A French SCA (
Head Office: La Woestyne 59173 Renescure,
Registered under number: 447 250 044 (Dunkerque Commercial and
2022-2023 Annual Results
(
Growth in the
in 2022-2023
- Significant growth in revenue, declining volumes
- Current operating profitability up, above the annual target but insufficient
- Solid financial position despite the impact of inflation on inventories
- One-third of revenue B Corp™ certified
- Further increase in revenue and profitability expected in 2023-2024
On
The Bonduelle Group’s revenue for the fiscal year 2022-2023 ended
Current operating profitability increased by +24.8% on a reported basis and +26.9% on a like for like basis(1), with the current operating margin of 2.7%, higher than the communicated guidance.
Key figures
Consolidated Accounts (In € million) | 2022-2023 | 2021-2022 | Variations |
Revenue | 2,406.2 | 2,202.6 | +9.2% |
Current operating income | 65.9 | 52.8 | +24.8% |
Net result | 14.5 | 35.4 | -59.1% |
Message from Xavier Unkovic - Chief Executive Officer:
“In an environment of a widespread inflation and where strong geopolitical tensions remain in certain regions where the group operates, the diversity of our activities (long-life, fresh and processed), our production and sales regions, distribution channels (retail, food service) and our products either branded or private label enabled the
Financial year 2023-2024 starts in a climate of significant deconsumption, fuelled by still important inflation. More than ever, our ability to innovate and offer product differentiation through strong and accessible brands will be key elements in the necessary recovery of the group’s profitability. “
Activity by Geographic Region
Total consolidated revenue (In € million) | 2022-2023 | 2021-2022 | Variation Reported figures | Variation Like for like basis(1) |
1,508.1 | 1,357.3 | 11.1% | 11.6% | |
898.1 | 845.3 | 6.3% | -5.8% | |
Total | 2,406.2 | 2,202.6 | 9.2% | 5.0% |
Activity by Operating Segments
Total consolidated revenue (In € million) | 2022-2023 | 2021-2022 | Variation Reported figures | Variation Like for like basis(1) |
Canned | 1,126.3 | 958.4 | 17.5% | 13.0% |
Frozen | 278.8 | 238.4 | 17.0% | 165% |
Fresh processed | 1,001.1 | 1,005.9 | -0.5% | -5.4% |
Total | 2,406.2 | 2,202.6 | 9.2% | 5.0% |
All technologies reported growth in value over the year, despite Quarter 4 marked by a downturn in retail.
For the long life segment, canned-brand activities posted a drop in volume, but maintained their market share in declining markets, while the group private labels activities experienced a more limited decline, enabling them to meet the expectations of the various market segments. Driven by the year’s innovations, the frozen activity posted a growth in volume. Price increases, made necessary by the rise in various cost items, supported growth in value. The food service activity, mainly frozen, confirmed its dynamism over the whole year, with a growth in volume, reinforced in value by price increases.
More sensitive to the consumer environment, the fresh processed segment in retail also contributed to overall growth in value, with sales sustained by a good performance in fresh prepared activity, with growth in volume thanks to the success of innovations and favorable weather conditions, on the other hand, the fresh cut salads showed a sharper decline.
The revenue of the
In
The reorganization of our sales teams, the overhaul of our commercial policy, the outcome of recent negotiations, the relaunch of our innovation policy and the stabilization of markets should enable us to achieve a recovery in sales volumes in the future.
In the Eurasia zone, the canned activity, which is predominant in this area and impacted by the geopolitical context, posted an overall decline in volume, with the Globus brand preserving the brand’s significant market share in this region. The frozen activity, which is more marginal, posted for its part a significant decline. For safety reasons, the Russian frozen plant in Belgorod has been shut down for the 2023 harvest, with the processing activity being outsourced during this period.
The export activity of the group also suffered the consequences of the inflationary and geopolitical environment, with heightened competition in certain regions with limited purchasing power and major delivery constraints, while continuing to expand with the introduction of
Operating profitability
(In € million) | 2022-2023 | 2021-2022 | Variation Reported figures | Variation Like for like basis(1) |
Revenue | 2,406.2 | 2,202.6 | +9.2% | +5,0% |
Current operating profitability | 65.9 | 52.8 | +24.8% | +26,9% |
Current operating margin rate | 2.7% | 2.4% | 34 bps | 59 bps |
For fiscal year 2022-2023, the Bonduelle Group’s current operating profitability stands at € 65.9 million at constant exchange rates compared to € 52.8 million for the previous fiscal year, i.e., a current operating margin of 2.7% on reported figures.
After taking into account non-recurring items of € -11.7 million for the fiscal year, mainly related to the industrial reorganization costs for the fresh processed segment in
Net Result
Financial result amounted to € -31.3 million, compared to € -14.5 million at the end of the previous fiscal year. This rise is mainly due to the higher cost of debt as a result of the increase in interest rates in the currencies in which the
Foreign exchange hedging transactions generated a loss of € -4.6 million, mainly due to changes in the Russian ruble, which is now ineligible for foreign exchange hedges and which is offset by the competitiveness gains mentioned above. Net income from associates was € 4.4 million corresponding to the share of income from
The income tax expense amounted to € 18.5 million, compared to € 40.0 million the previous year, the effective tax rate (80.9%) being distorted by the non-capitalization of losses on fresh processed activities in
After taking into account income from associates, financial result, tax expense and an earn-out of € 5.7 million related to the disposal of the long-life activity in
Financial situation
Reported figures | Excl. IFRS 16 standards | Reported figures | Excl. IFRS 16 standards | Reported figures | Excl. IFRS 16 standards | |
Net debt (In € million) | 716.0 | 631.0 | 362.9 | 267.9 | 436.1 | 356.7 |
Gearing(2) | 0.97 | 0.85 | 0.43 | 0.31 | 0.56 | 0.45 |
Leverage ratio(3) | 3.38 | 3.33 | 2.63 | 2.28 | 2.94 | 2.84 |
Net debt (excluding IFRS 16) at
Other significant information
Adaptation of the American industrial set up
In
At the closing date, the project was underway, with completion scheduled for the first half of the fiscal year 2023-2024.
The net impact of this reorganization has been recorded in the fiscal year 2022-2023 under non-recurring items (€ 10.1 million).
Amendment of the green syndicated loan of € 400 million
On
The financial terms of this credit line include Corporate Social Responsibility (CSR) indicators in line with the group's mission and purpose, both in terms of
This operation demonstrates once again the confidence shown by the banking partners in supporting the
First B CorpTM certifications awarded
In 2018, the
These two certifications illustrate the
Governance evolution
Following the announcement of Guillaume Debrosse’ departure in
Outlook
Given a difficult consumer environment, the
(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. In the specific case of the loss of control of the long life activities in
North America , the IFRS 5 standard having been applied to the historical data, the revenue is already restated in the historical elements; - 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 events:
- 2023-2024 1st Quarter Revenue:
- Annual Shareholder’s Meeting:
- 2023-2024 1st Half Year Revenue:
- 2023-2024 1st Half Year Results:
- Analysts and investors meeting:
Find all annual results
and the schedule of financial publications on www.bonduelle.com
About the
We want to inspire the transition toward a plant-rich diet, to contribute to people’s well-being and planet health. We are a French family business with 11,038 employees and we have been innovating with our farming partners since 1853. Our products are cultivated on 68,300 acres and marketed in 100 countries, with a revenue of € 2,406.2 million (data as of
Our 4 brands are:
Euronext indices: CAC MID & SMALL – CAC FOOD PRODUCERS –
Code ISIN: FR0000063935 - Code Reuters: BOND.PA - Code Bloomberg: BON FP
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 - 2022-2023 Annual Results
Source:
2023 GlobeNewswire, Inc., source