BONDUELLE
A French SCA
(Limited Partnership by Shares) with a capital of 56.491.956, 50
Euros
Head Office: La Woestyne 59173 Renescure,
France
Registered under number: 447 250 044
(Dunkerque Commercial and Companies Register)
2017-2018 Annual
Results
(1st of July 2017
- 30th of June
2018)
2017-2018: another
financial year of growth
in revenues and profitability for the Bonduelle
Group
-
All time high in revenues and
profitability
-
Growth driven by external
expansion and significant increase in profitability
-
Good operating performance in a
rather demanding environment
-
Plant-based food ambition:
acquisition of the Del Monte activity in Canada
-
A suitable governance for the
VegeGo! 2025 ambition
-
Profitability growth expected
again in 2018-2019
On the 28th of September
2018, the Supervisory Board, under the chairmanship of Martin
Ducroquet, reviewed the statutory and consolidated financial
statements for FY 2017 - 2018 as presented by the General Manager
and certified by the company's statutory Auditors.
Consolidated Accounts
(in € millions) |
2017-2018 |
2016-2017 |
Variations |
Revenues |
2,776.6 |
2,288.1 |
+21.4% |
Current Operating Income |
123.6 |
108.3 |
+14.2% |
Net Result |
72.3 |
59.8 |
+20.9% |
For the fiscal year ended 30 June
2018, the Bonduelle Group reported revenues of 2,776.6 million of
euros, an increase of +21.4%, due to the full year consolidation of
the Ready Pac Foods acquisition and the resilience of the
historical scope of the group's business(1). The
current operating income up to +14.2% also hit a record high for
the group.
While dilutive to the group's current operating margin on a full
year basis, the profitability of Ready Pac Foods, now Bonduelle
Fresh Americas, significantly improved over the second half of the
fiscal year as anticipated. The historical scope of the group's
business(1) recorded
growth of +6.4% for its current operating income at constant
exchange rates.
This good operational and financial performance, achieved in a
still sluggish consumer environment in Europe and USA and in a
slow, but improving one in Eastern Europe, demonstrates the
validity of the group's business model, diversified geographically,
in business segments (canned, frozen, fresh ready-to-eat), and in
distribution networks (retail and food service), coupled with a
growth strategy that combines organic growth and
acquisitions.
The completion of the acquisition of the Del Monte business in
Canada highlights the group's ambition for development in
plant-based products.
Global revenues
Over FY 2017-2018 (1st of July 2017
- 30th of June
2018), the group's revenues reached 2,776.6 million of euros, an
increase of +21.4% based on reported figures. This increase is
largely based on the full-year consolidation of Ready Pac Foods
(+23.6%) acquired on the 21st of March
2017, and to a lesser extent the activities increase at constant
scope (+0.3%), but negatively impacted by exchange rates (-2.6%),
mainly the US dollar, the Canadian dollar and the Russian
ruble.
Activity by
Geographic Region
Total
consolidated revenues
(in € millions) |
FY
2017-2018 |
FY
2016-2017 |
Variation
Reported figures |
Variation
Like for like basis(2) |
Europe Zone |
1,290.3 |
1,277.3 |
1.-% |
1.-% |
Non-Europe Zone |
1,486.3 |
1,010.8 |
47.-% |
-0.5% |
Total |
2,776.6 |
2,288.1 |
21.4% |
0.3% |
Activity by
Operating Segments
Total
consolidated revenues
(in € millions) |
FY
2017-2018 |
FY
2016-2017 |
Variation
Reported figures |
Variation
Like for like basis(2) |
Canned |
988.- |
984.2 |
0.4% |
1.7% |
Frozen |
622.- |
648.4 |
-4.1% |
-1.1% |
Fresh processed |
1,166.6 |
655.5 |
78.-% |
-0.4% |
Total |
2,776.6 |
2,288.1 |
21.4% |
0.3% |
Europe Zone
The Europe zone, representing 46.5% of revenues, posted an increase
of +1,-% for FY 2017-2018, against +0.2% last fiscal
year.
The increase was the result of innovations launched for the
Bonduelle and Cassegrain brands (including the légumiô and
VeggissiMmm! ranges), fueling market share gains in many countries
and segments, with more favourable weather conditions limiting
product disruptions in sometimes shrinking markets.
Non-Europe
Zone
The non-Europe Zone, comprising mainly the Americas and Eastern
Europe, now a dominant share of the group's geographical portfolio,
is representing 53.5% of the consolidated revenues on
June30th,
2018.
The zone recorded an increase of +47,-% on reported data and -0.5%
on a like for like basis(2) due to the
full-year integration of Ready Pac Foods, acquired on March
21st 2017,
consolidated over 12 months versus 3 in 2016-2017, and despite an
unfavourable exchange rate effect impacting mostly this
zone.
The limited growth on a like for like basis(2) in
the non-Europe zone is explained by:
-
a saturation of production capacities for the
canned and frozen activities in North America as part of better
business portfolio management and an activity having 52 weeks
versus 53 the previous year;
-
a drop in activity for Bonduelle Fresh Americas
in the fresh ready-to-eat segment during the fourth quarter of FY
2017-2018 due to a high comparison base from the same period last
fiscal year;
-
a return to growth for the activity in Eastern
Europe coupled with some market share gains, which has not regained
the momentum of previous years, despite signs of recovery;
-
a progressive strengthening of the partnership
with Unilever in Brazil and the evolving business model
implemented.
Current Operating
Income
(in € millions) |
2017-2018
Reported figures |
2016-2017
Reported figures |
Variation
Reported figures |
Variation
Like for like basis(2) |
Revenues |
2,776.6 |
2,288.1 |
+21.4% |
+0.3% |
Current Operating Income |
123.6 |
108.3 |
+14.2% |
+13.1% |
Current Operating Margin |
4.5% |
4.7% |
-20 bp |
+60 bp |
For FY 2017-2018, the Bonduelle
Group's current operating income stood at 123.6 million of euros,
an increase of +14.2% based on reported data. This profitability
enables to record a current operating margin of 4.5%, an increase
of 60 bp at constant scope of consolidation and supported by
increased marketing investments by 6%.
The Europe zone saw its current operating margin increase to 4.4%.
In non-Europe zone, the current operating income which, related to
sales, stands at a higher than group's average growth, notably in
Eastern Europe, remained stable on the historical scope of the
group's business(1) at constant
exchange rates.
The current operating income of the historical scope of the group's
business(1) stands at
112.9 million of euros versus 106.1 last fiscal year, an increase
of +6.4% at constant exchange rates. This significant increase in
profitability in the historical scope of the group's
business(1), despite
the lack of revenues growth, is in line with the guidance announced
and highlights the operational efficiency of the group.
The net expense for non-recurring items stands at 4.6 million of
euros, mainly including costs related to insurance deductibles due
to weather events in the USA and restructuring activity.
After taking into account the latter, the operating income stands
at 119.- million of euros, an increase of +18.8%.
Net
Result
The net financial expense stands
at 25.3 million of euros versus 18.2 million of euros last fiscal
year. This increase is the direct result of the group's average
debt growth linked to the financing of the acquisition of Ready Pac
Foods over the full year and partially offset by the ongoing
deleveraging of the group, excluding external growth.
Tax charges of 21.4 million of euros are down compared to last
fiscal year (22.3 million of euros) corresponding to an effective
tax rate of 22.8%.
The net result amounts to 72.3 million of euros, an increase of
+20.9% and is, as in the previous fiscal year, equal to 2.6% of the
revenues.
Financial
situation
A sound financial
profile and a debt deleveraging
|
30th of June
2013 |
30th of June
2014 |
30th of June
2015 |
30th of June
2016 |
30th of June
2017 |
30th of June
2018 |
Net debt (in millions of Euro) |
591.9 |
524.6 |
512.4 |
440.6 |
661.6 |
617.4 |
Gearing(3) |
1.15 |
1.04 |
0.98 |
0.78 |
1.09 |
0.95 |
Leverage ratio(4) |
3.27x |
2.95x |
2.73x |
2.47x |
3.53x |
2.91x |
The group's net financial debt
decreased over the fiscal year to stand at 617.4 million of euros
on the 30th of June
2018, versus 661.6 million of euros last fiscal year, highlighting
the ongoing deleveraging of the group.
The gearing(3) ratio
stands at 95.4% versus 109.1% on the 30th of June
2017, the leverage ratio(4) posting
2.91, versus 3.53 in 2016-2017. The average cost of debt is also
down to 2.65% versus 2.74% last fiscal year, reflecting the control
of the financing structure and its related costs.
The Return on Capital Employed (ROCCE(5)) of the
group was up significantly over this fiscal year to stand at 9.8%
versus 8.5% last year, the historical scope of the group's
business(1) reaching
12.4% as early as June, in line with the VegeGo! objective.
Highlights
"La nature, notre futur": a
signature for the Bonduelle Group
At the halfway mark on its transformation road map (VegeGo!), which
will continue through 2025, Bonduelle is progressing in its
ambition to become the world reference in "well-living" through
plant-based food, extending its field of operations to all
plant-based foods and not just vegetables.
The Bonduelle Group, in a Manifesto published
today, notes a new urgency for the protection of the environment,
nature and biodiversity, and, for the first time, is communicating
to all of the group's audiences on the company's goals in these
areas. To underscore its commitment, the group today launched a new
signature: "La nature, notre futur".
Evolution of
group governance
Following an international conference gathering 1,300 Bonduelle
Group managers, the nomination of Guillaume Debrosse as CEO was
announced on the 5th of April
2018, with Christophe Bonduelle becoming non-executive
Chairman.
In his new role as CEO, 3 Deputy CEOs will report to him:
- Philippe Carreau, in charge of the Europe zone
encompassing the following business units: BELL (Bonduelle Europe
Long Life) and BFE (Bonduelle Fresh Europe),
- Grégory Sanson, in charge of Finance and
Development for the group,
- Daniel Vielfaure, in charge of the Americas
zone, encompassing the following business units: BFA (Bonduelle
Fresh Americas) and BALL (Bonduelle Americas Long Life).
The BEAM (Bonduelle EurAsia
Markets) business unit remains under the direct management of
Guillaume Debrosse.
This organisational change, effective as of July the 1st 2018,
reflects the group's new breadth, its international expansion, and
the VegeGo! ambition: to be the world reference in "well-living"
through plant-based food. It maintains the group's organisation
into business units, while encouraging the synergies between them
in the various geographical areas. Finally, it ensures the
progressive succession of Christophe Bonduelle in respect of the
long-term sustainability objective set by the family
shareholders.
Co-optation of a
member of the Supervisory Board
During the meeting held on May 29th, 2018, the
Supervisory Board co-opted Mr. Jean-Pierre Vannier to replace Mr.
Yves Tack, who passed away in March 2018. Mr. Jean-Pierre Vannier,
47 years old, graduated from the Institut
Catholique des Arts et Métiers and holds an Executive MBA from
the EDHEC Business School. He has extensive experience in the
industrial sector and is currently in charge of investment projects
at a worldwide leader in plant-based ingredients.
The co-optation of Mr. Jean-Pierre Vannier will be subject to the
ratification of the Shareholders' Meeting of December 6th, 2018.
Completion of the
Del Monte acquisition in Canada
Bonduelle announced on the 4th of July,
2018, that with Conagra Brands Inc., it has finalized the
acquisition of the Del Monte processed fruit and vegetable business
in Canada.
The acquisition, effective on July 3rd, 2018,
includes the right to use the Del Monte brand on different segments
of processed fruits and vegetables and inventories of products for
a value of 43 million of Canadian dollars. The acquired business
excludes all industrial assets and human resources as co-packers
and Bonduelle's existing production capabilities will be
used.
The Del Monte processed fruit and vegetable business in Canada,
with revenues of approximately 60 million of Canadian dollars, will
complement the Bonduelle Americas Long Life business unit's canned
and frozen vegetable business, which is largely operated under
retailer's store brands. This highlights the group's desired
development in brand activities and expansion beyond vegetables to
plant-based products.
The Bonduelle
Group received the "Award for the Best Environmental
Reporting"
This distinction, awarded on December 13th, 2017 by the
French Ministry of the Environment, highlights the commitment of
the Bonduelle Group regarding its impact on the environment, which
began many years ago. Due to the commitment of Bonduelle employees'
and the desire of its leaders to make CSR a strategic focus, the
company released its first CSR Annual Report in 2003. The group
uses it as an on-going improvement tool for its agro industrial
activity.
The Bonduelle
Group is awarded the First Prize for "Mid-Cap Corporate
Governance".
The Bonduelle Group received the First Prize for Mid-Cap Corporate
Governance companies during the 14th Grand Prix
of the AGEFI for Corporate Governance on 19 September
2017.
The jury honored the family-owned group's willingness to maintain
an open and independent governance made of highly diversified
profiles, notably by adopting, as early as 2008, the Afep-Medef
code of corporate governance.
Outlooks
The Bonduelle Group confirms its
VegeGo! objective of a medium-term growth target of its revenues of
5% per year, balanced between organic and external growth and 7.5%
per year for its current operating income.
The operational efficiency initiatives at the historical scope of
the group's business(1) and
Bonduelle Fresh Americas and the full-year contribution of Del
Monte Canada will enable a significant increase of current
operating income for FY 2018-2019.
Despite weather and related harvest difficulties encountered in the
summer of 2018, the Bonduelle Group has set its objective of
revenues growth at +2.5% and current operating income growth at
+5%, both at constant exchange rates.
Payment of the
dividend in shares
It will be proposed to the SCA
Shareholders' Meeting on the 6th of December
2018, for the period ending June 30, 2018, a dividend distribution
of € 0.50 per share, an increase of 11%.
To reward the loyalty of its shareholders, and on the
recommendation of the Supervisory Board, the Pierre et Benoit
Bonduelle SAS company, acting as Managing Director and General
Partner for the Bonduelle SCA and represented by Christophe
Bonduelle, its Chairman, has also decided to propose to the
Shareholders' Meeting an option to have the dividend paid in
shares, offering the shareholders an option between payment of the
dividend in cash or in shares. The offer price per share received
as a dividend will be equal to 90% of the average share price over
the 20 trading days prior to the Shareholder's Meeting, after
deduction of the net dividend amount(6).
Subject to the approval by the Shareholder's Meeting taking place
on the 6th of December
2018, the schedule will be as follows:
- 6th of December
2018: Fixing of the issue price of new shares to be potentially
provided in payment of the dividend;
- From the 14th of December
to the 28th of December
inclusive: Exercise period of the stock dividend option;
- 9th of January
2019: Payment of the dividend in either cash or shares.
(1)
Excluding Bonduelle Fresh Americas (i.e. Ready Pac
Foods)
(2)
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;
-
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.
(3)
Net financial debt / equity
(4)
Net financial debt / recurring
EBITDA
(5)
Current operating profitability before taxes /
capital employed
(6)
If the amount of the net dividend to which a
shareholder is entitled does not correspond to a whole number of
shares, the shareholder may receive the next lower whole number of
shares, and receive a balancing cash adjustment on the date the
option is exercised.
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:
- 2018-2019 1st
Quarter Revenues:
5th of November
2018 (after stock exchange trading session)
- Annual General
Meeting:
6th
of December 2018
- 2018-2019 1st Half Year
Revenues:
4th of February
2019 (after stock exchange trading session)
- 2018-2019 1st Half Year
Results:
1st of March
2019 (prior to stock exchange trading session)
Find the complete annual results and the financial notices
calendar 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 plant-based food. Prioritising innovation and long-term
vision, the group is diversifying its operations and geographical
presence. Its vegetables, grown over more than 130,000 hectares all
over the world, are sold in 100 countries under various brand names
and through various distribution channels and technologies. An
expert in agro-industry with 54 industrial sites or owned
agricultural production sites, Bonduelle produces quality products
by selecting the best crop areas close to its
customers.
Bonduelle is listed on Euronext compartment
A
Euronext indices: CAC MID & SMALL - CAC ALL
TRADABLE - CAC ALL SHARES
Bonduelle 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
2017-2018 Annual Results
This
announcement is distributed by West Corporation on behalf of West
Corporation 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
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