BONDUELLE
A French SCA (Limited Partnership by Shares) with
a capital of 56.491.956, 50 EurosHead Office: La Woestyne 59173
Renescure, FranceRegistered 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
growthin 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) |
FY2017-2018 |
FY2016-2017 |
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) |
FY2017-2018 |
FY2016-2017 |
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 ZoneThe 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 ZoneThe 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) |
2017-2018Reported figures |
2016-2017Reported 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 GroupAt 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 governanceFollowing 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
BoardDuring 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
CanadaBonduelle 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 AEuronext indices: CAC MID &
SMALL - CAC ALL TRADABLE - 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
- 2017-2018 Annual Results.pdf
Bonduelle (EU:BON)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Bonduelle (EU:BON)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
