, only the
French-language version shall be deemed authentic and considered as
expressing the exact information published by Bonduelle.
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