H1 2016 RESULTS (6 months) SALES: €145.0m INCREASE IN PROFITABILITY REDUCTION IN DEBT

Civrieux d'Azergues (France), 13 September 2016

The Toupargel Groupe SA Board of Directors met on 13 September 2016 to approve the interim financial statements on the basis of IFRS for the period from 1 January to 30 June 2016.

The interim financial statements have been subject to a limited review by the Statutory Auditors.

Key figures
  • Sales

    (in €m)

    2016

    2015

    Change

    1st quarter

    74.6

    79.4

    -6.0 %

    2nd quarter

    70.4

    72.4

    -2.8 %

    1st half

    145.0

    151.8

    -4.5 %

    Consolidated sales totalled €145.0 million in the first half of 2016, down 4.5%, and included two additional sale days compared with H1 2015. Recruiting new customers is the principal challenge the Group faces to offset natural erosion in the existing customer base. The average shopping basket, excluding tax, increased by €1.3, buoyed by development of the product ranges.

    In line with "Customer commitment 2013-16", our strategic plan to move towards digitisation, online sales increased by 17.0% and represented 3.3% of Toupargel brand sales, vs. 2.7% in H1 2015.

    The Group made progress in the second quarter, creating a blog called "There's more to life than French fries" ("Y'a pas que les frites dans la vie") and in becoming the largest-selling frozen-food brand on the Amazon marketplace in France.

  • Consolidated income statement

(in €m)

H1 2016

(6 mos.)

H1 2015

(6 mos.)

Sales

145.0

151.8

Gross profit

83.8

86.4

Ebitda*

5.7

4.5

Income from ordinary activities

1.7

(0.4)

Operating margin

1.2 %

(0.2 %)

Operating profit/loss

1.7

(0.4)

Net profit/loss, Group share

1.3

(0.2)

Earnings per share (in €)

0.12

(0.02)

Cash flow

4.5

3.2

Cash flow per share (in €)

0.4

0.3

2015

(12 mos.)

308.7

175.0

15.1

4.8

1.5 %

4.8

3.2

0.32

12.3

1.2

*EBITDA: income from ordinary activities - gains (+ losses) on divestment of non-current assets - reversals of provisions + depreciation, amortisation and provisions for the year

Consolidated income from ordinary activities totalled €1.7 million, vs. a loss of €0.4 million in H1 2015. The gross margin increased and operating costs declined, offsetting the decline in sales.

  • Shareholders' equity - Debt- Capital expenditure

(in m€)

30/06/2016

30/06/2015

Shareholders' equity

79.7

74.4

Net debt

27.3

32.3

Gearing

0.34

0.43

Net debt excl. pre-financing of "CICE" tax credit

13.7

26.3

Net debt (excl. pre-financing of "CICE" tax credit)/EBITDA

0.84

1.65

Capital expenditure

2.9

2.5

Net assets per share (in €)

7.7

7.2

31/12/2015

78.4

18.8

0.24

8.9

0.59

5.1

7.7

The ratio of net debt to shareholders' equity was 34% as of 30 June 2016 vs. 43% as of 30 June 2015. Net debt to EBITDA (excluding the pre-financing of the competitiveness and employment tax credit) improved from 1.65 to

0.84 as of 30 June 2016.

2016 Outlook

The Group is pursuing its 2013-16 strategic plan and maintaining its targets for earnings and reduction in net debt. Management projects capital expenditure in the region of €6 million in 2016.

Upcoming event

7 November 2016: Q3 2016 sales (after market close)

Toupargel, the specialist in home delivery of food products to individual customers

Euronext Paris, Segment C CAC®All-Share, Gaia Index

Isin FR 0000039240 - Bloomberg: TOU - Reuters: TPGEL.PA

Financial reporting - infofinanciere@toupargel.fr Press relations - laurence.aussedat-picot@toupargel.fr

Analyst & shareholder relations - cyril.tezenas@toupargel.fr Tel.: +33 (0)4.72.54.10.00

www.toupargelgroupe.fr

Toupargel Groupe SA published this content on 15 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 September 2016 08:28:01 UTC.

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