A French SCA (Partnership Limited by Shares) with a capital of 57 102 699,50 Euros
Head Office: La Woestyne 59173 Renescure,
Registered under number: 447 250 044 (Dunkerque Commercial and
2020-2021 Annual Results
(
Business activity and profitability sustained in an environment subject to sanitary constraints
- Growth of revenue on a like for like basis(1), contrasted by technology and distribution channels, impacted by the sanitary crisis and the related restrictions
- Growth of net profitability despite the direct and indirect effects of the sanitary situation and the unfavourable exchange rate impacts
- Financial debt and associated ratios under full control
- Sales and profitability growth expected in 2021-2022
- Strategic review of North American Long Life activities
On
Significant Results
Consolidated Accounts (in € million) | 2020-2021 | 2019-2020 | Variations |
Revenue | 2,778.6 | 2,854.9 | -2.7% |
Current Operating Income | 100.4 | 108.7 | -7.6% |
Net Result | 57.1 | 54.6 | +4.6% |
Message from Guillaume Debrosse - Chief Executive Officer:
"The
In a consumer environment far different from the one in which the annual targets were set, we demonstrate our resilience thanks to a portfolio of diversified business activities in terms of technologies, distribution channels and geographical areas.
Despite an unstable and in many ways adverse environment, we have materialised our purpose, now embedded in our articles of association, through various initiatives: "Inspire the transition toward a plant-based diet, to contribute to people’s well-being and planet health."
With caution and determination, in 2021-2022 we intend to continue our growth trajectory and return to pre-Covid profitability levels, if necessary, questioning the contribution of our businesses to our ambition of sustainable growth with a positive impact."
Revenue
At €2,778.6 million, the group's revenue for FY 2020-2021 (
Activity by
Total consolidated revenue (in € million) | 2020-2021 | 2019-2020 | Variation Reported figures | Variation Like for like basis(1) |
1,271.7 | 1,299.5 | -2.1% | -1.9% | |
1,506.9 | 1,555.3 | -3.1% | +4.6% | |
Total | 2,778.6 | 2,854.9 | -2.7% | +1.6% |
Activity by Operating Segments
Total consolidated revenue (in € million) | 2020-2021 | 2019-2020 | Variation Reported figures | Variation Like for like basis(1) |
Canned | 1,087.7 | 1,121.5 | -3.-% | +1.1% |
Frozen | 655.1 | 685.- | -4.4% | -0.2% |
Fresh processed | 1,035.8 | 1,048.4 | -1.2% | +3.5% |
Total | 2,778.6 | 2,854.9 | -2.7% | +1.6% |
The revenue for the
In retail, the relative stability of revenue is mainly due to unfavorable comparison bases (precautionary purchases in Q3 and Q4 of 2019-2020) and product shortages resulting from the poor agricultural campaigns of summer 2020. These factors mask the remarkable growth in sales of the Cassegrain brand in canned food and the Bonduelle brand in the frozen food segment. The fresh ready-to-eat segment continued to be heavily penalized by the limited number of sales in retail stores over a large part of the year, affecting the entire market.
The sanitary crisis and its effects on the food service business activity once again had a major impact on the frozen and ready-to-eat fresh segments over a large part of the year. Q4 recorded, with the gradual lifting of sanitary and traffic restrictions, a significant increase in both technologies.
The revenue of the
In
The long-life business activities in
The long-life business activities (canned and frozen) in
Operating Profitability
(in € million) | 2020-2021 Reported figures | 2019-2020 Reported figures | Variations Reported figures | Variations Like for like basis(1) |
Revenue | 2,778.6 | 2,854.9 | -2.7% | +1.6% |
Current Operating Profitability | 100.4 | 108.7 | -7.6% | -4.-% |
Current Operating Margin Rate | 3.6% | 3.8% | - 19 bps | - 21 bps |
For FY 2020-2021, the
The long-lasting sanitary crisis on the one hand, source of additional costs (disinfection, adaptation of organisations, productivity...) and on the other hand, the operational difficulties partly linked to this same context faced by the fresh business segment in
Despite this context, the group continued its policy of developing its brands with an increase of more than 10.-% in marketing investments and the ongoing deployment of innovations (Without Pesticide Residues range, etc.).
After taking into account non-recurring items (€ 3.2 million) linked to the various restructuring operations that took place during the year (takeover of the assets of the
Net Result
The net financial expense stands at € -17.3 million against € -25.9 million last financial year. This significant improvement is mainly due to a favourable interest rate effect, the implementation of new competitive financing (NEU CP programme), with an average cost of debt for the Group at 1.79% against 2.15% last financial year and a positive exchange rate result of € 1.2 million. The income tax expense stands at € 22.2 million, against € 21.3 million last financial year and represents a stable effective tax rate of 28.-%. After taking into account the tax charge and the financial income, the
Financial Situation
Exclud. IFRS 16 Standard | Reported Figures | Exclud. IFRS 16 Standard | Reported Figures | |||
Net debt (in millions of euro) | 617.4 | 654.7 | 631.- | 715.2 | 631.- | 716.- |
Gearing(2) | 0.95 | 0.90 | 0.89 | 1.- | 0.85 | 0.97 |
Leverage ratio(3) | 2.91 | 3.07 | 3.19 | 3.24 | 3.33 | 3.38 |
On
Highlights
The
The Shareholders' Meeting, on
The
This revaluation is based upon a strong commitment to "runoff" in favour of agricultural producers, which involves all the actors of the value chain, in a state of mind in line with that of the États Généraux de l'Alimentation (
In addition,
Appointment of a member representing employees on the Supervisory Board
Pursuant to the PACTE Act of
Once again,
After the successful issuance of a NEU CP program in
This financing transaction, carried out in a particularly uncertain economic and financial context, once again underlines the group's financial strength. The over subscription and the expansion of the pool of lenders also demonstrate the enthusiasm of financial institutions for the
Via its endorsement of the
In a decision dated
Outlooks
Despite the still uncertain health environment and a hyperinflationary context, the
The General Management will propose a dividend of
Furthermore, as part of the periodic review of its business portfolio, the
This activity, born from the acquisition in 2007 of Aliments Carrière in
This review aims at assessing the contribution of this activity towards the
This review, and the resulting scenarios, should enable Bonduelle Americas Long Life's activities to pursue their development in a constantly consolidating North American market and to finance the investments necessary to increase its profitability.
(1) 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.
(2) net financial debt / equity
(3) net financial debt / recurring EBITDA
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:
- 2021-2022 1st Quarter Revenue:
- Annual General Meeting:
- 2021-2022 1st Half Year Revenue:
- 2021-2022 1st Half Year Results:
About the
We want to inspire the transition toward a plant-based diet, to contribute to people’s well-being and planet health. We are a French family business with 14,700 employees and we have been innovating with our farming partners since 1853. Our products are cultivated on 124,000 acres and marketed in 100 countries, with a revenue of € 2,779 million.”
Our 6 strong brands are
Euronext indices: CAC MID & SMALL - CAC FOOD PRODUCERS -
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
This document is a free translation into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic and considered as expressing the exact information published by
Attachment
Bonduelle - Résultats annuels 20-21 - GB
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