DEMB Trading Statement Q3 FY13
(Thomson Reuters ONE) -
Third Quarter and First Nine Months Fiscal Year 2013
full press release in pdf
Key Messages Third Quarter Fiscal Year 2013
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* Total segment sales down (3.2)%, like-for-like[1]; reported segment sales
down (5.5)%
* Retail - Rest of World continues to perform well
* Retail - Western Europe impacted by promotional price pressure
* L'OR capsules show continued strong growth
OUTLOOK FIRST 12 MONTHS FISCAL YEAR 2013 CONFIRMED
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The Company expects to grow its segment sales by 0 to +2% and to improve the
underlying EBIT margin by +100 to 150 bps in the first 12 months of FY 13. The
outlook reflects continued price and volume pressure in Western Europe. The
Company is therefore rebalancing pricing and volumes to re-establish its
competitive position, which affects sales. The Company continues to invest
strongly in A&P to support its brands and innovations.
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Third Quarter FY 13 First Nine Months FY 13
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Change Change
Reported Sales (? Reported
Sales (? mln) LFL1 mln) LFL1
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292 (8.5)% (10.0)% Retail - W-Europe 917 (2.8)% (3.5)%
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(0.5)% Retail - Rest of 4.2%
184 6.8% World 586 6.9%
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157 (3.3)% (2.0)% Out of Home 474 (2.1)% 0.9%
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633 (3.2)% (5.5)% Total segment sales 1,977 0.0% (0.3)%
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10 Non-allocated[2] 29
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643 (9.4)% Total sales 2,006 (4.4)%
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SALES PERFORMANCE THIRD QUARTER FY 13
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Total segment sales decreased (3.2)% to ? 633 mln, on a like-for-like basis, in
the third quarter of FY 13. Volumes declined (4.6)% mainly driven by Retail -
Western Europe and Out of Home (OOH). Pricing was largely stable at
(0.3)%. Mix/other was able to partly compensate, delivering 1.7% growth.
Acquisitions contributed 0.1% to the reported growth and currency translation
effects negatively impacted growth by (2.4)%. Total segment sales decreased by
(5.5)% on a reported basis.
text
Retail - Western Europe
Third quarter performance of the segment Retail - Western Europe was impacted by
the earlier announced management changes in the five key countries, lower
volumes in France due to tough trade negotiations and by aggressive promotional
activities by private labels in most western European countries. The related
negative effects on volumes in R&G and Senseo were mainly visible in
January/February. The Company is rebalancing pricing and promotional activities
to re-establish its competitive position, which has resulted in a significant
rebound in volumes and sales performance from March onwards. In these
challenging circumstances, coffee market shares for the quarter increased in the
Netherlands, Denmark and Germany, remained largely stable in France and somewhat
lower in Spain and Belgium compared to the preceding quarter. L'OR capsules
continued to deliver superior growth in the quarter and are currently rolled out
in Germany. Altogether, this has resulted in a sales decrease of (8.5)% on a
like-for-like basis in the quarter.
Retail - Rest of World
The segment Retail - Rest of World sustained the good performance of the
preceding quarter with a like-for-like sales growth of 6.8%. This growth was
driven by positive mix and pricing which was slightly offset by a minor decrease
in volumes. Australia sustained its excellent performance, Thailand continued
to improve its market share to above pre-flooding levels and Brazil delivered a
solid performance. In Hungary, however, the Company continued to suffer from
the country's poor market circumstances while Poland was impacted by aggressive
pricing from competition.
Out of Home
Sales in the segment Out of Home decreased (3.3)% on a like-for-like basis in
the third quarter. The decline can mainly be explained by the ongoing
challenging market conditions in the segment's main markets, tough contract
negotiations in certain of the segment's key markets as well as by general price
pressure due to the significant drop in green coffee prices and pricing
initiatives by competition.
SALES PERFORMANCE FIRST NINE MONTHS FISCAL YEAR 2013
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Total segment sales remained stable, on a like-for-like basis, in the first nine
months of FY 13. This performance was driven by 1.7% growth in mix/other and
price growth of 1.0%. Volumes declined by (2.7)%. Acquisitions contributed
0.7% to the reported growth and currency translation effects negatively impacted
growth by (1.0)%. Total segment sales decreased by (0.3)% on a reported basis.
Appendix 1
EXPLANATION OF NON-IFRS FINANCIAL MEASURES
---------------------------------------------
This Trading Statement refers to like-for-like sales growth and underlying EBIT
margin, which are measures that are not recognized under IFRS or other generally
accepted accounting principles (GAAP). The Company has included these measures
as the Company uses these measures in operating its business and because it
believes that these measures are useful to investors, and other users of its
financial information, in helping them to understand the company's underlying
business performance. The definition of these non-IFRS measures are as follows:
Like-for-like sales represents sales, excluding green coffee export sales,
calculated at the exchange rate for the most recent period and adjusted to
eliminate acquisitions to the extent they are not included in both periods.
Underlying EBIT represents profit for the period before share of profit from
associates, finance income / (costs), income tax expense and adjusted to exclude
income or charges that management believes are unrelated to its core operating
results and that are excluded in determining segment profits as well as items
that the Company deems to be non-recurring.
The following tables provide reconciliation between total segment sales and
like-for-like total segment sales.
Sales growth third quarter FY 13
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Retail W-Europe Retail Rest of
World Out of Home Total
Volume (4.6)%
Price (0.3)%
Mix/Other 1.7%
Like-for-like total
segment sales change (8.5)% 6.8% (3.3)% (3.2)%
Foreign exchange (0.1)% (7.8)% (0.2)% (2.4)%
Change in scope* (1.4)% 0.5% 1.5% 0.1%
Total segment sales
change (10.0)% (0.5)% (2.0)% (5.5)%
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* As a result of acquisitions/divestitures and inter-segment reclassifications
Sales growth first nine months FY 13
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Retail W- Retail Rest of
Europe World Out of Home Total
Volume (2.7)%
Price 1.0%
Mix/Other 1.7%
Like-for-like total
segment sales change (2.8)% 6.9% (2.1)% 0.0%
Foreign exchange 0.2% (4.4)% 0.8% (1.0)%
Change in scope* (0.9)% 1.7% 2.2% 0.7%
Total segment sales
change (3.5)% 4.2% 0.9% (0.3)%
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* As a result of acquisitions/divestitures and inter-segment reclassifications
Appendix 2
DISCLAIMER
-------------
The statements contained in this document that are not historical facts are
forward-looking statements within the meaning of the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995. In addition, from
time to time, in oral and written statements, representatives of D.E MASTER
BLENDERS 1753 (the Company) discuss their expectations by making forward-looking
statements regarding the Company. Forward-looking statements are generally but
not always preceded by terms such as "intends", "expects", "projects",
"anticipates", "likely" or "believes". Forward-looking statements represent only
the Company's beliefs regarding the future many of which are by their nature
inherently uncertain. The Company's actual results may differ, possibly
materially, from those expressed or implied in the forward-looking
statements. Consequently, the Company wishes to caution readers not to place
undue reliance on any forward-looking statements. Among the factors that could
cause the Company's actual results to differ from such forward-looking
statements are those described in the Annual Report on Form 20-F filed by the
Company with the Securities and Exchange Commission. The Company undertakes no
obligation to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be required
by applicable law.
It is to be noted that totals in this report might deviate from the sum of the
individual inputs due to rounding.
[1] Like-for-like (LFL) growth is at constant scope of consolidation and
constant exchange rates
[2] Non-allocated sales represent green coffee export sales. Management has
announced to bring these sales down to around ? 45 mln by the end of FY 13.
DEMB Trading Statement Q3 FY13:
http://hugin.info/152637/R/1692567/558325.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: D.E MASTER BLENDERS 1753 via Thomson Reuters ONE
[HUG#1692567]
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2013 - 18:01 Uhr
Sprache: Deutsch
News-ID 252585
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Town:
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