First Half Year 2020-2021 Revenue: a context of a sanitary crisis generating contrasted growth in business activity

BONDUELLE

A French SCA (Partnership Restricted by Shares) with a capital of 56 942 095 Euros
Head Workplace: La Woestyne 59173 Renescure, France
Registered below 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 progress in enterprise exercise

The Bonduelle Group’s income stands for the 1^st half of monetary 12 months 2020-2021 at € 1,441.5 million, secure at -0.1% on reported figures and a rise of +3.9% on a like for like foundation*.
The unfavorable results of forex alternate charges contributed to -4.-% on the printed variation for the 1^st half of the monetary 12 months, 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 optimistic contribution over the interval on a continuing consolidation scope and alternate charge foundation.

Exercise by Geographic Area

Exercise by Working Segments

Europe Zone
The expansion of income for the Europe Zone, representing 45.-% of the enterprise exercise over the interval, posted for the 1^st half of the monetary 12 months a world change of +1.2% on reported figures and +1.5% on a like for like foundation*.
Adjustments 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 progress over the 1^st half of the 12 months 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 many others.) resulting in a renewed curiosity in these product classes with lengthy shelf lives.
This phenomenon has made it attainable 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 business catering, home-working, and many others.) and in recent meals, this market declined considerably, within the 3 associated nations (France, Italy, Germany), on account of decrease in-store site visitors, the driving drive 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 in the beginning of the monetary 12 months may very well be lowered, 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.

Story continues

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 optimistic progress within the area, each within the second quarter and over the half 12 months as a complete.
In North America, the lengthy life working phase (canned and frozen meals) recorded strong progress 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 hearth coupled with unequalled difficulties in recruiting employees and a well being state of affairs that was unfavorable to on-the-go consumption, the general ready-to-eat recent enterprise phase and customer support ranges had been maintained in the USA, on the worth of great extra provide and manufacturing prices and an unfavorable product combine (bagged salads vs. bowls), whereas enterprise in Canada continued to develop.
In Russia and the nations 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 worth will increase in a context of imported inflation on sure price parts alternatively, 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, primarily based on native manufacturing and nonetheless restricted in dimension, continued to develop.

Different important informations

Bonduelle submits a suggestion to take over the economic property of the Coopérative France Champignon
The Bonduelle Group proclaims that it has filed on December 21, 2020 a suggestion to take over the economic property of the Coopérative France Champignon, put into receivership by courtroom 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 with a view 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 affect ensuing from the difficulties of the Coopérative Agricole France Champignon on the Bonduelle Group will rely upon the choice of the Tribunal Judiciaire (Mixed Courtroom) of Saumur, to return 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 weight loss plan 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 when it comes to 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 targets
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 affect, features a single tranche of revolving credit score (RCF – Revolving Credit score Facility) considerably oversubscribed and refinances the present RCF of € 300 million that was attributable to mature in July 2021.
By the completion of this transaction, the Bonduelle Group achieves a number of targets:

• strengthened monetary flexibility: attributable to 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 tremendous);

• aggressive financing on the premise of the negotiated margin grid and the optimization of this syndicated mortgage via a Neu CP program launched in July 2020;

• an indexation of the margin in step with the group’s Company Social Duty (CSR) targets 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.
By way of its endorsement of the B Corp certification course of, this transaction illustrates the group’s commitments when it comes to Social and Environmental Duty, in step with its “raison d’être”.

Outlooks

The modifications noticed as a result of sanitary disaster over the 1^st half of the 12 months and in the beginning of 2021 partially have an effect on the assumptions used to attract up the targets for 2020-2021 monetary 12 months communicated in October 2020, specifically these associated to the event of the out-of-home catering enterprise.
Regardless of general enterprise exercise being preserved, extra prices and unfavorable change in product combine and distribution channels linked to the sanitary disaster and troublesome harvest situations, notably on the recent ready-to-use enterprise in North America, and the anticipated scarcity on sure product classes will affect the profitability outlook for the monetary 12 months.

* at fixed forex alternate charge and scope of consolidation foundation. The revenues in international forex over the given interval are translated into the speed of alternate for the comparable interval. The affect of enterprise acquisitions (or acquire of management) and divestments is restated as follows

• For companies acquired (or acquire of management) in the course of the present interval, income generated because the acquisition date is excluded from the natural progress calculation;

• For companies acquired (or acquire of management) in the course of the prior fiscal 12 months, income generated in the course of the present interval up till the primary anniversary date of the acquisition is excluded;

• For companies divested (or lack of management) in the course of the prior fiscal 12 months, income generated within the comparative interval of the prior fiscal 12 months till the divestment date is excluded;

• For companies divested (or lack of management) in the course of the present fiscal 12 months, income generated within the interval commencing 12 months earlier than the divestment date as much as the top of the comparative interval of the prior fiscal 12 months is excluded.

Different efficiency indicators: the group presents in its monetary notices efficiency indicators not outlined by accounting requirements. The primary efficiency indicators are detailed within the monetary reviews obtainable on www.bonduelle.com.

Subsequent monetary occasions:

– 2020-2021 1^st Half 12 months Outcomes: February 26, 2021 (previous to inventory alternate buying and selling session)
– 2020-2021 3^rd 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” via plant-based meals. Prioritizing innovation and long-term imaginative and prescient, the group is diversifying its operations and geographical presence. Its greens, grown over nearly 120,000 hectares all around the world, are offered in 100 nations below numerous model names and thru numerous distribution channels and applied sciences. An professional 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 prospects.

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

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