Bonduelle - First Half Year 2019-2020 Revenue: A dynamic second quarter, driven by the Non-Europe zone and return to growth i...
03 Février 2020 - 6:00PM
Bonduelle - First Half Year 2019-2020 Revenue: A dynamic second
quarter, driven by the Non-Europe zone and return to growth in
North America for the fresh operating segment
BONDUELLE
A French SCA (Partnership Limited by Shares) with
a capital of 56 942 095 EurosHead Office: La Woestyne 59173
Renescure, FranceRegistered under number: 447 250 044
(Dunkerque Commercial and Companies Register)
First Half Year 2019-2020
Revenue(July 1 – December 31, 2019)
A dynamic second quarter, driven by the
Non Europe zone
Return to growth in North America for the
fresh operating segment
The Bonduelle Group's revenue for the first half
of financial year 2019-2020 stands at € 1,442.3 million, an
increase of +2.5% on reported figures and +0.6% on a like for like
basis*. Currency effects contributed +1.9% to the published growth
of this first half year, reflecting the strengthening of the US and
Canadian dollars and the Russian rouble. No change in the group's
scope of consolidation occurred over the period.Revenue for Q2
posted an increase of +4.6% based on reported figures and +2.4% on
a like for like basis*.
Activity by Geographic
Region
Total Consolidated Revenue(in €
millions) |
1st HY 2019-2020 |
1st HY2018-2019 |
Variation Reported figures |
Variation Like for like
basis* |
2nd Quarter2019-2020 |
2nd Quarter2018-2019 |
Variation Reported figures |
Variation Like for like
basis* |
Europe Zone |
640.4 |
642.3 |
-0.3% |
-0.3% |
322.6 |
327.2 |
-1.4% |
-1.3% |
Non-Europe Zone |
801.9 |
764.4 |
+4.9% |
+1.2% |
435.4 |
397.4 |
+9.6% |
+5.4% |
Total |
1,442.3 |
1,406.6 |
+2.5% |
+0.6% |
758.- |
724.5 |
+4.6% |
+2.4% |
Activity by Operating
Segments
Total Consolidated Revenue(in €
millions) |
1st HY 2019-2020 |
1st HY2018-2019 |
Variation Reported figures |
Variation Like for like
basis* |
2nd Quarter2019-2020 |
2nd Quarter2018-2019 |
Variation Reported figures |
Variation Like for like
basis* |
Canned |
559.2 |
533.3 |
+4.9% |
+3.5% |
314.2 |
302.4 |
+3.9% |
+2.2% |
Frozen |
340.3 |
322.5 |
+5.5% |
+3.1% |
186.5 |
176.9 |
+5.4% |
+2.9% |
Fresh processed |
542.8 |
550.8 |
-1.5% |
-3.8% |
257.3 |
245.2 |
+4.9% |
+2.2% |
Total |
1,442.3 |
1,406.6 |
+2.5% |
+0.6% |
758.- |
724.5 |
+4.6% |
+2.4% |
Europe ZoneThe growth of
revenue for the Europe Zone, representing 44.4% of the business
activity over the first half of this financial year, posted a
global evolution of -0.3% both on reported figures and like for
like basis*, changes for the 2nd quarter were -1.4% and -1.3%
respectively.The downturn in business in Q2 was mainly due to the
decline in the private label activity, high basis of comparison in
the canned operating segment, markets for delicatessen and fresh
salads remaining difficult in France and the residual effect of the
loss of a German client in this latter activity. The bagged salad
in Italy and frozen activities in Europe continued to grow, while
the canned Cassegrain brand in France recorded record growth.
Non-Europe ZoneThe revenue of
the Non-Europe Zone, representing 55.6% of the revenue of the
group, was up by +4.9% on reported figures and +1.2% on a like for
like basis*, changes for the 2nd quarter were +9.6% and +5.4%
respectively.The group recorded growth over the latter period in
the 3 operating segments - canned, frozen, fresh prepared and
ready-to-use - and in the various geographic marketing areas, in
particular in Eurasia (Russia and peripheral countries) thanks to
the success of the Bonduelle-branded canned innovations (corn, peas
and olives).In North America, the acquisition of the packaging
plant in Lebanon enabled the frozen food business to return to
growth, with the canned food business, essentially in Canada, being
driven by co-packing markets (subcontracting of national brands).
The fresh business segment (bagged salads and salad bowls) returned
to solid growth in Q2 by conquering new markets and extending the
range with existing clients, despite a health alert that affected
the sales activity of the various market players for certain
product range.
Other significant
information
Health alert in Northern
AmericaA health alert relating to contamination with the
bacteria E. coli of products containing romaine lettuce was issued
in November 2019 by the American and Canadian authorities. This
alert led, for the various market players, to the temporary
cessation of the sale of certain products and generated supply
disruptions in stores. The additional costs linked to this alert
are estimated at 3.5 million of US dollars and will impact the
group's accounts as non-recurring items as of December 31,
2019.
Outlooks
The evolution of the activity for the 1st HY,
below the group's initial expectations in Europe, the impact of the
summer and autumn 2019 crops, coupled with the health alert in the
United States will limit the outlook for revenue and current
operating profitability for the group in 2019-2020 to the lower end
of the range communicated in October 2019.
* at constant currency exchange rate and scope
of consolidation basis. The revenue 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:
- 2019-2020 1st Half Year
Results:
March 6, 2020 (prior to stock exchange trading session)- 2019-2020
3rd Quarter FY
Revenue:
May 4, 2020 (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
almost 120,000 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 56 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 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
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