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: B 447 250 044
(Dunkerque Registrar of Businesses) -
finance@bonduelle.com
- Turnover increase in line with the objectives and strong
organic growth(1)
- Record current operating profitability at 105.6M€
- Very successful integration of the 2012 acquisitions
- Strengthened financial structure and adjusted gearing(2) ratio
downward to 101.6%
On the 27th of September 2013, the Supervisory Board reviewed the
statutory and consolidated financial statements for FY 2012/2013 as
presented by the Executive Board and certified by the company's
statutory auditors.
| Consolidated
Accounts in millions of Euros |
2012 - 2013 |
2011 - 2012 |
Variation |
| Turnover |
1,896.1 |
1,767.- |
+ 7.3% |
| Operating
Profitability |
105.6 |
100.9 |
+ 4.7% |
| Operating Profit |
103.- |
98.2 |
+ 4.9% |
| Net Result (Group
part) |
52.1 |
46.7 |
+ 11.5% |
Turnover
Turnover increase in line with the objectives and strong
organic growth(1).
The Group turnover reached, over 2012/2013 financial year (1st
of July 2012 - 30th of June 2013), €1,896.1 M against €1,767.- M
last financial year, a reported increase of + 7.3%.
The organic growth(1) amounted, over 2012/2013 financial year, +
1.9% against + 3.2% last financial year. The development, driven by
the dynamism of the Non-Europe Zone, is proving to be satisfactory,
despite the worsening of the consumption climate in Europe
experienced over the last six months of this FY.
The changes in the scope of activities (mainly the acquisitions
of the Cecab's canned activity in Russia and Allens' frozen
activity in the USA) had a + 4.5% positive impact on the turnover,
exchange rate changes increased growth by 0.9%.
Zone Europe
The turnover for the Europe Zone was down by - 0.8% on a like
for like basis(1) (- 1.4% based on reported figures) against + 1.3%
last FY.
The return of a negative growth in the Europe Zone is explained
by a worsening of the consumption climate that started at the
beginning of 2013 and experienced by all countries and distribution
networks (retail and food service) Southern and Central Europe
being particularly affected. Quarter 4 confirmed the worsening of
the situation reinforced by a climatology not favourable to summer
products (canned corn, fresh-cut packaged salads and delicatessen
prepared salads). In markets suffering from negative volume growth,
the continued marketing investment, the targeted promotional policy
along with the good performance of the innovations (the "Vapeur"
steamed canned and frozen vegetables, development of Cassegrain
range) enabled to strengthen and develop the Group's market shares
for the Bonduelle and Cassegrain brands.
Non-Europe Zone
The Non-Europe Zone provides further evidence of its dynamism
with a + 8.6% growth on a like for like basis(1), compared to +
8.9% last FY.
The very strong growths recorded in Russia and the CIS, thanks
to a renewed commercial and logistic approach coupled with the
introduction of high added value innovations ("Fusion" category)
and in Brazil, where production reached its full capacity in less
than 3 years of local presence, came with market share gains. In
Northern America, the historical perimeter (without the acquisition
of Allens) saw, at the end of the year, a sales turnaround that
permitted to achieve turnover stability for this FY.
Despite results slightly lower than the initial objectives set
in terms of volume, the acquisitions done in 2012 and consolidated
for 12 months over 2012-2013 and 3 months over 2011-2012, enabled
the entire zone to reach a + 30.1% growth, underlining the
size of these growth drivers. The Non-Europe Zone now represents
33.5% of the Group's turnover, with Canada and USA joining Germany
as the Bonduelle Group's first selling countries outside
France.
Operating Profitability
Operating profitability to hit a record at €105.6
M
The Bonduelle Group has reached its ever highest operating
profitability at €105.6 M i.e. 5.6% of the turnover, compared with
€100.9 M last FY, a 4.7% increase. This remarkable performance in
line with the objectives announced early this FY is the results
of:
- a profitability and operating margin increase in Europe (66.5 %
of the turnover) thanks to the good performances of the Bonduelle
and Cassegrain brands.
- very dynamic activity outside Europe (33.5 % of the turnover)
with a profitability that contributes for more than 55 % of the
Group global operational profitability,
- stable marketing-media expenditures to support the Bonduelle,
Cassegrain, Arctic Gardens and Globus brands,
- group cost control on both the industrial and commercial
activities, as well as on the administrative one,
- slight positive impact of the scope of consolidation on this
FY.
The acute difference of growth between the Europe and non-Europe
zones in terms of economic conditions, turnover change and
profitability level validates the Group internationalization
strategy outside Europe.
The net burden of non-recurring items, at €2.7 M, consisting
mainly of restructuring and re-organisation cost, remains unchanged
when compared to last FY. After deduction of these non-recurring
items, the operating profitability stands at €103,- M, compared
with €98.2 M last FY, hence a 4.9 % increase.
Net Result
Net result strong growth (part of the Group) to stand at
€52.1 M: + 11.5%
Financial costs amount to €27.6 M compared with €30.5 M in the
previous FY. The interest income increase, linked with the
acquisitions made at the end of 2011/2012, was offset by the
exchange gains recorded over the FY. The net financial cost of debt
remained stable over this FY, despite a significant extension of
the Group's average maturity debt (4.5 years) following the 2012
summer refinancing operations.
Profit from consolidated companies using the equity
method,comprising essentially the Gelagri and UCR joint-ventures
net income shares, reached €3.- M - compared with €1.7 M. This is
explained by the restructurings that took place in Spain and the
profitability decrease of the frozen activity for private labels
(retailers' brands) in Europe.
Total taxes amount to €20.4 M compared with €18.3 M last FY,
representing a stable effective tax rate of 27.1%.
When considering all the above factors, the Bonduelle Group part
net result stands at €52.1 M, an 11.5 %.increase higher than the
turnover growth.
At the Shareholders Meeting to be held on the 5th of December
2013, the Executive Board will suggest a €0.375 dividend per share,
stable when compared to last FY.
Financial situation
Group's financial structure strengthening
Despite a gloomy consumption climate and an economic context of
uncertainties, the Group continued to invest, particularly in the
agro-industrial facilities acquired in 2012, for an amount of €80
M.
The profitability growth resulted to a 12.4% increase in cash
flow to reach €123.7 M. The later combined with an effective
containment of the working capital requirement (21.5% of turnover
compared with 22.1% last FY) and a better allocation of the Group's
capital employed resulted in a decrease of the net financial debt,
which now stands at €591.9 M compared with €608.4 M on the 30th of
June 2012. Hence, the net financial debt ratio over equity is
decreasing to 114.9%. After restatement of the treasury stock, the
adjusted gearing(2) is at 101.6%.
The refinancing operations undertaken by the Group at the
beginning of the 2012 summer, under pretty competitive conditions,
enabled to extend the Group debt maturity (4,5 years), without
worsening the average cost, and to secure the financing of the
operation and development of the Group.
Highlights
Change in the Group managerial organisation
At its Annual General Meeting held on 6th December 2012,
the Bonduelle Group announced its project to change its managerial
structure.
For the Bonduelle Group, 2011/2012 was marked by solid internal
growth, a significant return to profitability, and three promising
acquisitions, demonstrating both its resilience in a difficult
economic climate, and its growth ambitions while its international
developments gather pace.
This important phase for the Group will involve making changes
to its organisational structure in order to adapt to the new
dimensions of its activity and to its development projects.
The Group will now be organised around two geographic regions -
Europe Zone and Non-Europe Zone - each with their own distinct
characteristics and approaches, and 4 business units:
- Europe Zone with Bonduelle Europe Long Life (canned and frozen
food activities) and Bonduelle Fresh Europe (fresh-cut salad and
prepared salad activities) for the retail and food service networks
for both national brands and private labels.
- Non-Europe Zone with Bonduelle Americas that encompasses all
canned and frozen food activities in North and South America and
with Bonduelle Development for the Group's activities and
development in the rest of the world, especially in Eastern
Europe.
The CEOs of these 4 Business Units, the Human Resources Manager
and the Financial Manager, have joined Christophe Bonduelle, the
Group's Chief Executive Officer, to form the Group's Executive
Committee.
Sustainable development: Adoption of the GRI
Standards
As part of its consistent and credible approach in terms of
Social and Environmental Responsibility, the Bonduelle Group has
used the internationally recognised GRI frame of reference (Global
Reporting Initiative) for its 2012 non-financial reporting.
Bonduelle is one of the very rare companies outside of the CAC 40
to have implemented such an approach. Following its first
assessment, the Bonduelle Group was awarded a B+ application level,
thus placing it amongst the best French companies also using this
frame of reference.
The GRI, an independent international organisation founded in
1997, in partnership with the United, Nations Environment Programme
(UNEP), has the mission to develop globally applicable directives
with the aim of structuring and standardising company (and
organisation) management reports in terms of sustainable
development
Satisfactory integration of the 2012
acquisitions
Despite having proceeded to the acquisitions near production
time (30th of March in the US and Russia, 31st of May 2012 in
Hungary), the performances of the acquired production tools have
been improved as early as the 2012 harvest. The Bonduelle Group has
again shown its industrial expertise and know-how as well as its
capacity to integrate new acquisitions. The new capacities set up
in Russia and Hungary have contributed to the excellent commercial
performance of this geographical area.
In the USA, if sales in volume are affected by the Allens'
clients supply diversification (prior to the acquisition
announcement by the Bonduelle Group), the quality of service now
offered to the American customers, allows us to feel confident for
the 2013/2014 commercial activities.
Ahead of the initial schedule on the cost-saving plan enabled to
confirm the expected performances for 2012/2013.
These late and recent acquisitions, as previously mentioned, had
no significant impact on this FY profitability.
Kolkhoze Maiak Actual Disposal
The Group sold, in FY 2012/2013, the Kolkhoze, acquired in 2010,
in Ukraine, to a French co-operative group, which is a partner of
Bonduelle in the South-West.
Following the acquisition of Cecab's agro-industrial activities
in Russia and Kelet in Hungary, the agro-industrial project has
been postponed. The Group benefits from an industrial land buy
option with a view to an eventual come back to this project at a
later date. The sale will have no significant impact on the Group's
results.
Agricultural Campaigns 2013
The beginning of the 2013 crop season proved to be pretty
difficult and chaotic, both in Europe and Canada because of heavy
rains and temperatures well-below historical averages. These
weather conditions result in plants supply irregularity and lower
than forecasted quantities of vegetables. These industrial
"under-efficiency" factors, adding up to the raw material
inflation, contribute to an increase in production costs for FY
2013/2014.
Outlooks
FY 2013/2014 will be affected by the rather difficult beginning
of the crop season and by the necessity to negotiate moderate price
increases with retailers and out-of-home catering players to
preserve commercial volumes. Despite this adverse climate and no
tangible signs of a European food consumption recovery, the
Bonduelle Group should, nevertheless, record a 3 to 5% increase in
its turnover(1) and an operational profitability in line with its
historical performances(1).
(1)at constant currency exchange rate and scope of consolidation
basis
(2) Net financial debt after restatement of the treasury
stock
Next financial events:
- 2013/2014 first Quarter Turnover :
7th November 2013 (prior to stock exchange trading session)
- General Annual Meeting : 5th
December 2013
- 2013/2014 Half Year Turnover : 6th
February 2014 (prior to stock exchange trading session)
- 2013/2014 Half Year Results: 26th
of February 2014 (prior to stock exchange trading session)
Find the complete recorded annual results on
www.bonduelle.com
About Bonduelle
Bonduelle is the world leader of ready to eat vegetable in all
their shapes and forms using all kind of technologies (canned,
frozen, fresh prepared) with national brands (Bonduelle,
Cassegrain, Arctic Gardens, Globus) and private labels for
retailers and food service, Bonduelle stands as an agro-industrial
player of reference with over 50 agro-industrial sites, selling in
100 countries.
Bonduelle is listed on the NYSE - Euronext compartment B -
Indices: CAC MID & SMALL - CAC ALL-TRADABLE - CAC ALL
SHARES
Code ISIN: FR0000063935 - Code Reuters: BOND.PA - Code
Bloomberg: BON FP
AvisFinancier131003enGB:
http://hugin.info/143377/R/1732411/580192.pdf
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