BONDUELLE - 2014-2015 FY Turnover: Another year of strong turnover growth exceeding objective

 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) 

2014-2015 Financial Year Turnover

Another year of strong turnover growth
exceeding objective for Bonduelle in FY 2014-2015

In a rather demanding environment in FY 2014-2015 - sluggish consumption and concentration of distribution in Europe, fire at the Tecumseh plant (Canada), Russian embargo and the rouble devaluation - the Bonduelle Group records another financial year of strong growth, higher than the announced objective, later revised upward, again demonstrating the pertinence of its business model and resilience to the fluctuating environment.

Global Turnover

Activity by Geographic Region

Activity by Operating Segments

The group's turnover stands at 1,981.8 million of Euro for FY 2014-2015 (1^st of July 2014 - 30^th of June 2015) against 1,921.1 million of Euro last FY, an increase of 4.1% at constant exchange rates, higher than the annual objective revised upward in February to 2 to 3 % at constant rates. After taking into account the adverse impact of currencies that is - 17.5 million of Euro and - 0.9%, mainly related to a 20% devaluation of the rouble, the group reports a growth of + 3.2% on published figures.
The group thus experienced 4 quarters of growth, last quarter reporting an increase of + 2.2% on a like-for-like basis* and of + 3.8% on published figures and saw, over the full FY, all its operating segments - canned, frozen and fresh processed - growing on a like-for-like basis*.

Europe Zone

The turnover of the Europe zone (65% of the total turnover) reported a stability both on a published and constant basis.
This stability masks the strong sales of branded products: Bonduelle and Cassegrain in all the various operating segments of the group driven by innovation (broadening of the Cassegrain range, sustainable development of the line of steamed products, renewal of the retail frozen ranges and success of the snacking range in the delicatessen segment notably) and by the reinforcement of the presence of the group in the media. This dynamic allowed the group to strengthen its market position in globally stable markets.
Some voluntary declines in volumes for the canned private label segment as a result of unsatisfactory price levels, and a food service segment remaining difficult for the frozen category explain the overall development of the zone.

Non-Europe Zone

Despite adverse exchange rate movements, the Non-Europe zone (35% of the total turnover) reported a published growth of + 9.4% and a 12.5% growth at constant exchange rates in line with past performances.
In Northern America, affected by the fire at the plant of Tecumseh in the middle of harvest season, Bonduelle continued to consolidate its positions in Canada, in a better market environment, and its strong expansion in the US of its frozen operating segment in retail and food service. The investments and productivity gains obtained in the plants acquired in 2012, coupled with the acquisition of the Lethbridge plant over the FY support the volume growth and the continued market share gains.
In Eastern Europe, the group recorded once again a strong turnover growth. Essentially locally produced, the Russian activity has not suffered from the embargo measures and the rouble devaluation, highlighting here the relevance of the set-up of a local production plant in 2004 and reinforced by the external growth in 2012. The activity in Ukraine, where the group only has a commercial presence, obviously impacted by the geopolitical context, is not significant.
In Brazil, with a turnover accounting for less than 2% of the group, Bonduelle continued its business growth despite a substantial slowdown in consumption and price levels remaining low.

Outlooks

The outstanding commercial performance recorded over this FY supports the growth prospects for the current operating result of 2014-2015, reviewed upward in February to + 7 to +12 % at constant exchange rates.

* at constant scope of consolidation and exchange rates

Next financial event:

- 2014-2015 FY Results           :          29^th of September 2015 (prior to stock exchange trading session)