Bonduelle - First Half Year 2021-2022 Revenue: stable sales with no impact on the annual sales growth guidance
February 03 2022 - 12:00PM
Bonduelle - First Half Year 2021-2022 Revenue: stable sales with no
impact on the annual sales growth guidance
BONDUELLE
A French SCA (Partnership Limited by Shares)
with a capital of 57 102 699,50 EurosHead Office: La
Woestyne 59173 Renescure, FranceRegistered under
number: 447 250 044 (Dunkerque Commercial and Companies
Register)
First Half Year 2021-2022
Revenue(July 1 - December 31, 2021)
Stable sales in the first half of the
year with no impact on the annual sales growth
guidance
- Ongoing
normalization of the retail and out of home business and
high comparison bases penalizing performance
- Robust sales of the group's
brand portfolio
- Annual
business growth
guidance confirmed
The Bonduelle Group's revenue stands for the 1st
half of FY 2021-2022 at €1,442.8 million against €1,441.5 million
last financial year over the same period, virtually unchanged on
reported figures (+0.1%) and on a like for like basis* (-0.4%).
Currency effects, which were negative in the first quarter, made a
positive contribution to growth in the second quarter, resulting in
a total effect of +0.5% for the first half of the year, mainly due
to the strengthening of the Canadian dollar during the period.No
change in the group's scope of consolidation occurred over the
period. Revenue for Quarter 2 rose by +1.2% on reported figures and
fell by -0.3% on a like for like basis*.
Activity by
Geographic Region
Total Consolidated Revenue(in €
millions) |
1st HY
2021-2022 |
1st
HY2020-2021 |
Variation Reported
figures |
Variation Like for like
basis* |
2nd
Quarter2021-2022 |
2nd
Quarter2020-2021 |
Variation Reported
figures |
Variation Like for like
basis* |
Europe Zone |
663.8 |
648.- |
+2.4% |
+2.5% |
343.3 |
333.- |
+3.1% |
+3.2% |
Non-Europe Zone |
779.- |
793.5 |
-1.8% |
-2.8% |
427.- |
428.- |
-0.2% |
-3.1% |
Total |
1,442.8 |
1,441.5 |
+0.1% |
-0.4% |
770.3 |
761.- |
+1.2% |
-0.3% |
Activity by Operating
Segments
Total Consolidated Revenue(in €
millions) |
1st HY
2021-2022 |
1st
HY2020-2021 |
Variation Reported
figures |
Variation Like for like
basis* |
2nd
Quarter2021-2022 |
2nd
Quarter2020-2021 |
Variation Reported
figures |
Variation Like for like
basis* |
Canned |
593.4 |
589.- |
+0.8% |
-0.1% |
337.1 |
332.7 |
+1.3% |
-0.2% |
Frozen |
362.9 |
332.- |
+9.3% |
+8.1% |
203.1 |
179.6 |
+13.1% |
+10.7% |
Fresh processed |
486.4 |
520.5 |
-6.5% |
-6.2% |
230.- |
248.6 |
-7.5% |
-8.6% |
Total |
1,442.8 |
1,441.5 |
+0.1% |
-0.4% |
770.3 |
761.- |
+1.2% |
-0.3% |
Europe Zone
The revenue for the Europe Zone, representing 46.-% of the business
activity, posted over the first half of this financial year an
overall growth of +2.4% on reported figures and +2.5% on a like for
like basis*. Changes for Q2 respectively stood at +3.1% and +3.2%
confirming the good momentum recorded in the first financial
quarter. The long-life operating segment (canned and frozen)
continued to normalize in the second financial quarter, with, on
the one hand, overall stability in canned sales despite a high
basis of comparison linked to the second wave of Covid 19 and the
restrictions imposed last year, and, on the other hand, a
significant pick up in frozen sales driven by the out-of-home
catering business, which was penalized last year by the lock down
measures.The fresh ready to eat business activities recorded
accelerated growth in the 3 main countries of operation (France,
Italy, and Germany) fuelled by more dynamic retail markets and the
recovery of the out-of-home catering business.
Non-Europe
Zone The revenue of the
non-Europe zone, representing 54.- % of the business activity over
the period, was down -1.8% on reported figures and -2.8% on like
for like basis*. Changes for Q2 respectively were at -0.2% and
-3.1%. In North America, the canned and frozen segments recorded
the same momentum as those observed in Europe, reinforced by more
substantial price increases. As in the first quarter, the fresh
ready to eat food segment continued to decline, as a result of the
ongoing deliberate policy of price increases and contract
selectivity, which led to lower volumes, as part of the strategy to
improve profitability.In the Eurasia region, the robust growth in
sales in Russia and peripheral countries, which is particularly
noteworthy given the economic and sanitary context in this region,
was fuelled by both the growth of the branded canned food
businesses (Bonduelle and Globus) and the development of Bonduelle
branded frozen food sales following the recent successful launches
of new products.
Other significant
information
Long-Life business activity changes in
North AmericaOn September 27, 2021, the Bonduelle Group
announced that it had initiated a discussion on the evolution of
the shareholding structure of its canned and frozen food operating
segments in North America, namely the Bonduelle Americas Long Life
(BALL) business unit.Following the various express interests
received in relation to these activities, the group is studying the
diverse options likely to allow it to focus its resources on its
strategic priorities, in particular the development of its branded
activities, while allowing the BALL business unit to pursue its
growth strategy.
Outlook
The revenue performance for the first half of
this financial year is in line with the group's expectations. The
group's ability to achieve its annual growth objectives, and
consequently its profitability, is tied to the return to normal of
the health situation, the acceptance by its distributor clients of
significant price increases designed to compensate for the
inflation experienced, and the rebuilding by the fresh operating
segment in North America of a portfolio of clients that will
generate profitability.
* 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:
- 2021-2022 1st Half Year
Results: March 4,
2022 (prior to stock exchange trading session)- 2021-2022 3rd
Quarter FY
Revenue: May 2, 2022
(after stock exchange trading session)
About
the Bonduelle Group
We want to inspire the
transition toward a plant-based diet, to contribute to people’s
well-being and planet health. We are a French family business with
14,700 employees and we have been innovating with our farming
partners since 1853. Our products are cultivated on 124,000 acres
and marketed in 100 countries, with a revenue of € 2,779
million.”Our 6 strong brands are Bonduelle, Cassegrain, Globus,
Arctic Gardens, Ready Pac Foods and Del Monte.
Bonduelle is listed on
Euronext compartment BEuronext 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
This document is a free translation into English
and has no other value than an informative one. Should there be any
difference between the French and the English version, only the
French-language version shall be deemed authentic and considered as
expressing the exact information published by Bonduelle.
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