BONDUELLE
A French SCA (Partnership Restricted by Shares) with a capital of 56 942 095 Euros
Head Workplace: La Woestyne 59173 Renescure, France
Registered beneath quantity: 447 250 044 (Dunkerque Industrial and Firms Register)
First Half 12 months 2020-2021 Income
(July 1 – December 31, 2020)
A context of a sanitary disaster
producing contrasted development in enterprise exercise
The Bonduelle Group’s income stands for the 1st half of monetary yr 2020-2021 at € 1,441.5 million, steady at -0.1% on reported figures and a rise of +3.9% on a like for like foundation*.
The detrimental results of foreign money alternate charges contributed to -4.-% on the revealed variation for the 1st half of the monetary yr, defined by a strengthening of the Euro, notably in opposition to the Russian rouble and the US and Canadian {dollars}. No change within the group’s scope of consolidation occurred over the interval.
Second quarter income posted a rise of +0.4% on reported figures and +5.8% on a like for like foundation*, with all three applied sciences making a constructive contribution over the interval on a continuing consolidation scope and alternate charge foundation.
Exercise by Geographic Area
| Complete Consolidated Income (in € hundreds of thousands) |
1st HY 2020-2021 |
1st HY 2019-2020 |
Variation Reported figures |
Variation Like for like foundation* |
2nd Quarter 2020-2021 |
2nd Quarter 2019-2020 |
Variation Reported figures |
Variation Like for like foundation* |
| Europe Zone | 648.- | 640.4 | 1.2% | 1.5% | 333.- | 322.6 | 3.2% | 3.7% |
| Non-Europe Zone | 793.5 | 801.9 | -1.1% | 5.8% | 428.- | 435.4 | -1.7% | 7.4% |
| Complete | 1,441.5 | 1,442.3 | -0.1% | 3.9% | 761.- | 758.- | 0.4% | 5.8% |
Exercise by Working Segments
| Complete Consolidated Income (in € hundreds of thousands) |
1st HY 2020-2021 |
1st HY 2019-2020 |
Variation Reported figures |
Variation Like for like foundation* |
2nd Quarter 2020-2021 |
2nd Quarter 2019-2020 |
Variation Reported figures |
Variation Like for like foundation* |
| Canned | 589.- | 559.2 | 5.3% | 10.5% | 332.7 | 314.2 | 5.9% | 12.5% |
| Frozen | 332.- | 340.3 | -2.4% | 1.3% | 179.6 | 186.5 | -3.7% | 0.9% |
| Recent processed | 520.5 | 542.8 | -4.1% | -1.1% | 248.6 | 257.3 | -3.4% | 1.1% |
| Complete | 1,441.5 | 1,442.3 | -0.1% | 3.9% | 761.- | 758.- | 0.4% | 5.8% |
Europe Zone
The expansion of income for the Europe Zone, representing 45.-% of the enterprise exercise over the interval, posted for the 1st half of the monetary yr a world change of +1.2% on reported figures and +1.5% on a like for like foundation*.
Modifications within the second quarter amounted to +3.2% and +3.7% respectively.
Lengthy life working segments (canned and frozen meals) within the retail enterprise exercise posted strong development over the 1st half of the yr and much more so within the second quarter, notably within the branded merchandise (Bonduelle and Cassegrain), as a result of sanitary disaster and its associated measures (curfews, and so forth.) resulting in a renewed curiosity in these product classes with lengthy shelf lives.
This phenomenon has made it potential to soak up the sharp drop in exercise within the meals service enterprise phase, notably noticeable in frozen meals, nonetheless at a standstill over the interval (closure of economic catering, home-working, and so forth.) and in contemporary meals, this market declined considerably, within the 3 associated international locations (France, Italy, Germany), on account of decrease in-store visitors, the driving power behind the buying act.
Bearing in mind the seasonality of manufacturing and the as soon as once more troublesome crops noticed in the summertime of 2020, the excessive degree of exercise recorded initially of the monetary yr might be diminished, in the long run, by product scarcity, and subsequently a lack of gross sales within the spring of 2021 on a excessive foundation of comparability.
Non-Europe Zone
The income of the Non-Europe Zone, representing 55.-% of the income of the group, is at -1.1% on reported figures and up +5.8% on a like for like foundation*, modifications within the second quarter are -1.7% and +7.4% respectively.
All three applied sciences posted constructive development within the area, each within the second quarter and over the half yr as an entire.
In North America, the lengthy life working phase (canned and frozen meals) recorded strong development over the interval, with grocery store gross sales, notably branded gross sales (Arctic Gardens and Del Monte), and B2B gross sales greater than offsetting an out-of-home catering enterprise impacted by the well being disaster, even when the downturn was much less extreme than in Europe.
Regardless of a troublesome agricultural context noticed on the west coast on account of the autumn fireplace coupled with unequalled difficulties in recruiting employees and a well being scenario that was unfavorable to on-the-go consumption, the general ready-to-eat contemporary enterprise phase and customer support ranges had been maintained in america, on the value of great further provide and manufacturing prices and an unfavorable product combine (bagged salads vs. bowls), whereas enterprise in Canada continued to develop.
In Russia and the international locations of the Commonwealth of Unbiased States, the sanitary disaster context, strongly impacting the financial system and buying energy on the one hand, and the technique of preserving margins, involving value will increase in a context of imported inflation on sure price elements however, lastly, arbitrations in favor of Bonduelle and Globus branded canned merchandise to the detriment of personal labels restricted the general volumes of the canned working phase, whereas the frozen meals one, based mostly on native manufacturing and nonetheless restricted in measurement, continued to develop.
Different important informations
Bonduelle submits a proposal to take over the commercial property of the Coopérative France Champignon
The Bonduelle Group proclaims that it has filed on December 21, 2020 a proposal to take over the commercial property of the Coopérative France Champignon, put into receivership by court docket ruling on November 12, 2020 and concomitantly a notification to the French Competitors Authority on December 21, 2020.
In accordance with the group’s press launch of November 5, 2020, Bonduelle is thus actively collaborating with its mushroom producing companions within the seek for options to make sure the sustainability of the sector in an effort to enable all stakeholders to discover a passable financial steadiness and supplying the French market with processed mushrooms from a high quality French sector.
The monetary impression ensuing from the difficulties of the Coopérative Agricole France Champignon on the Bonduelle Group will depend upon the choice of the Tribunal Judiciaire (Mixed Courtroom) of Saumur, to come back in February, relating to the designated purchaser, and the retained sale’s phrases.
The Bonduelle Group’s Shareholders’ Assembly adopts the corporate’s “Raison d’être”
The Shareholders’ Assembly of December 17, 2020, adopted by 99.91% of the votes the decision to amend its articles of affiliation to incorporate the corporate’s “Raison d’être”: “Encourage the transition towards a plant-based food regimen to contribute to folks’s well-being and planet well being”. With this inclusion in its articles of affiliation, the Bonduelle Group is thus giving concrete expression to its commitments by way of Company Social and Environmental Duty and its ambition to realize B Corp certification by 2025.
As soon as once more, Bonduelle strengthens its monetary flexibility and aligns this financing to sustainable growth goals
After the profitable issuance of a NEU CP program in July 2020, the Bonduelle Group introduced on November 30, 2020 the early renewal of its syndicated mortgage, growing it from € 300 million to € 400 million and indexing the margin on Environmental, Social and Governance standards (ESG).
Signed with an enlarged pool of 11 banks (9 banking teams), this syndicated mortgage, with impression, features a single tranche of revolving credit score (RCF – Revolving Credit score Facility) considerably oversubscribed and refinances the prevailing RCF of € 300 million that was resulting from mature in July 2021.
By the completion of this transaction, the Bonduelle Group achieves a number of goals:
- strengthened monetary flexibility: resulting from its enterprise mannequin, the group has seasonal working capital financing necessities which can be simply met by the Revolving Credit score Facility precept;
- an prolonged common maturity of the group’s debt (maturity of 5 years in advantageous);
- aggressive financing on the premise of the negotiated margin grid and the optimization of this syndicated mortgage by way of a Neu CP program launched in July 2020;
- an indexation of the margin according to the group’s Company Social Duty (CSR) goals and its plan to acquire B Corp certification (certification overlaying a really broad set of ESG standards) for all its actions by 2025;
- a banking pool prolonged to new companions, each French and worldwide, reflecting the group’s rising internationalization and strengthening its platform of companions.
This financing transaction, carried out in a very unsure financial and monetary context, as soon as once more underlines the group’s monetary energy. The over subscription and the enlargement of the pool of lenders additionally show the keenness of monetary establishments for the Bonduelle Group’s monetary profile.
Through its endorsement of the B Corp certification course of, this transaction illustrates the group’s commitments by way of Social and Environmental Duty, according to its “raison d’être”.
Outlooks
The modifications noticed as a result of sanitary disaster over the 1st half of the yr and initially of 2021 partially have an effect on the assumptions used to attract up the goals for 2020-2021 monetary yr communicated in October 2020, particularly these associated to the event of the out-of-home catering enterprise.
Regardless of total enterprise exercise being preserved, further prices and unfavorable change in product combine and distribution channels linked to the sanitary disaster and troublesome harvest circumstances, notably on the contemporary ready-to-use enterprise in North America, and the anticipated scarcity on sure product classes will impression the profitability outlook for the monetary yr.
* at fixed foreign money alternate charge and scope of consolidation foundation. The revenues in international foreign money over the given interval are translated into the speed of alternate for the comparable interval. The impression of enterprise acquisitions (or acquire of management) and divestments is restated as follows
- For companies acquired (or acquire of management) throughout the present interval, income generated for the reason that acquisition date is excluded from the natural development calculation;
- For companies acquired (or acquire of management) throughout the prior fiscal yr, income generated throughout the present interval up till the primary anniversary date of the acquisition is excluded;
- For companies divested (or lack of management) throughout the prior fiscal yr, income generated within the comparative interval of the prior fiscal yr till the divestment date is excluded;
- For companies divested (or lack of management) throughout the present fiscal yr, income generated within the interval commencing 12 months earlier than the divestment date as much as the tip of the comparative interval of the prior fiscal yr is excluded.
Various efficiency indicators: the group presents in its monetary notices efficiency indicators not outlined by accounting requirements. The principle efficiency indicators are detailed within the monetary stories out there on www.bonduelle.com.
Subsequent monetary occasions:
– 2020-2021 1st Half 12 months Outcomes: February 26, 2021 (previous to inventory alternate buying and selling session)
– 2020-2021 3rd Quarter FY Income: Might 3, 2021 (after inventory alternate buying and selling session)
About Bonduelle
Bonduelle, a household enterprise, was established in 1853. Its mission is to be the world reference in “well-living” by way of plant-based meals. Prioritizing innovation and long-term imaginative and prescient, the group is diversifying its operations and geographical presence. Its greens, grown over virtually 120,000 hectares all around the world, are offered in 100 international locations beneath varied model names and thru varied distribution channels and applied sciences. An skilled in agro-industry with 56 industrial websites or owned agricultural manufacturing websites, Bonduelle produces high quality merchandise by selecting the right crop areas near its clients.
Bonduelle is listed on Euronext compartment B
Euronext indices: CAC MID & SMALL – CAC FOOD PRODUCERS – CAC ALL SHARES
Bonduelle is a part of the Gaïa non-financial efficiency index and worker shareholder index (I.A.S.)
Code ISIN : FR0000063935 – Code Reuters : BOND.PA – Code Bloomberg : BON FP
Discover out concerning the group’s present occasions and information on Twitter @Bonduelle_Group, and its monetary information on @BonduelleCFO
