FLEURY MICHON Financial press release, 7th April 2015
Annual profit for FY 2014 Q1 2015 revenueGrowth recorded in FY despite challenging economic conditions
Despite a very competitive environment, Fleury Michon recorded annual revenue of €707.1m, representing a 1.3% increase on 2013. This performance was mainly driven by the French supermarket division and robust sales for Fleury Michon- branded products, which rose 1.7% and 2.9% respectively in 2014.
After falling in H1, operating profit improved in H2 2014
Annual operating profit of €28.6m reflected the €12.5m posted in H1 (a 29% drop compared with H1 2013) and €16.1m recorded in H2 (a 10.7% increase on H2
2013). The operating margin stood at 4% against 4.6% for FY 2013. It was impacted
by:
The high price of raw materials in H1;
Lower business volumes in H1
Competitive retail pricing among distributors
Advertising/promotional expenditure to boost activity
Net profit was marked by higher profits generated by Spanish and Italian joint ventures
Net profit climbed to €17.9m. Net margin represented 2.5% of revenue, compared with 2.3% in 2013, after factoring in improved financial costs and a share in net profit of equity affiliates of €2.3m. The latter's performance reflected sustained business recorded by the Spanish and Italian companies and included non- recurring exceptional profit of €2.3m generated by Piatti Freschi Italia.
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Financial press release, 7th April 2015
Continued deleveraging and improvement of the financial structure
Industrial investments amounted to €25.4m, compared with €27m in 2013, as the Group maintained its deleveraging strategy. At end-2014, net financial debt stood at €60.5m, representing a €30.4m reduction over twelve months. The Group's gearing improved and stood at 31.1% at end-December 2014, against
50.7% at end-2013. The Group's equity rose and at 31st December 2014 amounted
to €194.3m versus €179.2m for the previous year.
Proposed dividend
A dividend of €1.20 per share for FY 2014 will be proposed at the next AGM
scheduled for 28th May 2015.
A dynamic Q1 marked by continued gains in market share on the supermarket distribution sector in three segments
Revenue (€m) - IFRS | Q1 2014 | Q1 2015 | Change |
French supermarkets International operations Services and miscellaneous | 146.5 8.9 12.6 | 159.1 | +8.6% +7.9% +5.8% |
French supermarkets International operations Services and miscellaneous | 146.5 8.9 12.6 | 9.6 | +8.6% +7.9% +5.8% |
French supermarkets International operations Services and miscellaneous | 146.5 8.9 12.6 | 13.4 | +8.6% +7.9% +5.8% |
TOTAL | 168.0 | 182.1 | +8.4% |
Activity was sustained in Q1 2015, with recorded growth of +8.4%, of which +9.7%
was attributable to the Fleury Michon brand.
On the French supermarkets segment, the 3 activities continued the growth trend of Q4 2014 thanks to greater market share for Fleury Michon-branded products.
Trends and outlook
In a changing environment with the rapprochement of some purchasing groups on the French supermarkets segment, Fleury Michon is confident in the strength of its brand, which responds to customers' expectations. Boosted by this advantage, the Group plans sustained increases in market share both in France and abroad.
While the dynamism of Q1 will not reflect the entire financial year, the Group is still expecting the growth trend to continue in 2015.
Founded in 1905, Fleury Michon still remains a medium-size, independent family-run company.
Its 3,730 employees renew their commitment to excellence every day.
The company is present in
France, Italy, Spain, Slovenia and Canada.
In France, it is the leader on the Supermarket, Self- service charcuterie, Fresh prepared meals and Surimi segments.
Fleury Michon is the leader on the Delivered Meal tray business provided to companies in the Paris region.
… Promoting healthy eating every day.Contacts
Investors, analysts, financial journalists
Jean-Louis ROY, Administration and Finance Director
Other journalists and media
Eric COLY, Head of Financial Information (33 2) 51 66 30 20
infos.finances@fleurymichon.fr
www.fleurymichon.fr
Eurolist B - CACSmall90
ISIN FR 0000074759
Reuters FLMI.PA Bloomberg FLE.FP
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