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
First Half Year 2014-2015 Financial
Results (1st July 2014 - 31st December 2014)
High Record Activity and Profitability
for the Bonduelle Group in the first half of FY
2014-2015
- Turnover exceeds 1 billion of Euro, an increase of +5.5%*
- Record-breaking Current Operating Result at 66.5 million of
Euro, an increase of 12.4%
- Net Result increases by 30% at 36.4 million of Euro
- Ongoing development in North America
- Financial structure strengthens by lower debt
- Raise of the annual objective of profitability
Significant Results
(in millions of Euros) |
1st HY 2014 - 2015 |
1st HY 2013 - 2014 |
Variation |
Turnover |
1,018.8 |
987.7 |
+3.1% |
Current Operating Result |
66.5 |
59.1 |
+12.4% |
Current Operating Margin |
6.5% |
6.-% |
+50 bp |
Consolidated Net Profit |
36.4 |
28.- |
+30.-% |
Net Financial Debt |
675.9 |
696.3 |
(20.4) |
Committed to its profitable growth model and its 2025 VegeGo!
ambition, the Bonduelle Group recorded, over the first 6 months, a
turnover increase of 3.1% on reported figures and + 5.5% on a like
for like basis as well as a current operating margin increase of 50
basis points (bp).
Despite a consumption that remained fairly sluggish, the Europe
zone improves its current operating margin, the Non-Europe zone
still recording a high and stable current operating profitability
in a strong growth environment. This solid economic performance,
recorded over the first 6 months, helps to strengthen the financial
structure of the group and its development capacity. Given these
results, the group is reviewing its profitability growth objective
upwards for FY 2014-2015.
Turnover
The Bonduelle Group's turnover exceeded for the first time ever
one billion Euro over the first 6 months to reach 1.019 billion
Euro in the first half year of FY 2014-2015, an increase of + 5.5%
on a like for like basis and, despite the impact of adverse
currency movements, + 3.1% based on published figures.
It should be noted that all areas and technologies are growing
over the first half of the financial year.
Activity by Geographic Region
Total consolidated turnover (in €
millions) |
1st HY 2014-2015 |
1st HY 2013-2014 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
Europe Zone |
639.4 |
632.6 |
1.1% |
1.1% |
Non-Europe Zone |
379.4 |
355.1 |
6.8% |
13.7% |
Total |
1,018.8 |
987.7 |
3.1% |
5.5% |
Activity by Operating Segments
Total consolidated turnover (in €
millions) |
1st HY 2014-2015 |
1st HY 2013-2014 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
Canned |
558.- |
546.8 |
2.-% |
5.1% |
Frozen |
270.4 |
264.4 |
2.3% |
4.7% |
Fresh processed |
190.4 |
176.5 |
7.9% |
7.9% |
Total |
1,018.8 |
987.7 |
3.1% |
5.5% |
Europe Zone
In Europe, the turnover stands at 639.4 million of Euro, an
increase of 1.1% on both reported and comparable basis* for the
first half year of 2014-2015, representing 63% of the group's
turnover.
In mature markets, the sales of branded products both in the
canned and frozen segment showed an increase and some on-going
substantial market share gains in the retail sector. The food
service segment remained adversely impacted despite a timid
recovery observed at the end of the period.
Fresh-cut salad in bags and delicatessen salads activities again
recorded strong growth in all the countries served (France,
Germany, Italy). In France, the strengthening of the commercial
momentum coupled with some innovations have enabled the Bonduelle
brand to become for the first time the co-leader in the fresh-cut
salad in bags product range and to consolidate its leadership in
the delicatessen segment thanks to both the baseline products and
the ever-growing snacking activity. In Italy, in a nevertheless
challenging environment, Bonduelle recorded another semester of
business growth thanks to the launch of new product lines in the
salad category.
The outstanding performance of the sales of national brands
(Bonduelle and Cassegrain) further strengthens the group's strategy
on accessible innovation, supported by reinforced marketing
investments.
Non-Europe Zone
In the Non-Europe Zone, the turnover stands at 379.4 million of
Euro over the first half of 2014-2015, an increase of +13.7%* on a
like for like basis, representing 37% of the group's turnover. The
growth stands at + 17.2%* for quarter 2.
In North America, the commercial activity remained strong in
Canada and, in the United States, the volume gains were on-going in
the various sectors of activity. This performance was achieved
despite of the fire of the factory in Tecumseh (Ontario) in July
2014 which slowed down certain sales.
In Russia, sales growth, mainly driven by volumes, proved to be
exceptionally high. Essentially locally produced, the Bonduelle and
Globus canned vegetables saw greater accessibility enhanced by an
imported inflation and the embargo on other food product
categories.
Operating Profitability
The current operating result records a sharp increase of + 12.4%
at 66.5 million of Euro, the current operating margin increasing of
50 bp at 6.5%. On a like for like basis, it stands at 6.7%.
This growth in current operating profitability is fuelled in the
Europe zone by the increase in sales of Bonduelle and Cassegrain
branded products in all technologies and by the significant
improvement in profitability of the fresh process segment
(fresh-cut salads in bags and delicatessen salads) resulting in an
increase of 120 bp at 4.2%. In the Non-Europe zone, the strong
sales growth is coupled with a current operating margin remaining
at a very high level (10.9% on a like for like basis).
Marketing investments increased by 12.4% over the period and
focused on both the Europe and Non-Europe zone.
After non recurrent items (€ 0.8 M), the operating profitability
stands at 65.7 million of Euro, representing 6.4% of the turnover,
an increase of 16.9%.
Financial Result and Net Result
Financial charges reached 11.6 million of Euro against 15.8
million of Euro for the first half of last financial year.
Mainly composed of the debt charges, the financial result
benefits from the on-going deleveraging of the group and lower
rates. The dynamic management of the exchange rates, highly
volatile over the period, enables to report no negative currency
result.
After result of companies consolidated by equity method (€- 1,-
M) and corporate tax deduction (€ 16.8 M), the overall
net result and group part result stand at 36.4 million of Euro,
representing 3.6% of the turnover, an increase of 30%.
Financial Situation
The group's net financial debt was set on the 31st of December
2014 at 675.9 million of Euro against 696.3 million of Euro on the
31st of December 2013. The strong control on investments and
working capital, decreasing despite an increase of activity,
enabled to continue to reduce the group's debt. The average cost of
debt is set at 3.27% with a debt maturity of 4.3 years and a
disintermediated rate close to 50%.
The on-going improvement of the financial profile allows the
group to increase its capacity to raise funding for internal and
external growth projects in accordance with its development
model.
Significant events
The Bonduelle Group is rewarded for the quality of its
relationships with its investors
The Bonduelle Group, listed since 1998, received on the 1st of
December 2014 in Paris at the headquarters of Euronext, the silver
trophy of the Investors Relation - Midcap category - during the 7th
edition of the Forum of Investors Relations and Financial
Communication 2014.
The trophy rewards the constant efforts of the group in terms of
availability, transparency and pedagogy toward financial analysts
and its 10,000 individual and institutional shareholders in France
and outside France.
Completion of the acquisition of the frozen
plant of Lethbridge (North America)
The Bonduelle Group and the Canadian distribution group Sobeys
signed on the 3rd of February 2015, the Asset Purchase Agreement
related to the acquisition by Bonduelle of a factory of frozen
vegetables. This production tool in excellent condition and with a
capacity of 15,000 tons is located in Lethbridge, in Alberta on the
border with the United States. This new tool strengthens the
presence of Bonduelle in North America in the west of the
continent, thus enabling its commercial deployment and logistic
savings in this area.
This transaction of a limited amount comes with the signing of a
long term (7 years), exclusive supply contract between Sobeys (2nd
Canadian distributor) and Bonduelle for several product lines on
Canadian territory. This partnership, therefore, ensures a long
term sourcing of vegetables with producers from Alberta, Quebec and
Ontario.
For the first time, Bonduelle is participating to the
International Agricultural Trade Show.
For the first time, from the 21st of February to the 1st of
March 2015, Bonduelle will be participating to the International
Agricultural Trade Show. This participation will enable to promote
and value the vegetable industry and the group's best practices on
sustainable development, from the field to the plate. Bonduelle
farmers' representatives will be present every day to explain to
the general public their jobs and the production of field
vegetables, salads or mushrooms.
The involvement in its upstream agriculture is an integral part
of the company's genes; its agronomic organization is one of the
fundamental bedrocks to become the "world reference in well-living
through vegetable products."
Outlooks
While the environment remains complex and changing, the
excellent performance observed in the first half of 2014-2015 and
the solid economic model of Bonduelle, marked by a growing
international presence and a diversification of its business,
enable the group to raise its 2014-2015 objectives upward.
|
Adjusted objectives 14-15 February 2015
* |
Initial objectives 14-15 September
2014* |
Published 13-14 |
€M |
Change 13-14 |
€M |
Change 13-14 |
€M |
Current Operating Result |
110 - 115 |
+ 7% to + 12% |
106 - 109 |
+ 3% to + 6% |
102.7 |
The current operating profitability at constant exchange rates
includes the confirmation of a substantial increase in its
marketing expenditures (+ 5 to 10%).
* at constant scope of consolidation and exchange rates
Next financial events
- 2014-2015 3rd Quarter FY Turnover
: 7th of May 2015 (prior to stock exchange trading session) -
2014-2015 FY
Turnover
: 4th of August 2015 (prior to stock exchange trading session) -
2014-2015 FY
Results
: 29th of September 2015 (prior to stock exchange trading
session)
Find the complete recorded Half Year results on
www.bonduelle.com
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 vegetables, grown across more than 128,000 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 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
AvisFinancier150225enGB
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