Bonduelle - 2019-2020 Financial Year Revenue: Growth of the annual
revenue in line with the initial objectives in an exceptional
context
BONDUELLE
A French SCA (Partnership Limited by Shares) with
a capital of 56 942 095 EurosHead Office: La Woestyne 59173
Renescure, FranceRegistered under number: 447 250 044
(Dunkerque Commercial and Companies Register)
2019-2020 Financial Year Revenue
Growth of the annual revenue in line with the
initial objectives in an exceptional context
- Sharp decline in the 4th quarter due to the Covid-19
pandemic
- Contrasting situations according to technologies and
distribution channels
- The controlling family shareholder, directors and management
of the company united in the Covid-19 crisis
The Bonduelle Group's revenue for FY 2019-2020
stands at € 2,854.9 million, up against the previous year, despite
an unprecedented sanitary crisis that had a contrasting impact on
business in the second half of the year. While these circumstances
will affect the group's expected profitability, this performance
nevertheless demonstrates the relevance of a portfolio of
activities diversified in terms of technologies, distribution
channels and geographies.
Global Revenue
Activity by Geographic Region
Total consolidated revenue(in € million) |
FY2019-2020 |
FY2018-2019 |
Variation Reported figures |
Variation Like for like basis* |
Q42019-2020 |
Q42018-2019 |
Variation Reported figures |
Variation Like for like basis* |
Europe Zone |
1,299.5 |
1,297.- |
+0.2% |
+0.3% |
309.3 |
340.9 |
-9.3% |
-8.9% |
Non-Europe Zone |
1,555.3 |
1,480.1 |
+5.1% |
+2.3% |
342.- |
354.- |
-3.4% |
-3.1% |
Total |
2,854.9 |
2,777.1 |
+2.8% |
+1.4% |
651.4 |
694.9 |
-6.3% |
-6.-% |
Activity by Operating Segments
Total consolidated revenue(in € million) |
FY2019-2020 |
FY2018-2019 |
Variation Reported figures |
Variation Like for like basis* |
Q42019-2020 |
Q42018-2019 |
Variation Reported figures |
Variation Like for like basis* |
Canned |
1,121.5 |
1,023.4 |
+9.6% |
+9.1% |
265.4 |
248.5 |
+6.8% |
+9.3% |
Frozen |
685.- |
657.9 |
+4.1% |
+2.2% |
146.7 |
160.4 |
-8.5% |
-8.8% |
Fresh processed |
1,048.4 |
1,095.8 |
-4.3% |
-6.3% |
239.3 |
285.9 |
-16.3% |
-17.6% |
Total |
2,854.9 |
2,777.1 |
+2.8% |
+1.4% |
651.4 |
694.9 |
-6.3% |
-6.-% |
The Bonduelle Group's revenue for FY 2019-2020
(July 1, 2019 - June 30, 2020) stands at € 2,854.9 million, an
increase of +2.8% on reported figures and +1.4% on a like-for-like
basis*.Quarter 4 saw a sharp decline of -6.3% on a reported figures
and -6.-% on a like for like basis*, reflecting an activity heavily
impacted by the Covid-19 pandemic, including an abrupt shutdown of
the food service activities in the spring and a drop in store
traffic, affecting mostly the frozen and fresh food technologies.
Conversely, and without being able to offset the shortfall in the
business activities mentioned, the canned business activity, driven
by the national brands, progressed strongly over the quarter and
posted market share gains in the group's various geographical
areas.
Europe ZoneThe Europe Zone, representing
45.5% of the group's revenue over the FY, was stable overall, at
+0.2% on reported figures and +0.3% on like-for-like basis*.While
the beginning of the financial year was marked by a growth in the
canned and frozen branded products (Bonduelle and Cassegrain), and
a slight decline in the fresh operating segment, the sanitary
crisis linked to the Covid-19 pandemic has accentuated this trend,
with a drop in shelf traffic and an increase in home consumption
mainly benefiting the so-called long life products to the detriment
of the fresh products. The food service business activity
(commercial catering and social catering), which was growing
cumulatively at the end of February, was strongly impacted by the
lockdown measures, mainly in frozen and fresh foods.Thus in quarter
4, the strong performance of the canned, fuelled by the group's
brands, is not enough to offset the difficulties observed in the
fresh segment and the food service business activity, still
stricken, even if a slow but gradual recovery is noted at the very
end of the period.
Non-Europe ZoneThe revenue of the
non-Europe zone, representing 54.5% of the group's revenue, was up
+5.1% on reported figures and +2.3% on like-for-like basis*. Over
quarter 4, the revenue was down by -3.4% on reported figures and
-3.1% on like-for-like basis*.Prior to the Spring sanitary crisis,
the non-Europe business activity was buoyed by sustained growth in
Eurasia, on the one hand, thanks to innovations under the Bonduelle
brand, and in North America on the other hand, through capacities
regained in the long life business activity with the ramp-up of the
packaging site in Lebanon (Pennsylvania, USA), and comparison bases
that have become normalized for the fresh business (bagged salads,
meal solutions). In the 2nd and 3rd quarters, all three
technologies posted positive growth rates, with the sanitary crisis
impacting these areas later.In the context of the sanitary crisis,
even though long the life business activities have benefited from
precautionary purchases by consumers coupled then with a sustained
level of activity, the lockdown measures leading to the abrupt
shutdown of the food service business activities are weighing on
the growth of the revenue. In the United States, the fresh food
segment, which is oriented towards nomadic consumption habits
("bowls"), is particularly affected by the sanitary crisis and its
related lockdown measures, even if an upturn in consumption was
observed in June.
Highlights
The controlling family shareholder, the
directors and the management of the company united in the Covid-19
crisisIn accordance with the press release dated May 29, 2020,
a 20% reduction in the group's usual pay-out ratios will be
proposed at the Annual Shareholders' Meeting on December 3, 2020
for the 2019-2020 financial year dividend. This project has
received the support of the Supervisory Board. The members of
Bonduelle SCA's Supervisory Board and Bonduelle SA's Board of
Directors decided to waive 20% of their directors' fees. The
Chairman and the members of the Executive Board, for their part,
reduced their fixed remuneration by 20% over the lockdown
period.These sums help finance the bonus for employees who have
never stopped working in the plant and have proudly committed
themselves, setting aside their legitimate concerns, to ensuring
access to food for all.The sums collected also make it possible to
compensate for the loss of salary of employees with the lowest
level of remuneration and to help employees facing difficult
medical situations.
Bonduelle optimizes its financing through the
implementation of a Neu CP program of € 300 million.In a logic
of constant search for optimization of its financing instruments,
Bonduelle has set up a short-term negotiable debt securities
program (Neu CP) of € 300 million. The inaugural issue was carried
out on July 29, 2020 on particularly competitive terms,
highlighting once again the investors' confidence in the group's
financial strength.This program, providing access to a new
disintermediated and flexible short-term financing resource,
replaces the confirmed financing lines that remain available to the
group.
Outlooks
The highly differentiated development of the
group's activities, leading to an unfavourable profitability mix
for sales, also led to additional storage costs in the frozen food
business and losses of raw materials due to the loss of market
opportunities in the fresh segment. In addition, employee
protection measures generated additional costs and losses in
industrial efficiency. Finally, the General Management wished to
show its gratitude and solidarity to the most exposed employees
through exceptional bonuses and contributions. Thus, despite the
remarkable resilience of the business and the numerous initiatives
aimed at limiting the unfavourable economic impacts of the Covid-19
crisis, in accordance with the indications communicated on the
occasion of the 3rd quarter revenue, these elements impacting the
group's economic performance will not allow it to achieve the
current operating profitability targets set for the financial year
ending June 30, 2020. The outlook for 2020-2021 will depend to a
large extent on the evolution of the pandemic and correlatively on
the evolution of the different business segments, but also on the
medium-term evolution of consumption habits, with the agricultural
campaigns progressing satisfactorily.
* 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 event:
- 2019-2020 FY Results and 2020-2021 outlooks:
September 28, 2020 (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 plant-based food. Prioritizing
innovation and long-term vision, the group is diversifying its
operations and geographical presence. Its vegetables, grown over
almost 120,000 hectares all over the world, are sold in 100
countries under various brand names and through various
distribution channels and technologies. An expert in agro-industry
with 56 industrial sites or owned agricultural production sites,
Bonduelle produces quality products by selecting the best crop
areas close to its customers.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
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