BONDUELLE - First Quarter FY 2018-2019 Revenue: activity supported by the resilience of the Europe Zone
05 Novembre 2018 - 06:00PM
BONDUELLE
A French SCA (Partnership Limited
by Shares) with a capital of 56,491,956.50 Euro
Head Office: La Woestyne, 59173 Renescure.
Commercial and Companies Register of Dunkerque B 447
250 044
First Quarter FY
2018-2019 Revenue
(July 1 - September 30, 2018)
First quarter of
activity supported by the resilience of the Europe Zone
The Bonduelle Group's revenue
stand for the 1st quarter of
Fiscal Year 2018-2019 at 682.1 million of euros, a -1.2% evolution
based on reported data and a -1.-% on a like for like
basis(1). The
integration of the Del Monte business activities, acquired early
July, contributed to +1.-% of the total variation, the exchange
rate fluctuations dampened the business growth for -1.2%,
reflecting mainly the fluctuations of the Canadian and American
dollars as well as the Russian rouble.
Activity by
Geographic Region
Total
consolidated
revenue
(in € millions) |
From July 1 to
September 30, 2018 |
From July 1 to
September 30, 2017 |
Variation
Reported figures |
Variation
Like for like basis(1) |
Europe Zone |
315.1 |
313.2 |
+0.6% |
+0.8% |
Non-Europe Zone |
367.- |
377.4 |
-2.7% |
-2.5% |
Total |
682.1 |
690.6 |
-1.2% |
-1.-% |
Activity by
Operating Segments
Total
consolidated
revenue
(in € millions) |
From July 1 to
September 30, 2018 |
From July 1 to
September 30, 2017 |
Variation
Reported figures |
Variation
Like for like basis(1) |
Canned |
230.9 |
231.3 |
-0.2% |
-1.3% |
Frozen |
145.6 |
150.7 |
-3.4% |
-1.9% |
Fresh processed |
305.6 |
308.6 |
-0.9% |
-0.3% |
Total |
682.1 |
690.6 |
-1.2% |
-1.-% |
Europe
Zone
The growth of revenue for the Europe Zone, representing 46.2% of
the business activity over the period, posted an increase of +0.8%
on a like for like basis(1) and +0.6%
on reported data. The rather hot summer, observed in Europe, had a
positive impact on the sales of summer products (sweetcorn,
delicatessen/fresh salads) recording a solid growth over the
period, notably the national branded products.
Non-Europe
Zone
The revenue of the Non-Europe Zone, representing 53.8% of the
revenue of the group, was down -2.5% on a like for like
basis(1) and -2.7%
on reported data.
In Russia, the poor harvests recorded have affected the Globus
brand and private label sales, delivering a limited profitability.
However sales of the Bonduelle brand recorded a solid
growth.
The business activity in North America was slightly down excluding
changes in scope of consolidation, linked to the discontinuation of
non-profitable product ranges within the Bonduelle Fresh Americas
(BFA) business unit coupled with some temporary time lags in the
completion of some sales contracts with canned and frozen food
manufacturers of the Bonduelle Americas Long Life (BALL). The Del
Monte business activity, acquired in July 2018; accounted for +1.-%
of the total growth of the group, as anticipated.
Other significant
information
Offer of payment
of the dividend in shares - Bonduelle to
propose the payment of dividend paid in shares during its
Shareholders' Meeting that will take place on December 6,
2018.
It will be proposed to the SCA
Shareholders' Meeting of December 6, 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(2).
Subject to the approval by the Shareholder's Meeting taking place
on December 6, 2018, the schedule will be as follows:
-
December 6, 2018: fixing of the issue price of
new shares to be potentially provided in payment of the
dividend;
-
From December 14, 2018 to December 28, 2018
inclusive: exercise period of the stock dividend option;
-
January 9, 2019: payment of the dividend in
either cash or shares.
Outlooks
Despite a 1st
quarter of slight decrease in activity and harvest difficulties in
summer 2018, the Bonduelle Group confirms its revenue growth
objective of circa 2.5% and current operating profitability of
approximately 5%, both at constant exchange rates and excluding new
acquisitions in 2018-2019.
(1)
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.
(2)
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:
- Annual General
Meeting:
December 6, 2018
- 2018-2019 1st Half Year
Revenues:
February 4, 2019 (after stock exchange trading
session)
- 2018-2019 1st Half Year
Results:
March 1, 2019 (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 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
1st Quarter 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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