BONDUELLE - 2016-2017 Financial Year Turnover: Solid turnover growth in line with the annual objectives
(Thomson Reuters ONE) -
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)
2016-2017 Financial Year Turnover
Solid turnover growth in line with the annual objectives
A dynamic activity in Q4
Change in the activity profile of Bonduelle with the acquisition of Ready Pac
Foods
For the first time ever, the turnover of the Bonduelle Group exceeded ? 2
billion over FY 2016-2017, fuelled by solid organic growth and the consolidation
of Ready Pac Foods at the end of the FY.
This performance reflects the group's strong resilience despite unfavorable
circumstances - sluggishness of the consumption in Europe, economic crisis in
emerging countries, difficult harvests - and its ability to seize promising
growth opportunities.
While consolidated for only a quarter, the acquisition of Ready Pac Foods has
profoundly changed the group's profile, highlighting its international expansion
via activities outside Europe and through the business development of its ready-
to-eat segment, search for new sources of growth that are capital employed
efficient.
Global Turnover
Activity by Geographic Region
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
| Total | | | | Constant | | | | Constant |
|consolidated| FY | FY |Current | scope of | Q4 | Q4 |Current | scope of |
| turnover |2016-2017|2015-2016|Exchange|consolidation|2016 |2015 |Exchange|consolidation|
| (in ? | | | rate |and exchange |-2017|-2016| rate |and exchange |
| million) | | | | rates | | | | rates |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
|Europe Zone | 1,277.3 | 1,274.9 | 0.2% | 0.2% |330.-|324.8| 1.6% | 1.5% |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
|Non-Europe | 1,010.8 | 692.8 | 45.9% | 7.1% |405.7|159.5| 154.4% | 10.7% |
|Zone | | | | | | | | |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
|Total | 2,288.1 | 1,967.7 | 16.3% | 2.7% |735.7|484.3| 51.9% | 4.6% |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
Activity by Operating Segments
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
| Total | | | | Constant | | | | Constant |
|consolidated| FY | FY |Current | scope of | Q4 | Q4 |Current | scope of |
| turnover |2016-2017|2015-2016|Exchange|consolidation|2016 |2015 |Exchange|consolidation|
| (in ? | | | rate |and exchange |-2017|-2016| rate |and exchange |
| million) | | | | rates | | | | rates |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
|Canned | 984.2 | 959.3 | 2.6% | 1.2% |239.7|228.5| 4.9% | 1.7% |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
|Frozen | 648.4 | 596.9 | 8.6% | 7.5% |161.-|143.6| 12.1% | 11.7% |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
|Fresh | 655.5 | 411.5 | 59.3% | -0.8% |335.-|112.1| 198.7% | 1.8% |
|processed | | | | | | | | |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
|Total | 2,288.1 | 1,967.7 | 16.3% | 2.7% |735.7|484.3| 51.9% | 4.6% |
+------------+---------+---------+--------+-------------+-----+-----+--------+-------------+
Over FY 2016-2017 (1(st) of July 2016 - 30(th) of June 2017), the group's
turnover reached 2,288.1 million of Euro, an increase of 16.3% based on reported
figures. This performance is the result of strong organic growth (+ 2.7%) at the
higher end of the target range announced (+ 2 to + 3%), coupled with an exchange
rate impact that finally turned positive (+ 1.-%) along with the Ready Pac Foods
integration effective March 21(st).
The fourth quarter, up by + 51.9%, recorded a rather strong organic growth of +
4.6%.
Europe Zone
The Europe zone, representing 55.8% of this FY turnover, returned to growth +
0.2% both on reported figures and like for like basis*, driven by a dynamic
fourth quarter recording + 1.6%.
The lack of products due to the poor harvests observed in summer 2016 (cans and
frozen) and early 2017 (fresh-cut bagged salads) has been partially offset by a
sunny spring promoting the consumption of canned corn and fresh prepared
products.
Non-Europe Zone
The non-Europe zone, representing over this FY 44.2% of the turnover (due to the
Ready Pac Foods's contribution over a quarter) recorded an increase of + 45.9%
based on reported figures and 7.1% on a like for like basis*, given the
favorable evolution of exchange rates (+ 3.1%) and the scope of consolidation.
The strong performance of the canned and frozen segments in North America has
been vitiated by the difficulties observed in emerging countries (namely in
Brazil and Russia). In Russia, the slight pickup in the economic recovery is not
yet translated into an increase in food consumption. Thanks to a wide offer of
canned vegetables products (Bonduelle and Globus brands), the group has
successfully maintained its market share and sales prices, and thus its
profitability.
Ready Pac Foods, now Bonduelle Fresh Americas, recorded very strong growth over
this fourth quarter, hence continuing to improve its market penetration.
Highlights
Divestiture of the interest in Gelagri
On June 23(rd) 2017, the Bonduelle Group divested its minority interests in the
Gelagri companies of France and Spain to Triskalia, its joint shareholder. Born
from the respective contributions of the shareholders expertise in frozen for
private labels, this joint venture enabled, via industrial efficiency gains, a
sharp turnaround of the activity in terms of financial performance. The effect
of this divestment will not have any significant impact on the group's results
and cash flow on the 30th of June 2017.
Refinancing of Ready Pac Foods acquisition
Bonduelle finalized, under particularly attractive conditions, the refinancing
operations associated with the acquisition of Ready Pac Foods.
On March 21(st), Bonduelle announced that it had fully completed the acquisition
of Ready Pac Foods for a total amount of $ 409 million. This operation was
financed through a bridge loan of $ 279 million with an initial term of one year
and a $ 130 million amortizing bank loan with a five years maturity.
This operation was carried out jointly with Crédit Agricole Nord de France and
Crédit Agricole CIB.
The successful syndication process with the pool of existing banks as well as
with 3 new foreign banks, together with the particularly attractive margin
conditions have led Bonduelle to increase the total amount of the bank loan from
$ 130 million to $ 200 million.
At the same time, looking for additional maturity, Bonduelle issued on July
6, 2017, a new Private Placement in the US market (USPP) split into 2 tranches
of respectively ? 150 million and $ 50 million. These two tranches both have a
maturity of 10 years and bring the group's total debt average maturity to almost
5 years.
Bonduelle, being a repeat issuer on the USPP market since 2000, has been able to
deal this private placement under particularly competitive conditions both in
euros and US dollars, from a pool of historical investors who have renewed its
confidence in the group as well as a new investor.
Bonduelle was advised by BNP Paribas and Natixis, acting as agents, and Willkie
Farr & Gallagher as counsel.
Through this operation, Bonduelle pursues its policy of partial
disintermediation and diversification of its financing sources (banks, USPP,
EuroPP,...) by further expanding its platform of both banking and non-bank
financial partners, guaranteeing independence and competitiveness of its
indebtedness' cost, and thus reflects its post Ready Pac Foods acquisition
investment grade profile.
Outlooks
Due to a dynamic activity observed in quarter 4, the group should record, at
constant exchange rate and scope of consolidation, a current operating
profitability close to the one recorded in FY 2015-2016, despite the impact of
poor harvests in summer 2016. This performance, higher than the annual
objectives announced in October 2016 and revised upwards in March 2017, will be
strengthened by favorable exchange rates and the contribution, for roughly a
quarter, of Ready Pac Foods.
* at constant scope of consolidation and exchange rates
Next financial event:
- 2016-2017 FY Results: 2(nd) 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
2016-2017 Financial Year Turnover:
http://hugin.info/143377/R/2124648/810753.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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
Unternehmensinformation / Kurzprofil:
Datum: 02.08.2017 - 18:00 Uhr
Sprache: Deutsch
News-ID 555076
Anzahl Zeichen: 12181
contact information:
Town:
Villeneuve
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 313 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BONDUELLE - 2016-2017 Financial Year Turnover: Solid turnover growth in line with the annual objectives"
steht unter der journalistisch-redaktionellen Verantwortung von
BONDUELLE (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
