BONDUELLE
A French SCA (Partnership Limited by Shares) with
a capital of 56 942 095 Euros
Head Office: La Woestyne, 59173 Renescure,
France
Registered under number: 447 250 044 (Dunkerque
Commercial and Companies Register)
First Half Year
2018-2019 Revenue
(July 1 - December 31, 2018)
Revenue down for
the Bonduelle Group
for the first half of FY 2018-2019
A second quarter
demonstrating faster growth in Europe
and further rationalization of the activities in North
America
The Bonduelle Group's revenue
stands for the 1st half of
financial year 2018-2019 at 1,406.6 million of euros, a decrease of
-1.-% both on reported figures and a like for like basis*. The
changes in the scope of consolidation resulting from the
acquisition, early July 2018, of the Del Monte business activities,
made a positive contribution of +1.2% to the variation of the
revenue over the period and the negative impact of the exchange
rates fluctuations, mainly the weakening of the Russian rouble and
Canadian dollar, -1.1%.
Revenue for Q2 posted a decrease of -0.7% based on reported figures
and a -1.-% on a like for like basis*.
Activity by
Geographic Region
Total
Consolidated Revenue
(in € millions) |
1st
HY
2018-2019 |
1st
HY
2017-2018 |
Variation
Reported figures |
Variation
Like for like basis* |
2nd
Quarter
2018-2019 |
2nd
Quarter
2017-2018 |
Variation
Reported figures |
Variation
Like for like basis* |
Europe Zone |
642.3 |
633.3 |
+1.4% |
+1.6% |
327.2 |
320.1 |
+2.2% |
+2.4% |
Non-Europe Zone |
764.4 |
787.- |
-2.9% |
-3.1% |
397.4 |
409.6 |
-3.-% |
-3.6% |
Total |
1,406.6 |
1,420.3 |
-1.-% |
-1.-% |
724.5 |
729.7 |
-0.7% |
-1.-% |
Activity by
Operating Segments
Total
Consolidated Revenue
(in € millions) |
1st
HY
2018-2019 |
1st
HY
2017-2018 |
Variation
Reported figures |
Variation
Like for like basis* |
2nd
Quarter
2018-2019 |
2nd
Quarter
2017-2018 |
Variation
Reported figures |
Variation
Like for like basis* |
Canned |
533.3 |
522.4 |
+2.1% |
+1.5% |
302.4 |
291.1 |
+3.9% |
+3.7% |
Frozen |
322.5 |
316.4 |
+1.9% |
+3.6% |
176.9 |
165.7 |
+6.8% |
+8.7% |
Fresh processed |
550.8 |
581.5 |
-5.3% |
-5.7% |
245.2 |
272.9 |
-10.2% |
-11.9% |
Total |
1,406.6 |
1,420.3 |
-1.-% |
-1.-% |
724.5 |
729.7 |
-0.7% |
-1.-% |
Europe
Zone
The growth of revenue for the
Europe Zone, representing 45.7% of the business activity over the
period, posted a global increase of +1.4% on reported figures and
+1.6% on a like for like basis* for the first half of this FY, the
3 operating segments of the group having positively contributed to
the evolution of this zone.
Quarter 2 demonstrated faster growth with a +2.2% percent
improvement on reported figures and +2.4% on a like for like
basis*.
Following a difficult start for this FY, the canned and frozen
operating segments, recorded a strong solid growth over Q2. By
contrast, following a first quarter boosted by favourable weather
conditions, the fresh processed and fresh ready-to-eat operating
segment recorded, over Q2, a limited growth, that was partially
impacted by the demonstrations that took place in France.
Non-Europe
Zone
The revenue of the Non-Europe
Zone, representing 54.3% of the revenue of the group, was down
-2.9% on reported figures and -3.1% on a like for like basis*, with
the ones for Q2 at -3.-% and -3.6% respectively.
In North America, the temporary time lags in the completion of some
sales contracts with canned and frozen food manufacturers observed
in Q1, have, as expected, been postponed to Q2.
The pursuit of discontinuation of non-profitable product ranges
within the Bonduelle Fresh Americas (cutting of fruits, packaged
salads), in addition to a health warning regarding the consumption
of salads in US and Canada, without Bonduelle or its suppliers
involvement, but affecting the entire industry stakeholders, and a
sourcing diversification strategy of one of our customers in the US
have hindered the fresh activities over the zone, despite the
recorded of new customers and the launch of a Bonduelle branded
range of salad bowls in Canada at the end of the
half-year.
Over Q2, Russia confirmed the strong sales momentum in canned and
frozen for the Bonduelle brand observed first half year, buoyed
notably by some innovations in corn, olives and mixed vegetables in
jars, now produced in Russia.
Other significant
informations
Acquisition
project of a frozen plant in United States
On January 22, 2019, the Bonduelle
Group announced they have entered into discussions with the
American company Seneca Foods Corporation (NASDAQ: SENEA, SENEB) to
acquire its plant in Lebanon (Pennsylvania, USA).
This plant, which is used for the packaging of frozen products, was
built in 2008 and acquired by Seneca in 2010, has a capacity of
45,000 tons on 7 packaging lines in perfect working order, with a
large storage capacity, and has 140 permanent
collaborators.
This acquisition, including industrial assets, frozen product
stocks and the employees at the Lebanon industrial site, is
expected to close in the coming weeks.
Option result for
the dividend to be paid in cash and/or in shares for fiscal year
ended June 30, 2018
The Combined Shareholders' Meeting
held on December 6, 2018, by approving 3rd and
4th resolutions,
decided the payment of a dividend of €0.50 per share for the fiscal
year ended June 30, 2018 and offered to each shareholder for the
total amount of the dividend, net of any compulsory levies, an
option to be paid in cash and/or in shares.
Upon expiry of the option period which was between 14/12/2018 and
the 28/12/2018 inclusive, it was established that the total number
of new shares is 257,222, representing 0.79% of the share
capital.
Following this operation, and based on December 31, 2018 voting
rights press release, the capital is formed of 32,538,340 shares
with a nominal value of €1.75, representing 51,339,625 theoretical
voting rights.
Outlooks
The Bonduelle Group is
anticipating a limited growth of its revenue at constant exchange
rates over FY 2018-2019, mainly fuelled, in the absence of any
expected internal growth, by the acquisition of the Del Monte
business activity and for a limited contribution, subject to
completion of the transaction, of the frozen activity in
Lebanon.
The detailed HY performance analysis coupled with the initial
results of the trade negotiations conducted in 2019 will help to
further refine the business and profitability objectives for FY
2018-2019.
* 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.
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 Half
Year
Results:
March 1, 2019 (prior to stock exchange trading
session)
- 2018-2019 3rd Quarter FY
Revenue:
May 2, 2019 (after 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 plant-based food. Prioritizing 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 FOOD
PRODUCERS - 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
Find out about the group's current events and news
on Twitter @Bonduelle_Group, and its financial news on
@BonduelleCFO
Half year FY 2018-2019
revenue
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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