FLEURY MICHON Financial press release, 28th August 2015
Fleury Michon posted revenue of €374.5m in H1, representing a 7.4% increase on
H1 2014.
The French supermarket division (87% of consolidated revenue) rose 7.2% compared with H1 2014, on a market where fresh, mass-marketed self-service products edged up 0.7%. Fleury Michon-branded products climbed 8.4%, driven by its three benchmark segments (Charcuterie, Prepared Meals, Surimi) where the Group continued to gain market share.
Integrated International operations (6% of consolidated revenue) jumped 16.0% (up 9.5% at constant exchange rates) thanks to soaring sales of Fleury Michon- branded products on the Canadian market, combined with a favourable euro/US dollar exchange rate. Italian and Spanish operations (unconsolidated joint ventures) also rose 14.1%.
The Services division (Out-of-home catering and miscellaneous: 7% of consolidated revenue) rose 3.0%
Elements of P&L Account - IFRS (€m) | H1 2014 | H1 2015 |
Revenue | 348.7 | 374.5 |
Recurrent operating profit Operating profit | 12.5 | 15.4 |
Operating margin | 3.6% | 4.1% |
Finance costs - net | -0.7 | -0.7 |
Tax | -5.2 | -5.9 |
Share in profit (loss) of associates | 1.2 | -0.6 |
Consolidated net profit | 7.8 | 8.2 |
Net margin | 2.2% | 2.2% |
As at 30th June 2015, the operating margin stood at 4.1% compared with 3.6% for
30th June 2014. Margin was driven by business momentum across all of the Group's divisions, boosted by sustained advertising campaigns that were mainly favourable for Fleury Michon-branded products. This performance was achieved in particularly challenging conditions marked by:
Persistently difficult economic conditions both in France and abroad;
Alliances amongst French distributors;
Sustained price wars in France;
The application of new IFRIC 21 accounting standard.
Up 7.4%: consolidated revenue
H1 2015 vs H1 2014
Up 8.4%: revenue generated by Fleury Michon- branded products H1 2015 vs H1 2014
Up 0.5 points: operating margin H1 2015 vs H1 2014
2.2%: stable net margin
H1 2015 vs H1 2014
Change in equity,+€20.8m
H1 2015 vs H1 2014
Chang in net financial debt-€23.3m
H1 2015 vs H1 2014
Fleury Michon eligible for investment vehicles reserved for SMEsFinancial press release, 28th August 2015
Regarding the share in profit (loss) of associates, H1 2014 results included a favourable insurance claim settled in Italy following an incident in December 2013 (one Piatti Freschi Italia production unit burnt). Excluding this exceptional item, associates' share in profit (loss) in H1 2015 rose €0.7m in both Spain and Italy, compared with H1 2014.
After tax, net profit stood at €8.2m with a net margin representing 2.2% of revenue, stable in relation to H1 2014.
H1 momentum allowed the Group to consolidate its financial structure. Consequently, as at 30th June 2015, its Balance Sheet showed equity of €200.5m,
€6.2m more than at 31st December 2014 and €20.8m higher than at 30th June
2014.
Net financial debt continued to decrease. As at 30th June 2015, it amounted to
€55.1m compared with €60.5m at 31st December 2014 and €78.4m at 30th June
2014. H1 gearing stood at 27.5%, i.e., 4 points below that of 31st December 2014 and 16 points lower than at 30th June 2014.
Given the current business momentum and with the desire to support the French agricultural sector, the Group is predicting revenue growth in FY 2015 compared with FY 2014 and stable net profit.
The Group also forecasts an improved financial structure and continued deleveraging.
Founded in 1905, Fleury Michon still remains a medium-size, independent, family-run company.
Its 3,800 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.
The half-yearly financial report is available on the website www.fleurymichon.frunder heading 'Finance', section '2015 Documents', item '2015 Activity Reports'.
Publication of Q3 revenue on 22 October 2015 at the close of trading.
Contacts
Investors, analysts, financial journalists
Jean-Louis Roy, Administration and Finance Director
Other journalists and media
Eric Coly, Head of Financial
Communications
(33 2) 51 66 30 20 infos.finances@fleurymichon.fr www.fleurymichon.fr
Eurolist B - CACSmall90
ISIN FR 0000074759
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