Bonduelle - Quarter 3 FY 2018-2019 Revenue: limited sales growth for Q3 driven by foreign exchanges and external growth
02 Mai 2019 - 6:00PM
Bonduelle - Quarter 3 FY 2018-2019 Revenue: limited sales growth
for Q3 driven by foreign exchanges and external growth
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)
Quarter 3 FY 2018-2019
Revenue(January 1 - March 31, 2019)
Limited sales growth for Q3 driven by
foreign exchanges and external growth
The Bonduelle Group's revenue stands for Q3 of
financial year 2018-2019 at 675.6 million of euros, an increase of
+0.4% on reported figures and -2.-% on a like for like basis*. The
change in the scope of consolidation linked with the acquisition of
the Del Monte business activities early July 2018, made a positive
contribution of +1.2% to the variation of the total revenue over
the period. The exchange rate effects, mainly the strengthening of
the US and Canadian dollars, favourable during this quarter,
contributed to a 1.2% growth.Over the 9 first months of this FY,
the revenue stands at 2,082.2 million of euros, a decrease of 0.5%
on reported figures and 1.3% on a like for like basis*.
Activity by Geographic
Region
Total consolidated revenue(in €
millions) |
9 months 2018-2019 |
9 months 2017-2018 |
Variation Reported figures |
Variation Like for like
basis* |
3rd quarter 2018-2019 |
3rd quarter 2017-2018 |
Variation Reported figures |
Variation Like for like
basis* |
Europe Zone |
956.2 |
951.8 |
+0.5% |
+0.6% |
313.9 |
318.5 |
-1.5% |
-1.3% |
Non-Europe Zone |
1,126.1 |
1,141.4 |
-1.3% |
-3.-% |
361.7 |
354.4 |
+2.-% |
-2.7% |
Total |
2,082.2 |
2,093.2 |
-0.5% |
-1.3% |
675.6 |
672.9 |
+0.4% |
-2.-% |
Activity by Operating
Segments
Total consolidated revenue(in €
millions) |
9 months 2018-2019 |
9 months 2017-2018 |
Variation Reported figures |
Variation Like for like
basis* |
3rd quarter 2018-2019 |
3rd quarter 2017-2018 |
Variation Reported figures |
Variation Like for like
basis* |
Canned |
774.9 |
753.2 |
+2.9% |
+1.7% |
241.6 |
230.8 |
+4.7% |
+2.3% |
Frozen |
497.5 |
478.2 |
+4.-% |
+5.1% |
175.- |
161.9 |
+8.1% |
+7.9% |
Fresh processed |
809.9 |
861.8 |
-6.-% |
-7.6% |
259.- |
280.3 |
-7.6% |
-11.4% |
Total |
2,082.2 |
2,093.2 |
-0.5% |
-1.3% |
675.6 |
672.9 |
+0.4% |
-2.-% |
Zone EuropeThe Europe Zone,
representing 45.9% of the group's revenue over the first 9 months,
recorded an overall aggregated growth of +0.5% on reported figures
and +0.6% on a like for like basis*.Over quarter 3, the revenue is
down -1.5% based on reported figures and -1.3% on a like for like
basis*. It is attributable primarily to the Easter consumption
shift taking place in quarter 4 against quarter 3 of last financial
year, particularly affecting the limited shelf life product
category (bagged, ready-to-eat salads, and prepared salads).
Despite that calendar effect, the retail sales for the Bonduelle
and Cassegrain brands in cans and frozen and the food service sales
reported revenue growth over the period.
Non-Europe ZoneThe revenue of
the Non-Europe Zone, representing 54.1% of the group's revenue over
the period, was down -1.3% on reported data and -3.-% on a like for
like basis*, and the ones for Q3 at +2.-% and -2.7%
respectively.Over quarter 3, the frozen food activities in North
America continued to experience the growth observed last quarter,
thanks to the delivery catch-ups of some industrial contracts
planned for the beginning of the year coupled with sales of fruit
and vegetables for the Del Monte brand, activity acquired at the
beginning of the financial year, fuelling the canned operating
segment growth. Fresh activities in North America remained lower
over quarter 3, due to the rationalization of the business
portfolio and the sourcing diversification of a major client, as
mentioned last quarter.Finally, the robust sales increase observed
in Russia was sustained over quarter 3 thanks to the innovations in
the canned segment for the Bonduelle brand (olive product category
and young corn) coupled with the encouraging development of the
frozen business segment.
Highlights
The Bonduelle Group has successfully
issued a private bond placement in the United States
(USPP)Looking for maturity of its debt instruments and the
refinancing of the EuroPP, maturing on March 11, 2019, the
Bonduelle Group issued on May 2, 2019 a private bond investment in
the United States for a total amount of 140 million of euros with a
10 year maturity, consequently taking the average maturity of the
group's overall debt to over 4 years.Operating on the USPP market
since 2000, the Bonduelle Group has successfully issued this
private placement with attractive terms among a pool of existing
investors who confirmed their confidence in the group. Largely
oversubscribed, this transaction enables the group to significantly
reduce the cost of its debt.The Bonduelle Group has been advised by
Natixis, acting as agent and by Willkie Farr & Gallagher acting
as legal advisor.
Outlooks
Given the evolution of the activity recorded in
the third quarter and the result of the commercial negotiations at
the beginning of the year, the Bonduelle Group aims to achieve for
the full fiscal year 2018-2019 ending June 30, 2019 stable sales
and operating income at constant currency exchange rates compared
to last year.
* 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 Financial Year Revenue:
August 5,
2019 (after stock exchange trading session)- 2018-2019 Annual
Results:
September 30, 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 55 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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