BONDUELLE - Quarter 3 FY 2016-2017 Turnover: Strong activity growth
May 03 2017 - 12:00PM
BONDUELLE
A French SCA
(Partnership Limited by Shares) with a capital of 56,000,000
Euros
Head Offices: La Woestyne 59173 Renescure,
France
Business
registration number: 447 250 044 (Dunkerque Registrar of
Businesses)
Quarter 3 FY
2016-2017 Turnover
(1st of January -
31st of March
2017)
Strong activity
growth for quarter 3
Strong organic growth, positive exchange rate
effect
and consolidation start of Ready Pac Foods
The Bonduelle Group's turnover for
quarter 3 of FY 2016-2017 stands at 526.8 million of Euro, an
increase of 11.7% driven by the combined effect of a solid organic
growth (+ 2.2%), favourable exchange rates (+ 4.-%) and the
integration of Ready Pac Foods (+ 5.5%) into the company as of
March 21st 2017. Over
the first 9 months of this FY, growth increased by + 4.7% based on
reported figures and + 2.-% on a like for like basis*.
Activity by
Geographic Region
Total
consolidated turnover
(in € millions) |
9 months
2016-2017 |
9 months
2015-2016 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
3rd quarter
2016-2017 |
3rd quarter
2015-2016 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
Europe Zone |
947.3 |
950.1 |
- 0.3% |
- 0.2% |
315.2 |
312.3 |
0.9% |
0.9% |
Non-Europe
Zone |
605.1 |
533.3 |
13.5% |
6.-% |
211.6 |
159.5 |
32.7% |
4.5% |
Total |
1,552.4 |
1,483.4 |
4.7% |
2.-% |
526.8 |
471.8 |
11.7% |
2.2% |
Activity
by Operating Segments
Total
consolidated turnover
(in € millions) |
9 months
2016-2017 |
9 months
2015-2016 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
3rd quarter
2016-2017 |
3rd quarter
2015-2016 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
Canned |
744.5 |
730.8 |
1.9% |
1.-% |
240.- |
221.5 |
8.3% |
3.9% |
Frozen |
487.4 |
453.2 |
7.5% |
6.1% |
168.7 |
153.3 |
10.-% |
4.5% |
Fresh processed |
320.5 |
299.3 |
7.1% |
- 1.8% |
118.2 |
96.9 |
21.9% |
- 5.6% |
Total |
1,552.4 |
1,483.4 |
4.7% |
2.-% |
526.8 |
471.8 |
11.7% |
2.2% |
Europe
Zone
For quarter 3, the Europe zone
showed renewed growth with + 0.9% both on a like for like basis*
and reported figures. An all the more remarkable performance over
the past 3 months, given the fact that the fresh ready to use
segment was heavily affected by adverse weather conditions in
December and January in Spain and Italy, but more than offset by a
return to growth for the canned segment and a very sharp activity
rise for the frozen segment. For the first 9 months of this FY, the
activity remained virtually unchanged both on a like for like
basis* and reported figures.
Non-Europe
Zone
The Non-Europe zone recorded over
quarter 3 a + 32.7% growth, the favourable exchange rates (Russian
rouble and Canadian dollar, notably) and the integration of Ready
Pac Foods, as of March 21st 2017 (USD
28.3 million) have boosted the growth on a comparable basis* (+
4.5%). A sharp upturn of the activity in Eastern Europe (Russia and
the Community of Independent States) was also observed.
For the first 9 months, the Non-Europe zone recorded a growth of +
13.5% based on reported figures and + 6% on a like for like
basis*.
Highlights
Recovery of the
rouble
The return to a dynamic GDP growth
in Russia, translated into a clear revaluation of its currency. The
on-going embargo on imports fosters local production.
Acquisition of
Ready Pac Foods in the US
On the 21st of March
2017, Bonduelle announced the vesting of Ready Pac Foods.
Based in California, Ready Pac Foods is the #1 producer of
single-serve salad bowls in the U.S. through its Bistro Bowl® suite
of products and its legacy of innovation and culinary expertise.
Ready Pac Foods is also a producer of fresh-cut produce, offering
packaged salads, fresh-cut fruits, and mixed vegetables to its
retail and foodservice customers. With 4 production facilities
located in Irwindale (CA), Jackson (GA), Florence and Swedesboro
(NJ), and employs about 3,500 full-time employees. Ready Pac Foods
generates approximately $800m of revenues, with a national presence
in the U.S. and a wide customer base.
This milestone transaction is a key step in Bonduelle's strategic
ambition VegeGo! 2025 of being "the world reference in "well
living" through vegetable products". This acquisition will
strengthen Bonduelle's international footprint and dramatically
change its profile, making the U.S. the largest country of
operations, continuing a longstanding track record of successful
acquisitions in North America, in particular Aliments Carrière,
Canada, in 2007 and Allens, USA in 2012, and the fresh category,
its first business segment.
This acquisition, which is fully compatible with Bonduelle's strong
financial profile, perfectly fits with its strategic plan and will
strengthen its leadership positions in its core business
lines:
- development of Bonduelle's snacking segment in the consumer
convenience and healthy food segments,
- increasing presence in the fast growing segment of fresh prepared
vegetables,
- reinforcement of footprint in North America, of a size, post
transaction, equivalent to the European Union in Bonduelle's
geographical portfolio.
Outlooks
The Bonduelle Group confirms its
turnover growth target of + 2% to + 3% and the stability of its
operating profitability on a like for like basis*, excluding the
Ready Pac Foods acquisition.
* at constant
currency exchange rate and scope of consolidation basis
Next financial events:
- 2016-2017 FY
Turnover:
2nd of August
2017 (after stock exchange trading session)
- 2016-2017 FY
Results:
3rd of October
2017 (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 vegetable products. Prioritising innovation and long-term
vision, the group is diversifying its operations and geographical
presence. Its vegetable, 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. Expert
in agro-industry with 58 industrial sites or own agricultural
production, Bonduelle produces quality products by selecting the
best crop areas close to its customers.
Bonduelle is listed on Euronext compartment
B
Euronext indices: CAC MID & SMALL - CAC ALL
TRADABLE - 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
Quarter 3 FY 2016-2017
Turnover
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announcement is distributed by Nasdaq Corporate Solutions on behalf
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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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